HDFC Bank launched SMe Bank, e-banking service for Small and medium enterprises. Mr. Aseem Dhru, Group Head – Business Banking, Commodity Finance, Rural Banking and Agriculture Lending launched the First SMe Bank in Mumbai as part of its ‘Go Digital’ campaign. It was digital innovation of sorts as we watched the launch through video-conference from Chennai.
This offering alleviates the need for the SMEs to visit the branch making it a seamless offering. It also provides the SMEs to bank 24 X 7 without bothering about the bank’s working hours and reduces the waiting time from few days to hours. Safety and security has received foremost attention from the bank and SMEs can now bank with confidence.
Tamil Nadu, which has the highest number of MSMEs in India, will equip all District Industries Centres in the 32 districts with better infrastructure at a cost of 50 crore. These centres can then serve as a hub to promote MSME units.
The government has also decided to train nearly 1,000 entrepreneurs under a new scheme. The ‘New Entrepreneur-cum-Enterprise Development Scheme’ (NEEDS) will help educated youngsters draw up business plans and tie up with financial institutions for their ventures. At least half the beneficiaries of this scheme will be women.