The Hindu Business Line : SIDBI posts 80% rise in credit offtake in Kerala

Kochi April 9 Small Industries Development Bank of India (SIDBI) has registered 80 per cent growth in credit disbursement in Kerala in the last fiscal as it disbursed Rs 750 crore for the SME sector in the State against the Rs 479 crore in the previous fiscal.

Addressing a press meet here on Monday, Mr K.M. Nair, Zonal in-charge, SIDBI, Chennai, said that the Kochi branch, the sole office in the State, has witnessed the highest-ever disbursement figure and the highest number of fresh addition of accounts to its direct portfolio without having any fresh slippage to NPAs.

During the financial year 2007, SIDBI sanctioned Rs 781 crore as against Rs 522 crore in the previous year thus maintaining consistency in the all round growth, he added.

With a view to expanding its outreach, physical infrastructure of SIDBI is being braced up by opening new branches in the State. To begin with, it will be opening its next branch office in Kozhikode shortly, Mr Nair said.

Delivery of micro credit to the rural poor is one of the thrust areas of the bank.

The Kochi branch has been placing special emphasis on the development of micro credit delivery network and the focus has been on providing need based financial support to the poor and underprivileged through well performed NGOs and MFIs.

As many as 17 NGOs have so far been extended micro credit assistance in the State with aggregate sanctions over Rs 15 crore benefiting over 30,000 poor, mainly women, he said. As part of its promotional and development role, SIDBI implements multi pronged cluster development programme for enhancing the competitiveness and overall development of the SME clusters, he added.

Referring to the initiatives of the bank in the South zone, he said three more branches would be added in the current financial year taking the total number of branches to 12. The disbursements in the last fiscal were up by 49 per cent at Rs 4,095 crore. The outstanding portfolio has grown to Rs 5,812 crore, recording a growth of 25 per cent.

SIDBI is aiming to emerge as one-stop-shop for credit and development needs of SME sector and intends to strengthen partnership with select banks and expand micro finance, he said.

More Stories on : Credit Market | Financial Institutions | SSI | Kerala

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