June 6, 2023: Small Industries Development Bank of India (SIDBI), the country’s Principal Financial Institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSME), has entered into a Memorandum of Understanding (MoU) with HDFC Bank Limited for providing financial solutions to MSMEs. The MoU was executed by Shri V. Satya Venkata Rao, Deputy Managing Director, SIDBI and Shri Akhilesh Kumar Roy, Executive Vice President National Head Sales Excellence and Transformation, HDFC Bank Limited.
Under the MoU, SIDBI and HDFC Bank Limited would work together to provide complete financial product & services to the customers under Micro, Small and Medium Enterprises (MSME). The MoU will facilitate providing complete financial solutions to MSMEs in a seamless manner.
As regards the arrangement with HDFC Bank Limited, Shri V. Satya Venkata Rao, Deputy Managing Director, SIDBI said, “SIDBI has been supporting MSMEs in achieving greater heights for more than three decades. MSMEs should be provided with the best possible financial services as they play a key role in the development of the nation and driving the economy. This arrangement will enable MSMEs to avail financial products and services of both the banks. Both banks will endeavor to bring more MSMEs in financial ecosystems through the arrangement.”