In a bid to make access to capital easy, both public sector and private sector banks roll out special schemes to Micro Small and Medium Enterprises (MSMEs).
Allahabad Bank recently opened as many as 35 MSME hubs at different locations across India. These hubs will function as centers of excellence for MSME credit dispensation by ensuring quick processing/ sanction and meticulous observance of Turn Around Time (TAT).
Credit proposals pertaining to Service, manufacturing Industry, Business, Trade and Agro Processing units (SIBTA) will be the target areas of the hubs.
This initiative is also a part of bank's present focus on growth of SMART (Small, Medium, Agriculture & Retail) loan book.
Canara Bank MSME loans
Public sector Canara Bank distributed MSME loans this week to the tune of Rs 403 crore under Mudra, Stand-up India and also some schemes of the bank at an MSME road show in Chennai, according to media reports.
Debashish Mukherjee, Executive Director of the bank, spoke about the bank’s MSME lending portfolio and achievement of goals. Abdul Ajees, General Manager, Chennai Circle, highlighted the importance of lending to the MSME sector and achievements of the Chennai circle under various schemes. A handbook on MSMEs was released on the occasion, according to a statement.