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Bank of Maharashtra sets up special branch for MSMEs

Updated: Jun 15, 2013 01:51:47pm
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Pune, Jun 15 (KNN)  The Bank of Maharashtra today said it has set up specialised units in major cities including Delhi and Hyderabad to service micro, small and medium enterprises.

“The Bank has set up four MSMEs cells at Pune, Hyderabad, Delhi and Chandigarh for faster loan processing,” its Chairman and Managing Director, Narendra Singh told shareholders at the annual general meeting here.

Bank of Maharashtra has been making its presence felt in the rural and semi urban areas with 55 per cent of its branches operating in these areas.   As many as 948 branches have been opened in the rural and semi urban areas to cater to the needs of people in these areas.

The outstanding advances under priority sector constituted 43.20 per cent of the adjusted net bank credit as against the stipulated 40 per cent.

The bank has also been providing services to 1,784 unbanked villages under the financial inclusion project.   While 1,215 villages of them were taken up in phase-I, 569 were taken in phase II, the villages having a population below 2,000.   During the year 1,64,694 people of these unbanked villages were brought into the banking fold. 

“The year witnessed consistent hardening of the interest rates and it was a challenge for the banks to control cost of resources. The cost of deposits which was 6.35 per cent for the year ended March 3, 2012 increased to 6.87 per cent for the year ended March 3, 2013,” Singh said.

“A robust credit monitoring system and substantial recovery in non-performing assets has enabled   the bank to keep up the asset quality and its products,” added Singh.

The bank has also put in place adequate systems and procedures for identifying, measuring and managing risks.  (KNN)
 

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