The Hindu Business Line : Syndicate Bank signs MoU with SMERA

Speaking to reporters Syndicate Bank's Chairman and Managing Director Mr N. Kanta Kumar said, the MOU would enable the SME (Small and Medium Enterprises) to secure their credit rating from this agency. SMERA is an exclusive credit rating agency for small and medium enterprises. He said the rating obtained by the customers would entail for interest concessions."

He said, "SME units who get themselves externally rated would be getting a rate advantage. Depending upon the rating, the SME units will be given rate reduction of half a per cent." As a result SME units with good credit rating would get competitive rates of interest, he added. Besides, SMERA will grant a 20 per cent concession in rating fees to those SME units that are referred to it by Syndicate Bank.

Syndicate Bank, Mr Kanta Kumar said, had an exposure of Rs 2,691 crore to its 32,000 SME clients as of the second quarter of this fiscal year. The growth rate during the first half in the SME sector was 13.74 per cent. Syndicate Bank has finalised a fresh policy package for stepping up credit flow to the sector besides putting in place a policy for debt restructuring of potentially viable and viable units.

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