HDFC Bank to offer financial solutions to MSMEs; signs MoU with Sidbi

New Delhi: India's largest private sector bank HDFC and the State-owned Small Industries Development Bank of India (SIDBI) signed a Memorandum of Understanding (MoU) for providing financial solutions to Micro, Small and Medium Enterprises.

 

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This MoU will provide a complete financial product and services to the customers under MSMEs.

Small Industries Development Bank of India (SIDBI) is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India, under the jurisdiction of the Ministry of Finance, Government of India headquartered at Lucknow. It is active in the development of Micro Finance Institutions through the SIDBI Foundation for Micro Credit and assists in extending microfinance through the Micro Finance Institution (MFI) route.

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As of 31 March 2023, HDFC bank's distribution network was at 7,821 branches across 3,203 cities. It has installed 430,000 POS terminals and issued 23,570,000 debit cards and 12 million credit cards in FY 2017. It has a base of 1,52,511 permanent employees as of 30 June 2022.

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