The Hindu Business Line : SIDBI to set up credit rating agency for SMEs

Speaking to reporters here after signing of a Memorandum of Understanding, to enhance credit flow to SMEs, with Corporation Bank, Mr N. Balasubramaniam, Chairman and Managing Director, SIDBI said the credit rating agency would be set up jointly with Dun & Bradstreet.

"Equity for the venture would be provided by both the companies and some banks including foreign banks," he said.

SIDBI, he said, has signed similar MoUs with the Oriental Bank of Commerce, United Commercial Bank, Bank of India, and Bank of Baroda and would be signing similar agreements with Indian Bank and Punjab National Bank.Mr V.K. Chopra, CMD of Corporation Bank, said that the MoU aimed at leveraging the strengths of SIDBI in term lending and the reach of Corporation Bank in working capital finance to deliver better value to customers.

He said that the funding would be done on a co-financing basis for intending borrowers.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
MFIs require clear policy framework to expand areas: RBI

Life insurers picking up bonds through swaps

SBH donation to charitable trust

SIDBI to set up credit rating agency for SMEs

RBI announces FRB interest rates

SBT hikes NRE deposit rates

`Execution cost of Basel II norms to trigger merger among banks'