TruCap Finance Limited (TRU) and Housing Development Finance Corporation (HDFC) Bank announced the signing of a contract with Micro, Small, & Medium Enterprises (MSME) and other underserved borrowers.

On the occasion of "National Small Industries Day," Union Minister for Micro, Small and Medium Enterprises Mr. Narayan Rane tweeted that 18 tool rooms and technology centres run nationwide by the Ministry of MSME, which have trained 16 lakh youth in the past nine years, that subsequently benefitted over 3 lakh MSME units.

While addressing the G20 trade ministers' meet, Prime Minister Mr. Narendra Modi urged for increased attention to micro, small, and medium-sized firms (MSMEs), which account for 60-70% of employment and contribute 50% of global GDP.

As of August 1, 2023, credit sanctioned under the government and Small Industries Development Bank of India’s (SIDBI) 59-minute loan approval scheme for MSMEs-PSB loans in 59 Minutes, increased to 246,997 involving Rs. 85,054 crore (US$ 10.23 billion).

Of the 7.5 crore MSMEs, around 5 crore are expected to be new-to-credit (NTC) entities and lenders can tap into this vast segment by identifying deserving NTC MSMEs, connecting with them and customising credit products for their requirements, says a SIDBI-TransUnion CIBIL report.