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The Bank of India is setting up 22 more branches in Visakhapatnam zone besides a processing centre in the city for advancing loans to small and medium enterprises (SMEs).
At a function on Monday to mark the inauguration of new premises of the MVP Colony branch, Mr G.L.N Sastry, zonal manager, said the processing centre would ensure speedy disbursement of SME loans. It would be ready in two months.
Mr Ajeya Kallam, Visakhapatnam Port Trust Chairman, who inaugurated the new branch premises, distributed loan sanction letters to women entrepreneurs. Mr Sastry said the bank had recently set up a centralised processing centre for rural credit covering five branches at Amalapuram.
He said they had 3,400 branches in the country and 29 overseas branches with a strong networking. The Visakhapatnam zone has 73 branches extending over eight districts from Srikakulam to Prakasam. Mr Sastry said they would open four branches in the city at Madhurawada, Muralinagar, Kancharapalem and Seethammadhara in two months.
Fifteen ATMs including five in the city would be opened during the current fiscal. BoI Deputy Zonal Manager, Mr Sekhar Thangirala, said they had recently launched Bingo card – an ATM-cum-credit card for the convenience of students. The card-holders would be eligible for credit of Rs 2,500. The amount would be subsequently collected from the accounts of their parents. Branch Manager, Mr C.V.R. Murty proposed a vote of thanks....
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