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IDBI Bank executes agreement with MUDRA for refinance under PMMY

New Delhi, 07 July 2015: The General Refinance Agreement (GRA) between IDBI Bank Ltd. and Micro Units Development and Refinance Agency (MUDRA) Ltd. was signed on July 01, 2015 by Shri S.K.V. Srinivasan, Executive Director, IDBI Bank and Shri Jiji Mammen, CEO, MUDRA Ltd., in the presence of Smt. Lalita Sharma, CGM and other officials of IDBI Bank and MUDRA. IDBI Bank is one of the leading banks identified by MUDRA, eligible for the refinance scheme.  As per the agreement, the Bank will offer credit facilities up to Rs.10 lakh to Micro Enterprises, at a competitive interest rate under Pradhan Mantri Mudra Yojana (PMMY) and MUDRA will be providing refinance assistance to IDBI Bank for eligible sanctioned loan cases. The arrangement will be implemented through the branches of IDBI Bank on pan India basis.

About the Bank

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. This enables the Bank to offer personalized banking and financial solutions to its clients. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers. The Bank offers very competitive rates to the MSME segment wherein it has different schemes for the specific customer segments. IDBI Bank also has a strong focus on agriculture sector and allied activities through its customized products, competitive pricing and personalized services.

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