IDBI Bank has signed an agreement with Mudra Bank for refinancing of loans given to small enterprises. As per the agreement, the Bank will offer credit facilities up to Rs. 10 lakh to micro enterprises, at a competitive interest rate under Pradhan Mantri Mudra Yojana (PMMY) and Mudra will be providing refinance assistance to the bank for eligible sanctioned loan cases.
The Bank has posted a rise of 5.35% in its net profit at Rs 545.94 crore for the quarter ended March 31, 2015 as compared to Rs 518.23 crore for the same quarter in the previous year. Total income of the bank has increased by 19.27% at Rs 9382.37 crore for quarter under review as compared to Rs 7866.52 crore for the quarter ended March 31, 2014.
