Indian Bank has shaped an agreement with National Small Industries Corporation (NSIC) intended for augmentation of its footprint into the micro, small and medium enterprises (MSME) segment.
Under the newly signed accord, NSIC will pay for MSME schemes, subsequent to appropriate examination, frequently to a range of countrywide branches of Indian Bank. The new deal is likely to deliver further impetus to the enlargement of loans under the MSME segment delivered by the Indian Bank.
The signing of the agreement was accomplished by P. Arivanandam, Indian Bank’s General Manager (Credit & MSME), and Ravindra Nath, Director (Finance), NSIC, in the company of Rajeev Rishi and B. Raj Kumar, the Executive Directors of Indian Bank.
Indian Bank’s advances to the MSME segment stood at Rs 10,776.30 crore for the quarter up to June 30, 2012, reflecting a 24% Year-on-Year growth.
Under the newly signed accord, NSIC will pay for MSME schemes, subsequent to appropriate examination, frequently to a range of countrywide branches of Indian Bank. The new deal is likely to deliver further impetus to the enlargement of loans under the MSME segment delivered by the Indian Bank.
The signing of the agreement was accomplished by P. Arivanandam, Indian Bank’s General Manager (Credit & MSME), and Ravindra Nath, Director (Finance), NSIC, in the company of Rajeev Rishi and B. Raj Kumar, the Executive Directors of Indian Bank.
Indian Bank’s advances to the MSME segment stood at Rs 10,776.30 crore for the quarter up to June 30, 2012, reflecting a 24% Year-on-Year growth.