IDBI, Sidbi sign deal for SME funding

Industrial Development Bank of India (IDBI) and Small Industries Development Bank of India (Sidbi) today signed a memorandum of understanding for small and medium enterprise (SME) business and related opportunities.

According to a release issued by IDBI to the BSE today, "a unique technology product based on the Finacle core banking solution would enable Sidbi-assisted SMEs to participate in various types of products and facilities of IDBI like EFT, CMS, debit cards and RTGS."

"The risk sharing between Sidbi and the company for project funding and working capital facility would create a new synergy in expanding the horizon for funding SMEs in the country. There would be a joint mechanism for appraisal of projects including merchant banking," the release added.