FICCI, IDBI sign pact for cheaper credit to MSMEs


FICCI and IDBI on Friday signed an MoU for easy access to organised finance facility at competitive interest rates for micro, small and medium enterprise (MSME).

The FICCI-CMSME and IDBI partnership will grant best pricing offered at the relevant time by IDBI including concession of 100 bps and charging of processing fee as low as 0.10 per cent to the proposals referred by FICCI-CMSME, the industry chamber said in a statement.

According to study by IFC in November 2012 titled “MSME Finance in India”, despite the increase in financing to MSMEs in recent years, there is still a considerable institutional formal finance gap of Rs 20.9 trillion.
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