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BoB inks pacts with Flipkart,Uber,8 others to help MSMEs

Publish Date23 Jul 2018
Expiry Date31 Jul 2023
SourceMoneycontrol

BoB inks pacts with Flipkart,Uber,8 others to help MSMEs

These companies are from e-commerce, logistics, service providers and traditional small business which contribute 31 percent to GDP and 45 percentof exports and employ over 100 million.

State-run Bank of Baroda today signed agreements with 10 companies promote micro and small business entrepreneurs.

These companies are from e-commerce, logistics, service providers and traditional small business which contribute 31 percent to GDP and 45 percentof exports and employ over 100 million.

The companies with which the MoUs have been signed include Flipkart (to offer collateral free working capital loan to merchants selling on their platform), Swiggy (to finance two-wheelers for its driver partners), and Xpressbees, Carzonrent, Uber (financing cars, three-wheelers buys and refinancing driver partners) and from the old economy DICCI, Lava and three others.

These MoUs with will help enhance the bank's footprint in the MSME eco-system and is an endeavour to simplify operational processes and to improve access to finance for them from early to growth stage, the bank said.

As of March 2018, the bank has financed about 5.37 lakh micro entrepreneurs with aggregate outstanding of Rs 32,766 crore.

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