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
• 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.