Current Affairs - Banking - Discussion

Ujjivan Small Finance Bank announced the launch of its overdraft facility for micro and small enterprises (MSE). This aimed at the MSEs who don't have easy access to formal credit. It would be offered to all MSEs with a turnover of Rs 50 lakh or more. This interest rate on the overdraft is for one year with a minimum credit of Rs 11 lakh to a maximum of Rs 50 lakh renewed on an annual basis. Ujjivan SFB also offers composite loans, where the overdraft facility can be combined with existing MSE term loan products.