The Hindu Business Line : State Bank signs pact with SIDBI

STATE Bank of India on Thursday signed a memorandum of understanding (MoU) with Small Industries Development Bank of India (SIDBI) for co-financing small and medium enterprises in Andhra Pradesh, Tamil Nadu, Uttar Pradesh, Jammu & Kashmir, Jharkhand, Delhi and Bihar.

SBI also signed an MoU with SMERA, a specialised rating agency promoted by SIDBI, Dun & Bradstreet, CIBIL and other commercial banks for credit rating of SME units, said a press release from the bank.

The agreement would help to bring in transparency in the working of SME units. which would in turn reduce the risks associated with funding SMEs and make credit available to them at better interest rates of interest, the release said.

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