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State-run Bank of Baroda signed a Memorandum of Understanding with ten companies including Uber, Oyo, Lava and Flipkart to provide loans to members in their supply chain like drivers and retailers in its efforts to raise its exposure to small enterprises.
“We want to target around 5,000 micro-entrepreneurs and spend at least Rs.500 crores in 2018-19,” said PS Jeyakumar, CEO of Bank of Baroda. The bank will sanction these loans online, instead of through branches.