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ICICI Bank, Small Business FinCredit to provide loans to small businesses
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ICICI Bank Ltd. partnered with Small Business FinCredit India Pvt. Ltd. to jointly provide credit to micro, small and medium enterprises, or MSMEs.
The agreement allows MSMEs to obtain loans of up to 10 million rupees for a tenor of 15 years. ICICI Bank will co-originate the loan against property with Small Business FinCredit at an agreed ratio.
As of Jan. 4, US$1 was equivalent to 69.70 Indian rupees.