IDBI keen to expand in the North –eastern region

IDBI Bank (Industrial Development Bank of India Ltd.) is very keen to invest in the MSME Sector of the North Eastern states.

The bank has signed a Memorandum of Understanding (MoU) with Small Industrial Development Bank of India (SIDBI), according to which SIDBI funds the term loan components and IDBI funds working capitals.

The Executive Director f the bank Mr. SKV Srinivasan said “The whole objective is that one need not go to two people to get the project appraised. We are offering a joint appraisal and both documentation and credit delivery will be a very smooth process.”

The Chairman and Managing Director of the Bank Mr. R M Malla said “We will be too keen to finance all viable projects coming up in this region. I see huge potential not only of infrastructure, but also of micro and small enterprises in North-East.”

The bank is also planning to expand branch network in the North-Eastern states, the bank plans to open 7 more branches in the region by May 2011, taking the total branch count in the region to 17.