IFC-SEDF to support UTI Bank in improve access to finance MSME

Mumbai, Feb 20 (UNI) The IFC SouthAsia Enterprise Development Facility will support UTI Bank in expanding its operations to Northeast India with the objective of improving access to finance for micro, small, and medium enterprises (MSME).

Welcoming the partnership, Asok Kumar, Executive Director of UTI Bank, said in a release that ''We are expanding our branch network in the region, and MSME sector is an area of keen interest to us''.

''A collaboration with IFC's facility fits well with our overall plan. Our bank is expected to benefit from the rich experience of IFC-SEDF and would like to bring in international best practices in smaller business lending to the Northeast'', he said.

While signing the memorandum of understanding today, Anil Sinha, General Manager of IFC-SEDF, said, ''We will collaborate with UTI Bank in developing appropriate banking products and services and building their institutional capacity through training''.

Mr Sinha is also the South Asia Regional Coordinator for IFC's advisory services.

IFC-SEDF has its office in Guwahati and has a focused attention on North east India. Over the last three years, IFC-SEDF has worked in Agri-business, Livestock and Private Healthcare Sectors. Working on a partnership basis, key success stories in North East India include the introduction of a new retail chain of drug stores, alternative crops in tea gardens, poultry layer birds and rural business hubs.

In future, IFC-SEDF intends to work with private sector SMEs in the areas of organic farming and building the appropriate value chains.

UNI