#MSME #IndusIndBank #NSIC #CreditAccess #BankingSolutions #FinancialInclusion #AtmanirbharBharat #SMEGrowth #IndianEconomy #EconomicEmpowerment
Chandigarh: In a landmark step towards strengthening India’s Micro, Small and Medium Enterprises (MSMEs), IndusInd Bank has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC), a Government of India enterprise under the Ministry of MSME. This collaboration is aimed at bridging credit gaps and accelerating financial access to over 6.7 crore Udyam-registered MSMEs across the country.
Formal Signing Ceremony
The MoU was signed in New Delhi in the presence of several eminent dignitaries, including:
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Shri Jitan Ram Manjhi, Union Cabinet Minister of MSME
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Shri S.C.L. Das, IAS, Secretary, Ministry of MSME
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Smt. Mercy Epao, Joint Secretary, Ministry of MSME
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Dr. Subhransu Sekhar Acharya, Chairman & Managing Director, NSIC
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Mr. Gaurav Gulati, Director of Finance, NSIC
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Mr. V. Raghunath, EO to CMD & DGM Finance, NSIC
The officials emphasized that this partnership will unlock new opportunities for India’s MSMEs, regarded as the backbone of the country’s economy.
Customized Banking Solutions for MSMEs
Through this MoU, IndusInd Bank will extend a wide range of tailor-made financial solutions to MSMEs associated with NSIC. The offerings will include:
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Working Capital Finance – to ensure smooth cash flow management
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Term Loans – for business expansion and infrastructure development
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Structured Credit Facilities – customized financial products catering to specific business needs
These offerings will be seamlessly aligned with NSIC’s flagship programs like the Credit Facilitation Scheme and the Single Point Registration Scheme (SPRS), which help small enterprises gain easier access to credit while receiving preference in government procurement.
A Step Towards Self-Reliance
The collaboration strongly resonates with the Government of India’s vision of Atmanirbhar Bharat (Self-Reliant India). By ensuring the timely availability of credit, the initiative will enable MSMEs to:
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Expand their operations sustainably
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Compete more effectively in larger markets
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Create more jobs and strengthen local economies
IndusInd Bank’s financial expertise and digital capabilities, when combined with NSIC’s trusted ecosystem, will go a long way in bridging financing gaps and empowering small businesses to scale.
Importance of the MSME Sector
The MSME sector plays a pivotal role in India’s economic structure:
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Contributes nearly 30% to India’s GDP
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Provides employment to over 110 million people
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Accounts for a significant share in India’s exports
Despite this, the sector continues to face credit constraints, with many enterprises unable to access timely funding. The new MoU aims to directly address these challenges, creating a more inclusive financial system.
Strategic Significance
Industry experts believe that this partnership is not just a financial arrangement, but a strategic milestone that will redefine MSME financing in India. By integrating banking innovation with government-backed support systems, MSMEs will benefit from:
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Reduced dependence on informal credit
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Easier entry into government supply chains
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Enhanced competitiveness in both domestic and international markets
According to senior officials, IndusInd Bank has consistently focused on building solutions for small businesses and this MoU marks another step in that long-term commitment. On the other hand, NSIC officials described the agreement as a game-changer for grassroots entrepreneurs who often struggle with access to reliable credit.
Looking Ahead
The MoU is expected to:
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Speed up credit delivery across diverse geographies
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Help MSMEs become more resilient in an evolving global economy
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Foster innovation and entrepreneurship at the grassroots level
With India aiming to be a global manufacturing hub and a critical part of global supply chains, empowering MSMEs is essential. This partnership between IndusInd Bank and NSIC represents a synergistic approach where institutional trust meets financial innovation, ensuring that small enterprises are no longer left behind in the growth story.
Conclusion
The MoU between IndusInd Bank and NSIC marks a turning point for India’s MSME sector. By ensuring easier and faster access to credit, the collaboration will not only strengthen financial inclusion but also drive economic progress by empowering millions of small businesses. As MSMEs grow stronger, they will play an even greater role in shaping India’s journey towards self-reliance and global competitiveness.
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#MSME #IndusIndBank #NSIC #CreditAccess #BankingSolutions #FinancialInclusion #AtmanirbharBharat #SMEGrowth #IndianEconomy #EconomicEmpowerment
