The RBL Bank RBL (Ratnakar Bank Limited) and NASSCOM have entered a memorandum of understanding (MoU) to provide customised credit solutions to MSMEs in the Information and Communication Technology (ICT) sector, reported PTI on Thursday.
The statement said, “As part of the MoU, the two entities will collaborate for various activities including joint events, knowledge sharing sessions and ensure continuous engagement with various chapters in ten locations across India.” The partnership is aligned with the central governments mission to promote and encourage MSMEs.
"Through this partnership with RBL Bank, we will be able to extend support to the MSME ecosystem, and additionally provide them with an opportunity to avail seamless credit facility. We see this association as a medium to enable the right framework for the growth of MSMEs in the country," said Kamal Agarwala, Chairman, NASSCOM SME Council.
The partnership will comprise key services like simplified assessment procedure and processing and competitive pricing. Structured mentoring of MSMEs on a periodic basis will also be available, the statement said.
"As a bank, we have stayed focussed on achieving inclusive and all-encompassing growth and this partnership will help tap into the huge enterprise pool of NASSCOM and expand our reach. Additionally, it will enable the MSMEs to benefit from our wide bouquet of offerings," said Vincent Valladares, Head, Commercial Banking, RBL Bank.
Last month, NASSCOM published its Strategic Review 2018 report, which found that the commerce sector in India grew at a rate of 17 percent that year. It also said MSMEs had faced stiff competition from online sales last year, and the rate of ecommerce growth shows how crucial it is for them to open up their inventories to sell online.
Another NASSCOM report valued the Indian ecommerce market at $33 billion in 2017-18 and it reached $38.5 billion in financial year 2018-19.