Bank of Baroda signs MoU with Government of Gujarat to facilitate credit flow to MSME entrepreneurs
Bank of Baroda, India’s second largest Public Sector Bank,today signed MoU with the Government of Gujarat to facilitate flow of credit to the MSME sectorfor Greenfield Projects.
- (1888PressRelease) January 06, 2020 - Bank of Baroda, India’s second largest Public Sector Bank, today signed MoU with the Government of Gujarat to facilitate flow of credit to the MSME sector for Greenfield Projects, Start-Ups, Women Entrepreneurs and Entrepreneurs from backward areas of Gujarat under Gujarat Single Window Clearance Act 2017 & Ordinance Number 1 of 2019 dated 24th October 2019.
In terms of the MoU, the Bank shall complete the processing of applications on priority basis and convey in-principle approval/decision of lead through the portal, District Level Nodal Agency or State Level Nodal Agency.
Speaking on the occasion, Chief Minister, Shri Vijay Rupani, said “The State Government is committed to support 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 establishment of units. This 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 SLBC Convener to take this initiative forward.”
Shri Manoj Kumar Das, Principal Secretary to Chief Minister, said “The objective of the Gujarat Single Window Clearance Act 2017 and Ordinance dated 24 October 2019 is to provide an entrepreneur-friendly environment in the State of Gujarat. 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 as SLBC Convener and a Lead Bank in the State.”
Shri. Vikramaditya Singh Khichi, Executive Director, Bank of Baroda 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. ”
Bank of Baroda is the convener of State Level Bankers’ Committee (SLBC) and is Lead Bank in Gujarat, having 3 Zonal Offices, 21 Regional Offices and a wide network of about 1,800 branches in the State. 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 priority basis.
(Chitra Suresh)
AGM – PR & Corporate Communications
BCC/CPR/2019/
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ABOUT BANK OF BARODA
Bank of Baroda (“The Bank”) established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara, Gujarat, India.
Bank of Baroda is India’s second largest Public Sector Bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. India First Life Insurance and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
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