NSIC ties up with Yes Bank

New Delhi, July 17 (UNI) Yes Bank and National Small Industries Corporation (NSIC) today announced a strategic alliance to provide a wide range of financial services to small scale industries.

Under the agreement, NSIC will help facilitate sanction of credit limits from Yes Bank to small scale industries (SSIs), where NSIC will forward the proposals received from SSIs to the bank. Yes Bank will in turn increase credit outflow to the SSI customers under this alliance with a direct participation of the regulator, NSIC.

''Under the MoU, loan proposals of SSIs will be sent to Yes Bank for sanction and the bank would finance such proposals with comparatively better terms,'' National Small Scale Industry CMD HP Kumar said.

He added that those SSI units accredited under the NSIC's Performance and Credit Rating Scheme would be able to get credit on concessional interest rates. Small and Medium Enterprises (SMEs) can avail loans for equipment financing and working capital depending upon the requirement of enterprises as there shall be no limit.

''We hope that the arrangement with Yes Bank will further boost the credit facilitation to small enterprises, Mr Kumar added.

''This alliance with NSIC is a significant step in order to provide higher value-add for the SME segment. The segment is a key driver of economic development of our country, and also one of the major thrust areas for the bank,'' Yes Bank Managing Director and CEO Rana Kapoor said.

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