NE NEWS SERVICE
AHMEDABAD, DEC 21
Public sector lender Bank of Baroda (BoB) has inked a Memorandum of Understanding (MoU) with the Government of Gujarat on Friday 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 the state under Gujarat Single Window in the presence of the Chief Minister Vijay Rupani.
As per the MoU entered with the government, 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, a release from the bank said.
Speaking on the occasion, Chief Minister 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. The MoU would speed up the process of credit off take as well as industrial development. I am happy that Bank of Baroda has joined hands with the state government and shown keen interest as State Level Bankers Committee (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. 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 in nature’’.
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.”
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, the release adds.
