The Hindu Business Line : SIDBI to add 2 branches in AP

Visakhapatnam, Dec. 21 The Small Industries Development Bank of India (SIDBI) is planning to set up branches in Andhra Pradesh at Rajahmundry and Balanagar (Hyderabad) in addition to the existing three, according to Mr Harsh Kaul, General Manager (Credit). At present, the bank has branches in Hyderabad, Vijayawada and Visakhapatnam.

At a press meet here on Thursday, on the occasion of the Vizag branch celebrating its tenth anniversary, Mr Kaul said the bank had set a target of 100 branches from the present 64 in the country by the end of the financial year.

“So far, we have been relying mainly on refinance through the commercial banks or NBFCs because of our limited branch network. But of late our direct lending has increased substantially,” he said.

Aid to SMES

Mr Kaul said the bank was helping SMEs through several schemes and there were schemes to lend up to Rs 50 lakh to smaller units without any collateral.

“We have also set up a fund with Rs 100 crore for hiking the equity of SMEs. Our credit appraisal system is simple and yet foolproof. It is taken as the model by commercial banks,” he said.

Disbursals

Mr Kaul said SIDBI, set up in 1990, had since inception sanctioned Rs 39,241.54 crore as direct finance and disbursed Rs 33,118.27 crore.

Through the indirect finance or refinance route, the bank had sanctioned Rs 71,397.94 crore and disbursed Rs 47,946.98 crore.

A sum of Rs 1,178.08 crore had been sanctioned as micro credit and of it Rs 948.04 crore disbursed, he added.

Mr M.K. Raveesha, DGM, southern zone, and Mr D. Dev Anand, DGM (Vizag), also spoke.

More Stories on : Financial Institutions | Andhra Pradesh

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
The $3.8 trillion pro-notes depreciating by the hour

US capital outflows fall 66% in July-Sept

Rupee sees 2-way movement

Aviva to launch four branches in Gujarat

IDBI Fortis Life gets IRDA nod

Bajaj Allianz opens hub centre

IFC, FINO to develop IT solutions for microfinance institutions

Banks told to shoulder ‘social responsibility’

City Union targets Rs 12,000-cr biz

Central Bank of India launches bouquet of products

BoI to raise capital via QIP

SIDBI to add 2 branches in AP

Overseas debt losing flavour as costs mount

Bond prices rise as liquidity eases

Call rates close lower

Saraswat Co-op buys Nashik bank

IFCI plummets 23% as deal falls through

Corp Bank signs MoUs with rating agencies