BoB to finance small units in diamond sector at concessional rates

To give a leg up to micro, small and medium enterprises (MSME) in the diamond industry, Bank of Baroda is planning to launch a supply chain financing product for the industry on a pilot basis in Surat. Cutting and polishing units, which procure roughs from large companies and supply finished products back, will be provided finance at a competitive rate of interest.

This move is expected to give a boost to MSMEs as well as the corporate segment within the diamond industry, said Rajneesh Sharma, General Manager, Bank of Baroda. The product will be launched in the next 10-20 days.

Source- The Business Standard

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