Union Bank of India Enters into MoU with NSIC To Support MSMEs

Under ‘NSIC Bank Credit Facilitation Scheme’ to Support Micro, Small & Medium Enterprises (MSMEs) with credit requirements.

 • Under the MoU, the NSIC branch offices that Are also operating as Finance Facilitation Centre (FFC) will support the MSMEs to obtain Their loan requirements from the Union Bank

Of India.

• The agreement was signed by P K Das, FGM- Delhi on behalf of Union Bank of India and PR Kumar CGM, NSIC.

About NSIC Bank Credit Facilitation Scheme:

i.Under this scheme, NSIC is entering into MoUs with various Nationalized and Private Sector Banks and arrange credit support (fund or non- Fund based limits) from banks to meet the credit Requirements of MSME units

ii.Features of the scheme:

 Facilitates credit to MSMEs through various Public and private sector banks.

• Provides an option for MSMEs to apply for a New bank or switch over to a different bank.

• Helps the MSMEs in completing Documentation and thereafter submitting it To the bank.

• Helps the MSMEs to get the liberal rate of Interest from the banks under the

Performance and Credit rating scheme of the Ministry of MSME.

• No fee is charged from the MSME unit for Applying for a loan under this scheme.

About Union Bank of India (UBI):

Establishment November 11, 1919

Headquarters– Mumbai, Maharashtra

MD& CEO –Rajkiran Rai G.

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