Hyderabad, Nov 14 (KNN)  The State Bank of Hyderabad (SBH) is planning to provide  additional support to micro small and medium enterprises (MSMEs) during this financial year. 

SBH Chief General Manager Suresh Babu said that the bank was keen to increase advances to the sector. 

He said the bank has planned to extend additional loans of Rs 9,000 crore during the current financial year of which it has already achieved Rs 1,500 crore until October. Last year, SBH’s advances to the sector were to the tune of Rs 200 crore. 

Focus areas for the bank this year are MSME, agriculture and retail segments.

SBH is confident of crossing its business target of Rs 41,000 crore for 2013-14.  The bank also plans to open a Sunday working day branch in Coimbatore.   

The bank has a simplified project appraisal for speedy sections to MSMEs.  It offers counseling to first generation entrepreneurs.  Further, it requires no collateral security for loans upto Rs10 lakhs. Collateral security requirements for MSE units for loans above Rs 10 lakhs and upto Rs 25 lakhs can also be waived based on good track record of customer.   (KNN/Bureau)