The Hindu Business Line : IDBI, SIDBI to co-finance SMEs

IDBI Ltd has signed a memorandum of understanding with Small Industries Development Bank of India (SIDBI) for co-financing of small and medium enterprises (SMEs), service sector and infrastructure projects in industrial clusters in the country.

Under this tie-up, IDBI and SIDBI will offer anywhere banking facility for SMEs. SIDBI's current account with IDBI will allow its assisted SMEs to avail themselves of banking services through IDBI Bank branches in their vicinity, said an IDBI press release.

The alliance will also focus on joint initiatives in the areas of micro credit, cluster development and other development initiatives.

SIDBI and IDBI will create a joint mechanism for appraisal of projects including merchant banking.

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