Punjab & Sind Bank sets up centralised hub to process retail and MSME loans
With the launch of Cen-MARG, all approvals of MSME and retail credit will be performed at the Cen-MARG that will help branches focus better on lead generation for retail lending and MSME.
State-owned Punjab & Sind Bank has set up a centralised hub for processing retail and MSME loans for better efficiency of branches in business acquisition.
The Centralised MSME and Retail Group (Cen-MARG) will be housed at its head office in New Delhi, the bank said in a statement.
"The Cen-MARG has been envisioned to ensure qualitative improvement in credit appraisal, improved turnaround time, uniform documentation, and efficient monitoring. The bank is aiming to bring about much-enhanced customer satisfaction through this initiative," said S Harisankar, Managing Director, Punjab & Sind Bank.
With the launch of Cen-MARG, all approvals of MSME and retail credit will be performed at the Cen-MARG, it said, adding that this will help branches focus better on lead generation for retail lending and MSME and will enhance the customer service.
The Cen-MARG shall be linked with pan-India branches of the bank in a phased manner, it said.
Earlier, Nisar Ahmad Khan, Deputy Lead District Manager, Punjab and Sind Bank, had said that loans worth Rs 9,919 crore had been sanctioned a few months after the launch of the digital portal for MSMEs to avail Rs 1 crore loan in 59 minutes. About 343 applicants had been sanctioned this amount, and loans totalling Rs 9.18 crore had been disbursed to 130 applicants, he had said
Khan was speaking at an MSME support and outreach programme in Ludhiana, which targeted the apparel and the handloom sector. “We have been reaching out to the MSME units to not only promote the loan portal, but also to guide the traders about several existing schemes for MSMEs,” he added. Khan also said the scheme is gradually being acknowledged by traders in the city.
In late June 2019, The Department of Financial Services, under the Ministry of Finance, asked banks to appoint a general manager-level official to address the problems being faced by MSMEs.
In a circular issued to heads of all public sector banks, it directed that a chief general manager/general manager level officer be specifically designated for in-depth analysis of the progress made and address issues with regard to availability of credit, being faced by MSMEs.
The MSME sector has been a focus of the Narendra Modi government as it plays a critical role in promoting economic growth.
