Credit Analysis and Research (CARE) and Bank of Baroda (BOB) have recently signed a Memorandum of Understanding (MoU), reports My Iris.
As per the MoU, CARE will give credit ratings to all MSME (micro, small and medium enterprises) customers of BOB, while the bank will use these ratings to evaluate the existing as well as potential clients.
The MoU was signed on February 18, 2012, between R Suryanarayan (GM, MSME Business, CARE) and J Ramesh (GM, SME Banking & Wealth Management, BOB).
Suryanarayan spoke at the event: “We believe that the MoU with one of India`s premier banks is an endorsement of CARE`s pursuit to retain and further gain the confidence of the financial services and MSME fraternity. We are committed to support all of Bank of Baroda`s efforts in the MSME sector and assist them through their journey of exponential growth.”
The MoU will further extend the scope of the rating services currently being provided by CARE.
BOB deals with a large number of MSMEs throughout the country, and desires to expand its lending to the MSME sector, keeping in view government pronouncements as well as the fact that the MSME sector is a key constituent of the Indian economy.