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Corporation Bank has launched its exclusive loan centre for small and medium enterprises in Chennai. Mr Amar Lal Daultani, Executive Director of the Bank, formally opened the branch on Friday, May 25. With a view to catering to the SME segment, the bank has opened exclusive SME Loan Centres in eight cities across the country.
The new SME Loan centres are meant to give a fillip to the bank's efforts to augment the flow of bank credit to the vital SME segment and are expected to contribute to the growth of small and medium enterprises.
The Bank's portfolio under the SME sector as on March 31, 2012 was Rs 14,542 crore, against Rs 10,707 crore the previous year. The Net Growth of SME credit is around 25 per cent, aggregating to Rs 2,936 crore.
Within the SME sector, the Micro and Small Enterprise portfolio increased from Rs 10,707 crore in 2011 to Rs 13,752 crore as on March 2012, accounting for a net increase of Rs 3,045 crore, a release from the bank said.
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