The Hindu Business Line : APSFC urged to bring down NPAs

Hyderabad May 25 The State Industries Minister, Ms J. Geetha Reddy, has urged the Andhra Pradesh State Financial Corporation to bring down non-performing assets (NPAs) and pay special attention to entrepreneurs of scheduled castes and tribes and minorities.

According to a APSFC statement, Ms Reddy suggested that more of the corporation's schemes and services need to be broad-based and assured full support of the Government to further strengthen the corporation's financials, both to achieve targets and also compete with commercial banks.

New high

Following a review of APSFC Business Plan for the current year and performance of last year, Ms Reddy said the corporation extending financial assistance of Rs 705 crore last fiscal was a new high and the disbursement was Rs 523 crore.

The corporation has significantly reduced the non-performing assets from 16 per cent to 7 per cent and registered a net profit of Rs 27 crore, the statement said.

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