The Small Industries
and Development Board of India (SIDBI) on Friday inked an MoU with
public sector Indian Overseas Bank to provide Rs 100 crore growth
capital to micro small and medium enterprises.SIDBI
Chairman and Managing Director S Muhnot exchanged documents with Indian
Overseas Bank CMD M Narendra at a function in Chennai.
Talking to reporters, Muhnot said as per the understanding, SIDBI would provide a line of credit of Rs 100 crore to the city-based bank for a period of seven years. "...it will be given from the risk capital fund managed by SIDBI and the line of credit will be given as growth capital to deserving MSMEs."
Talking to reporters, Muhnot said as per the understanding, SIDBI would provide a line of credit of Rs 100 crore to the city-based bank for a period of seven years. "...it will be given from the risk capital fund managed by SIDBI and the line of credit will be given as growth capital to deserving MSMEs."
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