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Dena Bank signs MoU with SIDBI

MUMBAI: Dena Bank and Small Industries Development Bank of India (SIDBI) entered into a memorandum of understanding on Tuesday for co-financing of small and medium enterprises (SMEs), service sector and development of infrastructure projects. Initially, this arrangement will be rolled out at four centres, covering 17 clusters involved in industrial activities relating to diamond processing, chemicals and petrochemicals, machine tools and flooring tiles.

Under this arrangement, the two banks would work jointly to identify the projects and take up co-financing or exclusive financing of term loans whereas Dena Bank would exclusively extend working capital.

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