Tamilnad Mercantile Bank has entered into an MoU with National Small Industries Corporation (NSIC) to provide credit facilities to micro, small and medium enterprises (MSME) through its branches across the country. H.S. Upendra Kamath, MD and CEO of the bank, and Ravindra Nath, CMD, NSIC, signed the documents in this regard. The bank provides more than 30% of its advances to MSMEs. With the MoU, NSIC would act as a single point facilitator for the prospective MSME entrepreneurs to collect credit applications and refer the applications to the bank for consideration to extend credit facility.
