UBI signs MoU with SIDBI to co-finance MSMEs

Mumbai: Union Bank of India (UBI) signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) for a co-financing arrangement for MSMEs. The MoU was signed by UBI Chief General Manager Lal Singh and SIDBI Chief General Manager Vivek Kumar Malhotra.

SIDBI is the country's principal financial institution engaged in the promotion, financing and development of micro, small and medium enterprises (MSMEs). Under the MoU, UBI 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.