Canara Bank signs MoU with CII for credit access to MSMEs

Canara Bank signs MoU with CII for credit access to Micro, Small and Medium Enterprises (MSMEs).

Canara Bank today said it has signed a MoU with industry body CII to facilitate cheaper credit access to micro, small and medium enterprises.

Under the MoU, Canara Bank shall extend a concessional credit of 50 basis points on the applicable card rate of interest to MSME units which are members of CII.

Besides, rebate of 50 per cent in the processing or upfront fee will also be given to the unit owners, Canara Bank Executive Director P S Rawat told reporters here.

The MoU was signed by R Madhusudan General Manager (MSME wing) on behalf of Canara Bank and Raman Saluja, Chairman Regional Committee on MSMEs, CII (Northern region).

Stating that the bank would focus on lending to MSME sector, Rawat said Canara bank is targeting over 24 per cent growth in advances to micro, small and medium enterprises with lending of Rs 50,000 crore in 2013-14 as against financing of Rs 37,000 crore in last fiscal.

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