Canara Bank to lend more to MSMEs
Updated: Jul 22, 2014 12:52:19pm
Bengaluru, Jul 22 (KNN) Along with other segments, the Canara Bank will lay particular emphasis on lending more to the MSME sector, bank Chairman and Managing Director, R K Dubey has said.
Priority Sector advances of the bank grew by 23.8 per cent to Rs 97762 crore as at March 2014, Dubey said while addressing the shareholders at 12th Annual General Meeting of the shareholders here yesterday.
Speaking about expanding role of the bank, Dubey said, “the bank is aiming at a business level of Rs 8 lakh crore plus in FY 15. Overriding thrust is placed on expanding retail business during the current year, with particular emphasis on increasing CASA and retail deposits on the liability side…loans to agriculture and MSMEs on the assets side.
“Increasing fee income, containing NPAs and increasing cash recoveries would be focal areas,” he added.
Advances to the MSMEs increased to Rs 50,040 crore as at March 2014, with a Year on Year (YoY) growth of 35.2 per cent.
Credit to M&SE segments rose to Rs 36703 crore, with a 37.9 per cent growth against mandated 20 per cent norm, Dubey said.
Meanwhile, the share of micro credit in the M&SE improved to 55.84 per cent from 32.88 per cent last year.
The number of micro enterprises accounts recorded a growth of 99.9 per cent against mandated norm of 10 per cent.
The Bank CMD said that Canara bank has 143 specialized SME branches and 14 SME Sulabhs. The bank has also launched several SME schemes under MSME credit and several other Memorandums of Understanding were also signed.
Credit to women beneficiaries increased to Rs 37,173 crore (15.95 per cent as against the 5 per cent norm). Retail lending portfolio increased to Rs 36,197 crore, with a Y-o-Y growth of 43.5 per cent. The share of retail credit in net credit increased to 12.62 per cent compared to 10.71 per cent last year.
The bank’s branches crossed the 5,000 mark, with the opening of 253 domestic branches and two overseas branches, at Johannesburg, South Africa and New York, USA during the quarter. As of June 2014, the bank had 5,010 branches, including seven overseas branches. On July 19, 2014, the banks’ nationalisation day, 108 financial Inclusion branches and 108 ATMs were opened across the country. (KNN/SD)
Priority Sector advances of the bank grew by 23.8 per cent to Rs 97762 crore as at March 2014, Dubey said while addressing the shareholders at 12th Annual General Meeting of the shareholders here yesterday.
Speaking about expanding role of the bank, Dubey said, “the bank is aiming at a business level of Rs 8 lakh crore plus in FY 15. Overriding thrust is placed on expanding retail business during the current year, with particular emphasis on increasing CASA and retail deposits on the liability side…loans to agriculture and MSMEs on the assets side.
“Increasing fee income, containing NPAs and increasing cash recoveries would be focal areas,” he added.
Advances to the MSMEs increased to Rs 50,040 crore as at March 2014, with a Year on Year (YoY) growth of 35.2 per cent.
Credit to M&SE segments rose to Rs 36703 crore, with a 37.9 per cent growth against mandated 20 per cent norm, Dubey said.
Meanwhile, the share of micro credit in the M&SE improved to 55.84 per cent from 32.88 per cent last year.
The number of micro enterprises accounts recorded a growth of 99.9 per cent against mandated norm of 10 per cent.
The Bank CMD said that Canara bank has 143 specialized SME branches and 14 SME Sulabhs. The bank has also launched several SME schemes under MSME credit and several other Memorandums of Understanding were also signed.
Credit to women beneficiaries increased to Rs 37,173 crore (15.95 per cent as against the 5 per cent norm). Retail lending portfolio increased to Rs 36,197 crore, with a Y-o-Y growth of 43.5 per cent. The share of retail credit in net credit increased to 12.62 per cent compared to 10.71 per cent last year.
The bank’s branches crossed the 5,000 mark, with the opening of 253 domestic branches and two overseas branches, at Johannesburg, South Africa and New York, USA during the quarter. As of June 2014, the bank had 5,010 branches, including seven overseas branches. On July 19, 2014, the banks’ nationalisation day, 108 financial Inclusion branches and 108 ATMs were opened across the country. (KNN/SD)
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