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Yes Bank inks MoU with SIDBI to provide loans to SMEs, MSMEs

Press Trust of India  |  New Delhi 

has entered into an agreement with under which it will act as a preferred financial institution for giving loans to the small and medium enterprising customers of the latter.

(SIDBI) and have inked a memorandum of understanding (MoU) to channelise various solutions to SMEs, the said in a statement.

"In line with its invigorating vision of 2.0, has been taking all such steps which can instil vibrancy in eco-system and partnership with is an endeavour along these lines to ensure that reaches the doorsteps of MSMEs on the back of robust technology and efficient service delivery," Mohammad Mustafa, Chairman and Managing Director, SIDBI said.

This will facilitate smooth flow of credit in a hassle-free manner to customers availing term loan facility from SIDBI (currently offering term Loans to MSMEs at an interest rate of 8.12 per cent per annum), it said.

Under this, the MSMEs will avail working from SIDBI which will be channelised using Yes Bank platform.

These small enterprises will also be entitled to use Yes Bank's varied solutions like digital products through various channels, current accounts, (CMS), amongst several others.

"India's sector is vibrant and dynamic, with significant contribution to the country's growth. We are fully committed to strengthen our MSME ecosystem and...providing that can enable Indian MSMEs to become world class and globally competitive," said Rana Kapoor, MD & CEO, Yes Bank.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 30 2018. 22:06 IST