Explanation:

Principal financial institution for MSMEs SIDBI announced a partnership, through an agreement, with Mumbai-headquartered urban co-operative bank SVC Co-operative Bank to extend refinance facility to facilitate improved credit flow to MSMEs.

The agreement was signed by Ashish Singhal, MD, SVC Bank and Sanjeev Gupta, GM, SIDBI in Mumbai.

The partnership signed will allow SVC Bank to tap into SIDBI’s refinance facility. SVC Bank is the first urban co-operative bank to enter into a refinancing partnership with SIDBI.