BoB to Finance MSME in Diamond Sector at Concessional Rates
Bank of Baroda is planning to launch a supply chain financing product for the Micro, Small and Medium Enterprises (MSME) in the diamond industry to boost their existence(अस्तित्व) in the sector.
The bank will begin the supply chain financing on pilot basis in Surat. Cutting and polishing units,which procure (खरीद) roughs (अशिष्टता) from large companies and supply finished products back, will be provided finance at a competitive(प्रतियोगी) rate of interest. This move is expected to give a boost to MSMEs as well as the corporate segment (खंड) within the diamond industry. Small units in the diamond industry cannot directly import the rough stones. Large corporate clients in the diamond sector will share the details of the cutting and polishing units with whom they are having business dealings with the banks.