Bank of Baroda signs MoU with government of Gujarat

Bank of Baroda has signed an MoU with the state government of Gujarat to facilitate credit flow to MSME entrepreneurs in the state
Bank of Baroda signs MoU with government of Gujarat

Ahmedabad: Bank of Baroda, India's second-largest Public Sector Bank (PSB), has signed a memorandum of understanding (MoU) with the state government of Gujarat to facilitate the flow of credit to the Micro, Small and Medium Enterprises (MSME) sector for Greenfield Projects, Start-Ups, Women Entrepreneurs and Entrepreneurs from backward areas of Gujarat under Gujarat Single Window. In terms of the MoU, the Bank shall complete the processing of applications on priority basis and convey in-principle approval/decision to lead through the portal, District Level Nodal Agency or State Level Nodal Agency.

Speaking on the occasion, Chief Minister of Gujarat Vijay Rupani said "The state government is committed to supporting the MSME sector in the state for economic development and this is a major initiative taken by the government whereby exemption has been provided to the entrepreneurs from certain approvals and inspections, before the establishment of units. This MoU would speed up the process of credit offtake as well as industrial development. I am happy that Bank of Baroda has joined hands with the state government and shown keen interest as SLBC convener to take this initiative forward."

Principal Secretary to Chief Minister Manoj Kumar Das said "The objective of the 'Gujarat Single Window Clearance Act 2017' is to provide an entrepreneur-friendly environment in the state of Gujarat. It is one of the measures being taken to boost the economic growth in the state. I am sure that we shall be able to realize the objectives of this MoU with the co-operation of Bank of Baroda, which has always been very pro-active as SLBC Convener and a Lead Bank in the State.

Bank of Baroda's Executive Director Vikramaditya Singh Khichi said, "The MoU with the government of Gujarat is a step forward for MSME entrepreneurs. For a state known for its entrepreneurial spirit, this initiative will provide banking solutions and financial support to generate employment opportunities. It is a matter of pride for Bank of Baroda to be part of this initiative and to contribute to the national objectives."

Bank of Baroda is the convener of State Level Bankers' Committee (SLBC) and is Lead Bank in Gujarat, having 3 Zonal Offices, 21 Regional Offices and a wide network of about 1,800 branches in the State. The Bank has also set up 7 SME loan factories for centralized processing and speedy disposal of loan applications. The Bank has also started a specialized Start-up Branch in Ahmedabad, to cater to the funding needs of Start-Up projects To avail the credit facility through Single Window Portal, the customers can register their request on the link available on the portal.

The lead generated will be submitted to Bank of Baroda for further action. The Bank also has a dedicated central processing cell in Mumbai/Gujarat to deal with the leads and shall ensure that In-principle approval/decision is conveyed on a priority basis.

Disclaimer: This story is a press release and is being published without any editing by PSU Watch desk. Our editorial team has only changed the headline.

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