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NSIC signs MoU with Union Bank of India
Dec '08
Memorandum of Understanding (MoU) was signed by Dr. H.P. Kumar, CMD, National Small Industries Corporation (NSIC) and Shri M.V. Nair, CMD, Union Bank of India (UBI) in the presence of Shri Mahabir Prasad, Minister of Micro, Small and Medium Enterprises (MSME).

He congratulated the UBI for coming forward for financing micro and small entrepreneurs through its various branches located all over India. The Minister hoped it will be a grand success and wished many such incubation centres be established all over the country.

NSIC and UBI, are joining hands to serve the MSME sector – specifically micro & small enterprises, through this Memorandum of Understanding (MoU).

Under this arrangement, while NSIC would provide technical support to the eligible private institutions to set up Training-cum-Incubation Centres, Union Bank of India would extend credit support to such institutions for procurement of machineries to be required for setting up these centres. In addition to provide credit support for setting up such Incubation Centres, UBI would also help the aspiring entrepreneurs, who would be trained at these centres and desirous of establishing their own business ventures.

The arrangement, between NSIC and UBI, would be unique programme for enterprise establishment and would create self employment opportunities for the unemployed persons.

The Secretary, Ministry of MSME, Shri Dinesh Rai and other Senior Officials of the Ministry were present on the occasion.

Press Information Bureau

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