J&K Bank signs MoU with ONICRA for MSME rating

Jammu, Nov 12: J&K Bank on Saturday signed a memorandum of understanding with ONICRA Credit Rating Agency for rating of micro, small and medium enterprises (MSME) which are either prospective or existing customers of the bank.

With a purpose to support the MSME sector, the pact was signed by Mr O P Sharma, President and Zonal Head, Jammu on behalf of J&K Bank and Mr Rajiv Soni, Business Group Head (SME) on behalf of ONICRA.

After signing the pact Mr O P Sharma said, “Rating through the credit agency will act as an additional input for the bank in evaluating and swift sanctioning of credit needs of the units.”

It can further provide an opportunity to units to enhance their organisational strength in terms of finance, marketing, production, corporate governance and operations by becoming aware about their strengths and weaknesses, he added.