Money & Banking

Indian Overseas Bank to step up its MSME focus

Our Bureau Hyderabad | Updated on February 17, 2020 Published on February 17, 2020

Indian Overseas Bank (IOB), which conducted an MSME customer outreach programme in Hyderabad, outlined its efforts to step up exposure to the MSME segment in the country.

Ajay Kumar Srivastava, Executive Director, said: “This is the year of resurgence for the bank. Of the 3,300 branches, 200 have been identified as MSME-specialised. 24 branches are SME-focussed that carters to big-ticket advances. Currently our MSME portfolio stands at ₹31,000 crore, and the bank aims to achieve ₹50,000 crore portfolio in the next 24 months.”

At an event presided over by Srivastava, more than 100 customers participated in the MSME outreach programme, which is part of the bank’s mission to position itself as an MSME-focussed bank.

The retail, agri, and MSME (RAM) portfolio as of December 2019 stood at 72 per cent. In the programme, the beneficiaries included women, first-time entrepreneurs, and SC/ST beneficiaries, among others.

As of March 31, 2019, the bank had a total business of ₹3,74,530 crore, with deposits of ₹2,22,534 crore and advances of ₹1,51,996 crore.

Published on February 17, 2020
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