UBI, Srei Equipment Finance enter pact for MSME sector finance

United Bank of India and Srei Equipment Finance have entered into an agreement for financing the MSME and agriculture sectors.

Under the pact, UBI would leverage its low-cost loans with Srei to enable purchase of equipment and vehicles in a seamless manner, a statement by the state-run lender said.

United Bank MD and CEO Ashok Kumar Pradhan hailed the agreement as a "saviour" for the MSME units "starved" of low-cost funds to compete globally and upscale themselves.