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United Bank of India has entered into an agreement with Piaggio Vehicles Ltd for financing light commercial vehicles manufactured by the company.
The bank has recently signed a Memorandum of Understanding (MoU) with Piaggio, which manufactures three and four-wheeler light commercial vehicles under the brands Ape, Porter and Cargo.
The MoU will facilitate the bank to increase its exposure in the micro sector. The bank aims to bring more than 30,000 micro entrepreneurs into its fold during the next fiscal, a bank statement said.
MSME portfolio
With a view to growing its MSME portfolio, United Bank has done away with collateral security and third party guarantees for eligible MSE loans which are eligible for CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) guarantee cover.
The bank is already providing a 50 basis points concession to the accounts availing CGTMSE cover.
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