HDFC Bank signs pact with NSIC to provide credit support to MSMEs

HDFC Bank on Tuesday said it has signed a pact with the National Small Industries Corporation (NSIC) for providing credit support to the micro, small and medium enterprise (MSME) sector.

Under this, the country's largest private sector bank will also provide MSMEs with a set of specially-tailored schemes to enhance their competitiveness.

"HDFC Bank has signed a memorandum of understanding with National Small Industries Corporation to offer credit support to MSMEs across the country," the bank said in a statement.

The bank branches will extend support to the MSME projects in the areas they are located and to other important industrial sectors across the country.

Rahul Shukla, group head (commercial and rural banking) of HDFC Bank, said the partnership will help reboot the economy and give it a required fillip.

"We believe this partnership with NSIC will help expedite the MSME sector growth, which is the backbone of the country both in terms of economic development and job creation," he said.

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The bank said it would accept loan applications forwarded by NSIC and consider sanctioning loans on a merit basis and as per its lending policy.