The country’s largest private lender – HDFC Bank has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation or NSIC to provide credit support to SMEs across the country, according to a statement shared by the bank on Tuesday, Sept. 7. As part of the financial scheme, HDFC Bank will offer a range of specially tailored schemes for micro, small and medium-sized enterprises (SMEs).
Several branches of HDFC Bank will support the MSME projects in the areas where they are located, or in other key industrial sectors across the country. HDFC Bank accepts the loan applications forwarded by NSIC and will consider sanctioning loans based on merit and according to the lending standards in its lending policy
The bank will be involved in financing projects related to the SME sector in various places where its branches are located across the country.
“As a bank, we are happy to be part of this great initiative to restart the economy and give it the necessary impulse. We believe this partnership with NSIC will help accelerate the growth of the SME sector, which is the backbone of the country, both in terms of economic development and job creation,” said Mr. Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank.
On Tuesday, September 7, shares of HDFC Bank closed 0.15 percent higher at Rs 1,569.15 apiece on the BSE. HDFC Bank opened on the BSE at Rs 1,566.80 and reached an intraday high of Rs 1,581.95 and an intraday low of Rs 1,555.25 during today’s trading session.
The bank aims to regain its lost market share in credit cards in the next three to four quarters after the Reserve Bank of India (RBI) lifted the ban more than eight months ago.