Current Affairs - Banking - Discussion

CSC SPV and Small Industries Development Bank of India (SIDBI) signed an MoU to offer financial support to CSCs all over India. As per the MoU, SIDBI will offer financial support to the Village Level Entrepreneurs (VLEs) of Common Services Centers, with minimum one year of operation, under the Direct Financing Window of SIDBI. Through Direct Financing Window, CSC SPV will approve the list of VLEs, within 25 km distance of SIDBI Branch Offices, who are in need of financial support. In order to receive the loan, the VLEs should submit their CSC project, with maximum project outlay of Rs. 3.50 lakh and term loan requirement under Rs. 2 lakh per project. This tie up will also improve financial viability of CSCs by providing additional services in their range of products.