SIDBI and SVC bank collaborate to increase loans to MSMEs

To increase the flow of loans to MSMEs, the SVC Co-operative Bank (SVC Bank) and the Small Industries Development Bank of India (SIDBI) have reached an agreement. Ashish Singhal, MD of SVC Bank, and Sanjeev Gupta, GM of SIDBI, inked the deal. For more than 115 years, SVC Bank has acted as a reliable partner for MSMEs.

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About the Agreement:

• According to the agreement, SIDBI would grant a refinancing facility to SVC Bank in order to promote loan flow, empower MSMEs, and strengthen economic ties.
• The MSME sector is the backbone of the Indian economy in terms of exports, employment creation, and revenue to the exchequer.

About SVC Bank and SIDBI:

• For more than 115 years, SVC Bank has acted as a reliable partner for MSMEs.
• SIDBI has now chosen to collaborate with several Urban Co-operative Banks (UCBs) and Regional Rural Banks in order to create a robust environment for the development of Indian MSMEs (RRBs).
• This is the first such contract that has been signed with a UCB. SIDBI plans to sign more of these agreements with UCBs and RRBs in different States.

Important Takeaways for All Competitive Exams:

• MD SVC Bank: Ashish Singhal
• General Manager of SIDBI: Sanjeev Gupta

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