Patna: In a significant move for the micro, small and medium enterprise (MSME) sector, the National Small Industries Corporation (NSIC) signed memorandums of understanding with several private banks to improve credit access for entrepreneurs.
The agreements, signed at Udyog Bhawan in the presence of Union Minister Jitan Ram Manjhi, aim to strengthen the MSME Credit Facilitation Programme. Participating banks include Axis Bank, Dhanlaxmi Bank, Karnataka Bank, AU Small Finance Bank and IndusInd Bank.
Jitan Ram Manjhi described the collaboration as an important step towards enabling entrepreneurs to connect with the formal financial system and said it would help banks expand their reach to eligible micro and small enterprises. He stressed that MSMEs are the backbone of the economy, and that access to finance is vital for expansion, modernisation and competitiveness.
Representatives from the partner banks said they would ensure that MSMEs can benefit from accessible and attractive credit plans, particularly targeting entrepreneurs from underserved sections of society.
