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The Indian Bank has been adjudged number one in lending to MSMEs during 2013 and 2014 and the bank is set to repeat the feat this year also, according to G. Rangarajan, the General Manager in charge of the Visakhapatnam zone.
He was speaking at the MSME day celebrations in the zonal office here on Monday. He said the bank had sanctioned Rs 8 crores to 27 MSME borrowers in the city on the occasion and Rs 30 crores in the Visakhapatnam zone comprising the districts of Srikakulam, Vizianagaram, Visakhapatnam, East Godavari and West Godavari.
Rangarajan said the Gajuwaka and Bhimavaram branches had been designated exclusive MSME branches in the zone. "We are focussing on sanction of loans less than Rs 20 lakhs to micro units and also loans below Rs 20 lakhs to small borrowers under the Prime Minister's Mudra Yojana," he said.
He added that in Vizag alone there were 2,500 MSMEs and the Indian Bank would proactively assist start-ups.
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