Bank of Baroda has signed Memorandum of Understanding (MoU) with 10 companies to provide loans to members in their supply chain like drivers and retailers in its efforts to increase its exposure to small enterprises. The 10 companies include Flipkart, Swiggy, Xpressbees, Carzonrent, Uber, DICCI, Lava and three others.
The bank will sanction these loans online and eyeing to target around 5000 micro-entrepreneurs and spend at least Rs 500 crore in 2018-19. The bank will finance Oyo’s hotel-partners, motorcycles for delivery boys at food-delivery company Swiggy and e-commerce logistics companies, and car drivers at cab aggregators such as Uber.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
