Mumbai, Nov 19 : State owned Bank of Baroda on Tuesday announced a strategic collaboration with the Small Industries Development Bank of India (SIDBI) to expand credit access for small businesses, startups, and MSMEs.
Under the memorandum of understanding signed between the two institutions, Bank of Baroda and SIDBI will jointly finance micro, small, and medium enterprises, operationalise the bank’s dedicated working-capital platform for SIDBI-sanctioned borrowers, and collaborate on initiatives to boost exports.
In addition to credit support, Bank of Baroda is also enhancing its offerings for new customers. The lender announced exclusive benefits on travel, curated lifestyle experiences, and value back rewards for users of its newly introduced banking solutions, ‘Lumiere’ and ‘Nova’.
The products are designed as part of the bank’s broader strategy to support startups through every stage from early growth to potential IPOs by offering integrated financial, lifestyle, and wellness services.