TMB joins hands with NSIC for credit to MSMEs

The agreement was signed by HS Upendra Kamath, MD and CEO of TMB, and Ravindra Nath, CMD, The National Small Industries Corporation.

NSIC is a Government of India Enterprise functioning under Ministry of Micro, Small and Medium Enterprises (MSME). NSIC provides technical support to MSMEs through ‘NSIC Technical Services Centres’ (NTSCs) spread across the country. They are providing integrated support services encompassing, Marketing, Finance, Technology and other Services. 

TMB, with its headquarters at Thoothukudi, offers more than 30 per cent of its advances to MSMEs and the bank has a strong focus in this segment. More than 80 per cent of the Bank’s branch network is in rural and semi-urban sector, offering a host of services to its customers. 

Through this MoU, NSIC, will act as single point facilitator on behalf of the prospective MSME entrepreneurs, collect the credit application from the needy enterprises, and refer to TMB for its consideration to extend credit facility for such enterprises on merits. 

This MoU makes both TMB and NSIC as partners to support MSME segments further and support the Union Government’s initiative of “Make in India” movement.