IDBI Bank has entered into a memorandum of understanding (MOU) with SME Rating Agency of India (SMERA) for utilizing SMERA’s ratings to evaluate its existing as well as potential Micro, Small and Medium Enterprise (MSME) clients.
The services of SMERA would help the bank in increasing its reach to MSME sector. Besides, the rating would help the bank in accelerating credit decision and customer will benefit in terms of reduced pricing and organized information flow.
The bank posted a rise of 27.53% in its net profit at Rs 427.34 crore for the quarter ended June 30, 2012, as compared to Rs 335.10 crore for the same quarter in the previous year. Total income of the bank increased by 12% to Rs 6786.81 crore for the quarter under review as compared to Rs 6059.83 crore for the quarter ended June 30, 2011.
