Bangalore: Syndicate Bank has signed up a Memorandum of Understanding (MoU) with credit rating agency ‘Fitch’ for evaluating small and medium enterprises (SMEs)/ corporate and non-corporate entities.

According to the bank release, the deal is signed to make use of the services of the bank and Fitch to harmonize and back up small and medium enterprises sector in India, by offering them low-priced, apparent, complete and dependable rating services to heighten credit acceptance and other services.

The deal would also permit them to utilize independent and objective opinion provided by Fitch for appraising infrastructure, business and other loaning exposures of the banking institution.

Fitch will be extending grant in fee payable for cases brought up by the bank that will have the ease of a sovereign judgment of the client rating whilst taking credit decision. With this, the Syndicate Bank has signed up MOU with all four rating agencies sanctioned by RBI.