Mumbai: State-run IDBI Bank on Monday said it had entered into an agreement with FICCI, under which it would finance the industry lobby's small business members.

A memorandum of understanding (MoU) was signed by IDBI Bank Deputy Managing Director B K Batra, FICCI Secretary General A Didar Singh, and its affiliated body FICCI-MSME on Monday, an IDBI Bank release said.

"Timely availability of credit at the right cost is a key expectation of industry. While most large corporates manage to get the attention of bankers, smaller companies, mostly have a disadvantage in sourcing credit at the right cost and the right time," Singh said.

Batra called it a "win-win deal," as the bank would also get to deepen its relationships with smaller enterprises even as smaller businesses get timely credit.

Meanwhile, the bank said that it has appointed D C Jain as its managing director and chief executive of its investment banking and securities arm, IDBI Capital Markets.

Jain has joined IDBI Bank from the Union Bank of India, where he headed a business of large branches in the state of Gujarat, the statement said. -- PTI