The Hindu Business Line : Bank of India extends support to SMEs

Bank of India has taken special care of SME (small and medium entrepreneur) customers by extending all necessary help to them during this hour of global financial turmoil, according to Mr M. Narendra, Executive Director of Bank of India.

Addressing presspersons on the sidelines of a customers' meet here on Monday, he said that SMEs are facing a lot of problems in the current global scenario .

Bank of India has taken various steps such as organising one-to-one and cluster meetings with SME customers. "If they need any additional working capital support, or any little deviation in terms of sanction, or any extension of time, we will give them. So during this time of global financial turmoil, they will survive. SMEs need more help during this period," he said.

The bank has also set up special SME cells across the country for the speedy process of SME credit, he said.

The bank has crossed the targets in agriculture and priority sector lending, Mr Narendra said. The bank has set a total business target of Rs 3.12 lakh crore for the current financial year.

The bank has opened 12 lakh no-frills accounts under the financial inclusion programme. It has taken up technology-enabled financial inclusions projects in districts such as Kolhapur in Maharashtra and Puttur in Andhra Pradesh.

OVERSEAS PRESENCE

The bank has nearly 10 licences for increasing its presence in overseas destinations. At present, the bank has 28 overseas branches. Plans are to have branches in places such as Dubai and Cambodia also, he said.

On Karnataka operations of the bank, he said it has 80 branches in the State. The Karnataka zone has targeted an increase of 30 per cent in the business during the current year. The business mix of the bank stood at Rs 6,996 crore at the end of October.

Mr Nagesh Pydah, General Manager, and Mr A.A. Badshah, Deputy General Manager of the bank, were also present.

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