FICCI CMSME and IDBI MoU to offer concession of 100 bps on interest rates for member MSMEs
Easy access to organised finance facility at competitive interest rates is up grabs for micro, small and medium enterprise (MSME) with the signing of MoU between FICCI-CMSME and IDBI.
avers that the objective of the partnership with IDBI is to attend
industry's concerns pertaining to financing. The FICCI-CMSME and IDBI
partnership will grant best pricing offered at the relevant time by
IDBI including concession of 100 bps and charging of processing fee
as low as 0.10% to the proposals referred by FICCI-CMSME.
A Didar Singh, Secretary General, FICCI and FICCI-CMSME and B. K.
Batra, Deputy Managing Director, IDBI signed the MoU at the
Federation House, New Delhi.
the partnership, Dr Singh said, "timely availability of credit
at the right cost is the key expectation of industry from their
banks. While large corporate manage to get the attention of
bankers, often the smaller companies have a disadvantage in sourcing
credit at right cost and right time. MSME sector is a backbone
of economy and banks have an important role in propelling growth of
this important segment. Hence, this tie up is towards that
Bhatia, President, FICCI CSMME said, "MSMEs are known as highest
employment generator after agriculture hence, it is imperative to
provide an ecosystem that could facilitate their financing,
marketing, technological, infrastructural needs and make them more
competitive. Easy & faster financing options could provide a
trigger for faster, inclusive growth for MSMEs."
K. Batra, Deputy Managing Director, IDBI said "This MOU with
FICCI would be a win-win situation for both the organizations for
meeting the credit requirements of the MSME sector in a timely and
cost effective manner. The MOU would help IDBI Bank
increasing its reach to the MSME Sector. IDBI Bank is focused on
expanding its lending to this sector in view of the fact that the
MSME is a key driver of Indian economy in terms of contribution to
GDP, employment and exports. IDBI Bank will continue to play a
leading and active role in promoting development of MSME sector in
present during the ceremony were Sanjay Bhatia, President,
FICCI-CMSME and Managing Director, Hindustan Tins Works Ltd; R
Narayan, Vice-President, FICCI-CMSME and CEO & Founder,
Power2SME; Bipin Kabra, Chairman, Finance Group, FICCI-CMSME and
President & CFO, Religare Finvest Ltd; S. K. V. Srinivasan,
Executive Director, IDBI; Yashpal Gupta, CGM, IDBI; Ajay Sharma, CGM,