SMEs, the focus for Bank of Baroda
Updated: Jun 27, 2013 05:37:16pm
Baroda, Jun 27 (KNN) Bank of Baroda, the country’s second largest lender posted a growth of 30.3 per cent in the small and medium enterprises segment by providing different business opportunities to them.
Speaking to the shareholders at the 17th Annual General Meeting of the bank here, Chairman and Managing Director of the Bank, S S Mundra said, “In order to give boost to the MSME sector, the bank has opened 5 new SME loan factories at Indraprastha, New Delhi, Anand, Bhopal, Junagarh, and Jalandhar- taking a total of SME loan factories to 52 across India.”
Further, in order to ensure better quality of credit appraisal, reduced turn-around time and improved volume the Bank of Baroda has introduced the concept of ‘loan factory’ for MSMEs.
“The bank has participated in various exhibitions and seminars during FY 13 to build brand image of the bank in MSME financing,” Mundra added.
Furthermore, the Chairman also talked about the various awareness programmes organised by the Bank to achieve customer relationship through enhanced cross-selling, location meetings, and involvement of trade bodies at national and state levels.
“To update the knowledge and skills of the processing and marketing officers attached to the SME factories, the bank has organised external training plus special courses at training centres and its own staff college,” he said.
The bank has introduced the “online loan application for the MSME borrowers and renewed a number of area specific schemes pertaining to a variety of industries across India during FY 13.
January to March was celebration time for staff at the SME loan factories and branches, as the bank organised an MSME festival to redouble their efforts at canvassing new businesses.
With regard to the banking scenario in the FY 13, the Chairman said given the all-round weakness in the economy, the Indian banking sector had to face a number of challenges during the year. Both deposits and credit growth remained lacklustre. The banks had to achieve a delicate balance of mobilizing term deposits by offering relatively higher deposit rates, given the availability of attractive alternate investment avenues including gold..”
Nevertheless, the Bank managed to grow its credit portfolio by 14.2 per cent in FY 13 in various business segments like MSME. (SD/KNN)
Speaking to the shareholders at the 17th Annual General Meeting of the bank here, Chairman and Managing Director of the Bank, S S Mundra said, “In order to give boost to the MSME sector, the bank has opened 5 new SME loan factories at Indraprastha, New Delhi, Anand, Bhopal, Junagarh, and Jalandhar- taking a total of SME loan factories to 52 across India.”
Further, in order to ensure better quality of credit appraisal, reduced turn-around time and improved volume the Bank of Baroda has introduced the concept of ‘loan factory’ for MSMEs.
“The bank has participated in various exhibitions and seminars during FY 13 to build brand image of the bank in MSME financing,” Mundra added.
Furthermore, the Chairman also talked about the various awareness programmes organised by the Bank to achieve customer relationship through enhanced cross-selling, location meetings, and involvement of trade bodies at national and state levels.
“To update the knowledge and skills of the processing and marketing officers attached to the SME factories, the bank has organised external training plus special courses at training centres and its own staff college,” he said.
The bank has introduced the “online loan application for the MSME borrowers and renewed a number of area specific schemes pertaining to a variety of industries across India during FY 13.
January to March was celebration time for staff at the SME loan factories and branches, as the bank organised an MSME festival to redouble their efforts at canvassing new businesses.
With regard to the banking scenario in the FY 13, the Chairman said given the all-round weakness in the economy, the Indian banking sector had to face a number of challenges during the year. Both deposits and credit growth remained lacklustre. The banks had to achieve a delicate balance of mobilizing term deposits by offering relatively higher deposit rates, given the availability of attractive alternate investment avenues including gold..”
Nevertheless, the Bank managed to grow its credit portfolio by 14.2 per cent in FY 13 in various business segments like MSME. (SD/KNN)
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