Indian Bank, Muthoot Microfin sign MoU

Public sector Indian Bank on Friday said it has signed a memorandum of understanding with Muthoot Microfinance to serve micro, small and medium enterprises.

"Under the memorandum of understanding, the bank and the non-banking finance company will jointly lend to the MSME borrowers," the bank said in a statement.

Indian Bank general manager-MSME Sudhakar Rao exchanged documents with Muthoot Microfin deputy CFO Praveen T in the presence of the bank's managing director and CEO Padmaja Chunduru recently.