Union Bank of India has signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) for a Co-Financing arrangement for MSMEs.
Under the MoU, Union Bank of India would consider Joint financing/ Co-Financing with SIDBI to Projects/Units in the MSME. This MoU would help the Banks to increase their Customer base, while helping the MSMEs to meet their funding requirements.
The key highlights of the arrangement include joint identification of viable projects and term loan and working capital financing to MSMEs. Initially the arrangement would be at specific centers and once the arrangement stabilizes at these centers, more locations would be covered.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
