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APSFC has enabled over Rs 12,500 crore of capital investments in the State through more than 85,000 industrial units.

Hyderabad , Oct. 28

THE Andhra Pradesh State Financial Corporation (APSFC) is eying the coveted status of `State-sponsored Universal Bank'.

The target of `State-sponsored Universal Bank' status is a long-term dream, Mr Ajeya Kallam, Managing Director of APSFC, told newspersons here on Friday while announcing the Golden Jubilee Celebrations of the corporation.

APSFC has successfully completed 50 years in promoting small and medium industries and enabled over Rs 12,500 crore of capital investments in the State through more than 85,000 industrial units.

According to him, APSFC has already achieved the lead SFC position in the country and has been retaining it for the last four years.

In the short-term, the corporation proposes to become a model financial institution in the country, he said.

Stating that SFCs were currently having their own operational constraints under the statute, Mr Kallam said the status would enable them to have operational freedom in areas of product innovation and reaching out to various industrial segments.

Further, he said the demand from entrepreneurs has been to have a single-stop shop for all their financial service requirements.

Admitting that it would take at least five more years for APSFC to initiate concrete steps in the direction of obtaining the `State-sponsored Universal Bank' status, Mr Kallam said the target is to achieve this status first among the SFCs in the country.

Having recorded a remarkable turnaround in 2002-03 and started earning net profits since, APSFC has now set for itself stretch targets on the eve of Golden Jubilee Celebrations, according to its Chairman, Mr M. Gopalakrishna. The corporation has set a target of Rs 500 crore of sanctions, Rs 400 crore of disbursements and Rs 500 crore of recoveries for the current fiscal.

It also aims to bring down the net NPAs by at least 300 basis points at 19 per cent as compared to 22 per cent in the previous fiscal.

The corporation has already achieved Rs 320 crore of sanctions during the first half of the current fiscal as against Rs 206 crore in the corresponding six months of the previous fiscal.

It has recorded Rs 168 crore of disbursements (Rs 127 crore) and Rs 195 crore of recoveries (Rs 194 crore).

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