NSIC, Bank of India sign MoU for credit to small sector

The National Small Industries Corporation (NSIC) has entered into a memorandum of understanding (MoU) with Bank of India (North Zone) under which micro, small and medium enterprises will get access to easy and hassle-free credit. 

Bank of India is the twelfth bank with which NSIC is tying up credit arrangements for the small and medium sector, an official release said.

This partnership not only help entrepreneurs in getting timely credit but will also provide them with an option of switching over from existing bank to Bank of India, depending upon their suitability.

Ravindra Nath, director (finance) of NSIC and R C Khurana, general manager, north banking zone of Bank of India signed the agreement.

Established in 1955, NSIC has been working to promote, aid and foster the growth of small-scale industries and industry related small-scale services/business enterprises in the country. NSIC helps small industries within the country and abroad by promoting modernisation, upgradation of technology, quality consciousness, strengthening linkages with large medium enterprises and enhancing exports - projects and products from small industries.

NSIC operates through more than 120 offices, supported by a team of over 500 professionals spread across the country. To manage operations in African countries, NSIC operates from its office in Johannesburg.