Categories: Agreements

Govt of Gujarat & SBI sign MoU to facilitate MSME loans

The Gujarat government signed an MoU with State Bank of India (SBI) to facilitate approval of loans to entrepreneurs in the MSME sector with ease and within a short time-frame. Within 15 days of making an application, the bank will provide theoretical approval to the project. Start-ups can submit an application on either the MSME portal or to the local nodal agencies.

The SBI decided to help MSME entrepreneurs in Gujarat looking at their high recovery rate. The Gujarat state announced that MSME units exempted from taking approvals for the first three years can start operations after getting an acknowledgement certificate from the state nodal agency by submitting ‘declaration of intent.

Important takeaways for all competitive exams:

CM of Gujarat: Vijay Rupani; Governor of Gujarat: Acharya Dev Vrat; Capital: Gandhinagar.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.