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