State Bank of India and Bank of Baroda have entered into MoUs with hospitality company OYO for extending financial support to the company’s hotel partners. The MoUs have been concluded under the Pradhan Mantri Mudra Yojna to enable financial support for the company’s existing and potential hotel partners for fueling transformation and standardization at their properties. OYO said in a statement these MoUs will help the company in shortening the demand-supply gap of quality accommodation by offering hoteliers a platform to transform their property and enhance the business by creating beautiful living spaces. This will also allow OYO to help in the creation of thousands of jobs in tier II and III cities by nurturing micro-entrepreneurs in the hospitality sector, the company said. OYO currently operates in more than 160 cities across India, China, Malaysia and Nepal.
