Small Industries Development Bank of India (SIDBI) and Andhra Pragathi Grameena Bank (APGB) entered into a partnership to extend refinance to the latter with an objective to facilitate an improved flow of credit flow to Micro, Small and Medium Enterprises (MSMEs) in the State.
The Memorandum of Understanding was signed and exchanged by APGB general manager P. R. Padgetwar and SIDBI, Vijayawada deputy general manager P. Rajendra Prasad, according to a release by SIDBI, Hyderabad deputy general manager Thota Vidyasagar.
As per the release, Mr. Padgetwar stated that APGB started banking operations in 2006 by lending to agriculture and self-help groups in rural areas and expanded its services to urban and semi-urban areas with more focus on lending MSME. “We are proud to partner with SIDBI as the first Regional Rural Bank (RRB) to participate in their vision of empowering the MSMEs,” he added.
