Canara Bank to open more MSME branches in TN
Updated: Jun 10, 2013 06:19:54pm
Karur, Jun 10 (KNN) In addition to the three existing exclusive SME branches in Karur, Dindigul and Namakkal, Canara Bank has planned to open MSME branches in Tiruchi and Perambalur soon.
Further, the bank is keen to initiate an MSME cluster scheme to enhance the mosquito net weaving industry in Karur, according to a media report.
Speaking at Canara Bank’s MSME meet in Karur recently, General Manager S Krishnakumar said, “The present outstanding MSME advances in the Tiruchi Circle, comprising of 11 districts in central Tamil Nadu and Puducherry's Karaikal region, are Rs. 600 crore. The bank has planned to achieve a target of Rs. 860 crore in this fiscal.”
During the event, 20 MSME entrepreneurs were granted provisional credit sanction Rs 8.5 crore.
According to Krishnakumar, the bank’s pricing on export credit was far more competitive than others players in the market. The bank’s support to MSME entrepreneurs is obvious considering that its MSME advances in March 2013 amounted to Rs 37,016 crore while the target for next March has been set at Rs 48,000 crore.
In other supportive gestures, the bank has extended an overdraft facility to the MSME scheme for manufacturing units; and unveiled a special loan scheme for BHEL ancillary unity in Tiruchi. The general manager added that existing customers could make use of them.
The bank hopes that MSME entrepreneurs, especially textile exporters from Karur will avail of the bank’s MSME oriented schemes.
Coming at a time when the manufacturing sector is experiencing a slump, the measures can certainly help entrepreneurs. (KNN)
Further, the bank is keen to initiate an MSME cluster scheme to enhance the mosquito net weaving industry in Karur, according to a media report.
Speaking at Canara Bank’s MSME meet in Karur recently, General Manager S Krishnakumar said, “The present outstanding MSME advances in the Tiruchi Circle, comprising of 11 districts in central Tamil Nadu and Puducherry's Karaikal region, are Rs. 600 crore. The bank has planned to achieve a target of Rs. 860 crore in this fiscal.”
During the event, 20 MSME entrepreneurs were granted provisional credit sanction Rs 8.5 crore.
According to Krishnakumar, the bank’s pricing on export credit was far more competitive than others players in the market. The bank’s support to MSME entrepreneurs is obvious considering that its MSME advances in March 2013 amounted to Rs 37,016 crore while the target for next March has been set at Rs 48,000 crore.
In other supportive gestures, the bank has extended an overdraft facility to the MSME scheme for manufacturing units; and unveiled a special loan scheme for BHEL ancillary unity in Tiruchi. The general manager added that existing customers could make use of them.
The bank hopes that MSME entrepreneurs, especially textile exporters from Karur will avail of the bank’s MSME oriented schemes.
Coming at a time when the manufacturing sector is experiencing a slump, the measures can certainly help entrepreneurs. (KNN)
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