Financial Daily from THE HINDU group of publications
Friday, Dec 30, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 30, 2005 |
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Money & Banking
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Public Sector Banks Andhra Bank keen on more tie-ups with SFCs Our Bureau
Hyderabad , Dec. 29 ANDHRA Bank has decided to explore opportunities in joining hands with `healthy' SFCs (State Financial Corporations) to replicate the model it evolved in Andhra Pradesh with APSFC and State Bank of Hyderabad (SBH). Taking a cue from the Union Finance Minister, Mr P. Chidambaram's statement in Rajya Sabha and at the Golden Jubilee celebrations of the APSFC recently, on stepping up financial support to SMEs (small and medium enterprises), the two banks have entered into an agreement with APSFC. The agreement envisages financing bigger projects that go beyond the scope of APSFC. "Initially, the arrangement will be rolled out to finance SMEs in Andhra Pradesh. As we are a nationalised bank, we are ready to replicate the model in other States," Mr K. Ramakrishnan, Chairman and Managing Director of Andhra Bank, said.
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