SBI to sign MoU with Guj Govt for fund deployment | india | Hindustan Times
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SBI to sign MoU with Guj Govt for fund deployment

india Updated: Jan 03, 2009 11:58 IST

State Bank of India will sign an MoU with the Gujarat government for fund deployment in micro, small and medium enterprises, bank officials have said.

The MoU will be inked during the two day Vibrant Gujarat Global Investors Summit 2009 (VGGIS) beginning in Ahmedabad from January 12.

"In an exclusive arrangement, we will be signing an MoU with the Gujarat Government during VGGIS 2009 for tapping an expected fund deployment of Rs 20,000 crore," SBI Chief General Manager H C Pattnaik told PTI.

"The incremental growth of MSMEs is between Rs 5,000- 7,000 crore annually, and based on estimates we expect deployment of over Rs 20,000 crore fund during the summit."

SBI Chairman O P Bhatt is scheduled to sign the MoU on behalf of the country's largest lender. The agreement will help in facilitation of fund deployment in MSMEs who sign MoUs during the summit, the officials said.

"A help desk of SBI will be set up for guiding the investors during the summit, where fund counselling by SBI Capital and SBI Securities would also be available," Pattnaik said.

According to sources, Small Industries and Development Bank of India (SIDBI), a mid-term lender, is also expected to sign an MoU with the State Government during the annual event aimed at inviting investment in Gujarat.

SBI is a partner of Gujarat Industrial Development Corporation (GIDC), the nodal government agency granting clearances for setting up MSMEs in the state.