SIDBI signs MoU with Vijaya Bank

 Small Industries Development Bank of India (SIDBI) on Monday signed a Memorandum of Understanding (MoU) with Vijaya Bank for providing concessional finance to Micro and Small Enterprises (MSEs). The theme of the MoU is ‘MSME Credit @ Corporate Rates’.

The MoU is aimed at promoting and strengthening the units in the micro and small industry segment through concessional funding i.e. at MCLR (marginal cost of funds based lending rate) of Vijaya Bank under refinance from SIDBI. 

It is also envisaged that joint financing/co-financing of MSME for capital expenditure under “SIDBI Make in India Soft Loan Fund for Micro, Small & Medium Enterprises” (SMILE) scheme of SIDBI at concessional rate of 9.6%, along with working capital from Vijaya Bank would be pursued proactively.