Indian bank signs MoU with National Small Industries Corporation

CHENNAI: Public sector Indian Bank today entered into a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC).
As per the MoU, NSIC will sponsor MSMEs' proposal (for loan) after due scrutiny at at regular intervals to various branches of Indian Bank all over the country, Chennai-headquartered Indian Bank said in a statement.

The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank.
As of June 30, 2012, MSME advances of the Bank stood at Rs 10,776.30 crore with an annual growth of 24.32 per cent.
Indian Bank Executive Director Rajeev Rishi exchanged documents with NSIC Director (Finance) Ravindra Nath at a function.