Hospitality firm OYO today said it has inked memorandum of understandings (MoUs) with the State Bank of India and Bank of Baroda for extending financial support to the company’s hotel partners. Signed under the aegis of the Pradhan Mantri Mudra Yojna, the MoUs will enable financial support for the company’s existing and potential hotel partners for fuelling transformation and standardisation at their properties, OYO said in a statement.
“These MoUs will help us in shortening the demand-supply gap of quality accommodation by offering hoteliers a platform to transform their property and enhance the business by creating beautiful living spaces,” OYO Fintech SVP Jayant Chauhan said.
This will also allow OYO to help in the creation of thousands of jobs in tier II and III cities by nurturing micro-entrepreneurs in the hospitality sector, the company said. OYO currently operates in more than 160 cities across India, China, Malaysia and Nepal.