OREANDA-NEWS. September 3, 2012. IDBI Bank Ltd has entered into a Memorandum of Understanding (MOU) with SME Rating Agency of India Ltd (SMERA) for utilizing SMERA’s ratings to evaluate its existing as well as potential MSME (Micro, Small and Medium Enterprise) clients. The rating would help the Bank in expediting credit decision. The customer too will benefit in terms of reduced pricing and organized information flow.

Speaking on the occasion, Shri D C Jain, Chief General Manager, MSME Business, at IDBI Bank said "IDBI Bank is very keen to expand its lending to MSME sector considering it as a key driver of Indian economy in terms of contribution to GDP, employment and exports”.

"Services of SMERA would help the Bank in increasing the Bank's reach to MSME Sector" added Shri Jain.

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 993 branches and 1589 ATMs. The Bank had an aggregate balance sheet size of Rs. 2,71,899 crore and total business of Rs 3,59,527 crore as on June 30, 2012. IDBI Bank's operations during the quarter ended June 30, 2012 resulted in a net profit of Rs.427 Crore. The Bank’s operations during the last full financial year (2011-12) had yielded a net profit of Rs. 2032 crore.