Sidbi has entered into a MoU with online marketplace Snapdeal, thus enabling it to be part of the Capital Assist initiative of the latter. Capital Assist, which was launched in August 2014, offers the sellers on Snapdeal platform customized financial products based on their business activities and requirements. Sidbi will join other financial instituttions like State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, RBL Bank, Religare and L&T Finance in the Capital Assist program. The MoU provides for Sidbi to offer necessary financial and non-financial support to MSMEs offering their products throuth Snapdeal and expand their business and reach. The two entities will also examine ways to fill financial gaps that exist in the operations of MSMEs, which has inhibited their proper functioning. Kshatrapati Shivaji, CMD of the bank and Kunal Behl, chief executive and co-founder of Snapdeal signed the documents. Behl said through this partnership with SIDBI, Snapdeal will provide small and medium-sized businesses the necessary financial and non-financial support to help expand their business and reach.
