On June 08, 2021, Karnataka Industrial Area Development Board (KIADB) signed a Memorandum of Understanding (MoU) for 3 years with HDFC Bank to provide a wide range of financial products and services to its customers.
- To attract more investments into Karnataka and to make the land acquisition for industrial purposes more affordable, KIADB collaborated with HDFC bank to enable its eligible investor/customer of KIADB to avail of credit facilities from HDFC Bank as per Bank process and policies.
Key points of the MoU:
i.As per the MoU, KIADB nominates HDFC Bank as one of its banking partners to finance its eligible customers/allottees of industrial land/plot for setting up their project, HDFC bank also accepts the nomination.
ii.HDFC bank will offer credit facilities to eligible companies/investors of KIADB up to 75 percent of the project.
iii.The costs such as Plant and Machinery, Construction, Lease Right acquisitions from KIADB and other approved activities which are part of the project will be subject to credit analysis of the Borrower/Investor, HDFC Bank’s process, policies, and RBI Guidelines.
iv.As part of the MoU, HDFC Bank will also provide its customers with a wide range of financial products and services.
Recent Related News:
On January 28, 2021, HDFC Bank and CSC e-Governance Services India Ltd, a Special Purpose Vehicle (SPV) under the Ministry of Electronics & Information Technology (MeitY) have entered into a partnership to launch Equated Monthly Installment(EMI) service that allows Business Correspondents(BCs) to collect HDFC Bank’s EMIs at CSCs across India.
About Karnataka Industrial Area Development Board (KIADB):
Establishment – 1966 through KIAD Act
Headquarters – Bengaluru, Karnataka
CEO & Executive Member – N Shivashankara
About HDFC Bank:
Establishment – 1994
Headquarters– Mumbai, Maharashtra
MD & CEO – Sashidhar Jagdishan
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