New Delhi, Mar 15 (KNN) Under a special drive, State-run Allahabad Bank has sanctioned Rs 1,003 crore in loans to 8289 micro, small and medium enterprises (MSME) beneficiaries.

In a statement, the lender said “a mega camp has been organized by the bank for MSME loans in which total amount of 1,003 crore has been sanctioned to 8289 beneficiaries, which included Rs 55.42 crore (1794 beneficiaries) under Pradhan Mantri Mudra Yojana (MUDRA) and Rs 35.04 crore (160 beneficiaries) under Stand-up India Scheme.”

Further the lender claimed that competitive rate of interest for MSME and retail loans have been offered by bank.

It said it always aimed to offer its customers various range of products at attractive rate by adding more than 5 million new customers during the last one year.

Total outstanding under retail credit as on December 31, 2017 stood at Rs 19,849 crore registering a year-on-year growth of 20.50 percent from Rs 16,473 crore year ago.

However, in the 3rd quarter of 2017-18 Bank reported a net loss of Rs 1263.79 crore because of higher provisions made for aging NPAs (no performing assets) and NCLT (National Company Law Tribunal) referred accounts and also losses incurred in treasury operations during the quarter. (KNN/YV)