International MSME Day 2024: IndusInd Bank roots for MSME growth and success with focused banking initiatives

The 'IndusInd Bank Level Up' is a knowledge series wherein successful business owners and C-suite executives provide MSMEs with insights on strategic planning, financial management, digital transformation, and market expansion, which further aims to equip businesses with practical strategies to navigate challenges and foster sustainable growth in competitive markets. With an aim to facilitate easy credit access, reduce operational costs, and ensure business continuity for MSMEs, IndusInd Bank is doubling down on its commitment to strengthen the sector.

To make these banking initiatives available and thereby empower MSMEs to thrive and expand seamlessly, IndusInd Bank has established 126 MSME Hubs across India, strategically situated in concentrated MSME activity areas. These hubs offer tailored banking experiences with expedited loan approvals, customised products, and expert guidance. Besides this, the Bank also prioritises digital transformation to ensure quick sanctions and disbursals in the MSME segment. Additionally, to provide quick funds, reduce administrative burden, and enable growth, the Bank's GSTOD (Goods and Services Tax Overdraft) product allows registered MSMEs to get instant sanction of funds up to ₹2 crores with minimal documentation and a one-time GST OTP.

In its constant endeavour to evolve product offerings for MSMEs, Bank's most recent initiatives include the 'IndusWE' program, empowering women entrepreneurs with not just banking but with holistic support of other services that will enable their business growth. Further, the Bank offers CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprise) backed loans to eligible MSME borrowers under the Government's CGTMSE scheme, wherein collateral-free financing up to ₹5 crores is provided, enhancing credit accessibility.

IndusInd Bank has always been leading in the sustainability front and as one of the leading initiatives, the Bank also offers 'Solar power financing' that supports MSMEs in adopting solar energy, reducing costs sustainably. Bank has also introduced a 'Loan Protect' product to ensure business continuity for MSMEs against unexpected disruptions for MSMEs.

Mr. Sanjeev Anand, Head - Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank, said, "India's MSMEs are fundamental to the nation's growth and serve as the backbone of the Indian economy. As our country strives for a $5 trillion GDP, MSMEs will be key in achieving this milestone, augmented by various government initiatives that are designed to enhance their competitiveness and growth. This MSME Day, IndusInd Bank recognizes the contributions of MSMEs to India's economy and remains steadfast in its effort to support their growth and success."

About IndusInd Bank:

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs, retail and large corporations. As on March 31, 2024, IndusInd Bank has a customer base of approx.39 million, with 2984 Branches/Banking Outlets and 2956 ATMs spread across geographical locations of the country and covering 157000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi.