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Tuesday, Nov 21, 2006

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Bank of India to lend more to small units

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Coimbatore , Nov. 20

Bank of India is striving to enhance its credit exposure to the SME segment to Rs 1,000 crore this fiscal.

Since April, it has formulated and implemented 25 cluster schemes, financed about 27,000 new accounts and sanctioned to the tune of Rs 753 crore. "We are confident of surpassing the target," Mr S. Venkatasubramaniyan, Chief Manager, Mumbai.

Highlighting the strategies for increasing SME credit, he said that the bank has prioritised 61 clusters for intensive development.

"We are willing to modify the rules and evolve schemes to suit customer requirements. We have financial assistance to makers of Ganesh idols (before Ganesh Chaturthi) in Mumbai, for makers of Durga idols in Kolkata, small ceramic units in Gujarat and goldsmiths in Karaikudi. The finance extended to these clusters has touched Rs 2,000 crore."

Mr P.R. Kalyanaraman, General Manager of South Zone, said that the bank could no longer restrict itself to providing finance but had strengthen the relationship-building exercise.

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