Bank of Baroda Join Hands with Gujarat Govt for MSME Credit Access

Bank of Baroda signed a memorandum of understanding with the Government of Gujarat (GoG) to facilitate flow of credit to the MSME sector under the Gujarat Single Window Clearance Act 2017.

The Bank will undertake the processing of applications on a priority basis and convey in-principle approval/decision through the District level Nodal Agency or State Level Nodal Agency Portal.

According to a media report, Vikramaditya Singh Khichi, Executive Director, Bank of Baroda 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.” he said.

Bank of Baroda is the convener of State Level Bankers’ Committee (SLBC) and is the Lead Bank in Gujarat with a wide network of about 1,800 branches in the state. The bank has set up 7 SME loan factories for centralized processing and speedy disposal of loan applications.

Vijay Rupani, the Chief Minister of Gujarat, said, “The State Government is committed to support 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”.

He further added that “This MoU would speed up the process of credit off-take as well as industrial development. I am happy that the Bank of Baroda has joined hands with the State Government and shown keen interest as SLBC Convener to take this initiative forward.”