SIDBI ties up with UCO Bank for funding resources

Kolkata: The Small Industries Development Bank of India (SIDBI), which expects to have a direct credit exposure of Rs5,000 crore by end-March 2006, is planning to raise substantial funds over the next few months.

While the bank has already tied up $120 million, courtesy the World Bank, additional resources have also been finalised through the Department for International Development (DFID) of the UK.

SIDBI, which has now signed an MoU with UCO Bank to increase the flow of credit to SMEs, and has decided to forge similar arrangements with a couple of other banks, officials said.

The Indian Bank and the Oriental Bank will soon join the Bank of India (BOI) and the UCO Bank, as the entities that it has already tied up with.