Canara Bank entered into an MoU with credit ratings agency Crisil to rate existing and prospective customers of the bank under micro, small and medium enterprise (MSME) sector untill March, 2015.
Under the MoU, the rating fee is being subsidised for small enterprises (including micro enterprises) registered with NSIC with special discount to such clients of the bank.
In respect to small enterprises not registered with NSIC and medium enterprises which are not eligible for NSIC subsidy, rating fee is at discounted rates, the bank said.
The MoU envisages certain advantages such as ensuring quality of advances, faster delivery of credit to the clients and trusted third party opinion, faster access to funding by the bank besides serving as a tool for self improvement with a comparative benchmark for the MSME clients, it said.
The MoU was signed by K S Chandramouli, General Manager, MSME Wing, Head Office on behalf of the Bank and Yogesh Dixit, Director- SME Ratings, Crisil Limited, in the presence of Ashok Kumar Gupta, the bank’s Executive Director.