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Bank of Baroda (BoB) has signed a memorandum of understanding (MoU) with ten companies, to provide loans to members in their supply chain, like drivers and retailers.
These includes companies like Uber, Oyo, Lava and Flipkart. This is done with a view to increase its exposure to small enterprises. The bank will sanction these loans online. P S Jeyakumar, CEO of BoB stated, “We want to target around 5,000 micro-entrepreneurs and spend at least Rs.500 crores in 2018-19.”
Further, bank has also associated with the Dalit Indian Chamber of Commerce and Industry (DICCI) to provide loans to SC/ST entrepreneurs for owing LPG tankers, subject to them getting a letter of Intent from an oil company.
