SVC Co-operative Bank and SIDBI have entered into a partnership to empower micro, medium and small enterprises. Ashish Singhal, MD, SVC Bank, and Sanjeev Gupta, GM, SIDBI signed an agreement to this effect in Mumbai on July 28.
Under this partnership, SIDBI will extend refinance facility to SVC Bank to facilitate an improved flow of credit to MSMEs.
Ashish Singhal, Managing Director, SVC Bank, said, “SVC Bank has been supporting the MSMEs as a trusted partner for more than 115 years. We believe that access to affordable capital will prove to be a shot in the arm for the sector. In line with the Government of India’s vision of an Aatmanirbhar Bharat, SIDBI has proven to be the driving force for resolving the issues relating to MSMEs. We are proud to partner with SIDBI as the first UCB to participate in their vision of empowering the MSMEs.”
Sanjeev Gupta, General Manager, SIDBI, said, “We consistently work towards offering an empowered ecosystem to the Indian MSMEs. Towards this, we have now extended our partnership with various scheduled commercial banks, SFBs and NBFCs to an urban co-operative bank. The focus is on aligning with the leaders across all segments, which can boost economic participation and upscale of India’s most promising aspirational powerhouses termed as MSMEs. We are elated to partner with SVC Bank. We will, in time, expand our refinance services to other banks as well.”
