AUG 14: In a major push to improve credit access for micro, small, and medium enterprises (MSMEs), the National Small Industries Corporation (NSIC) signed Memoranda of Understanding (MoUs) with several leading private sector banks under its MSME Credit Facilitation Program. The agreements, formalised on 11 August 2025, involve Axis Bank, Dhanlaxmi Bank, Karnataka Bank, AU Small Finance Bank, and IndusInd Bank.
The signing ceremony was graced by Shri Jitan Ram Manjhi, Union Minister of MSME, and Shri S.C.L. Das, Secretary (MSME). The MoUs were exchanged between Shri Gaurav Gulati, Director (Finance), NSIC, and senior bank officials, in the presence of Ms. Mercy Epao, Joint Secretary (SME), Dr. S.S. Acharya, CMD, NSIC, and other senior representatives from both NSIC and the participating banks.
The collaboration is aimed at strengthening the availability, accessibility, and affordability of credit for MSMEs across the country. By linking small businesses to the formal financial system, the initiative is expected to help bridge funding gaps, encourage entrepreneurial growth, and expand the reach of institutional credit to underserved sectors.
Officials emphasised that the partnership will also act as a “force multiplier” for banks, enabling them to expand their outreach to deserving micro and small enterprises and reach the last mile more effectively. Through the MSME Credit Facilitation Program, NSIC will provide guidance, documentation support, and advisory assistance to MSMEs, ensuring a smoother loan application and approval process.
The agreements reflect a shared commitment between NSIC and private sector banks to empower small businesses, enhance financial inclusion, and drive economic growth through entrepreneurship. The strengthened cooperation is expected to benefit a large number of MSMEs, particularly those in rural and semi-urban areas, by improving their access to timely and affordable credit.
, the National Small Industries Corporation (NSIC)){kind=link}