Thoothukudi: Tamilnad Mercantile Bank (TMB) has signed a memorandum of understanding (MoU) with National Small Industries Corporation (NSIC) to provide credit facilities to micro, small and medium enterprises (MSME) through its branches across the country.
According to a statement, the agreement was signed by H.S. Upendra Kamath, Managing Director and Chief Executive Officer, TMB, and Ravindra Nath, Chairman-cum-Managing Director, NSIC, on December 19. Presently, more than 30 per cent of the TMB’s advances were to the MSMEs.
Now, the NSIC would act as a single point facilitator for the prospective MSME entrepreneurs to collect credit applications from them and refer the applications to the TMB for consideration to extend credit facility, the statement added.
