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09/11/2019 11:32am

MSMEs' loan consumption up by 30 per cent in Gujarat

image MSMEs' loan consumption up by 30 per cent in Gujarat

Ahmedabad, Nov 9 (KNN) HDFC loan book crossed  Rs 15,000 crore at the end of the first quarter of financial year 2019-20 as the Micro Small and Medium Enterprises (MSMEs) in Gujarat have consumed loans excessively.

Reportedly, the advances in the MSME sector have grown by 30 per cent over the same period in 2018-19.

MSME advances stood at Rs 1.26 lakh crore in Gujarat in the quarter that ended on June 30, 2019 of the financial year 2019-20 growing by 20.7 per cent against the same quarter last year, when MSME advances stood at Rs 1.04 lakh crore.

While addressing media on Thursday, Sumant Rampal, Country Head-Business Banking, HDFC bank, said "Bank has given advances to industries like Textile, paper packaging, metal, agriculture and food processing, ceramics, timber and industrial equipment among others.''

However, lauding MSME, Rampal further said,'' The enterprising state of Gujarat presents opportunities for MSMEs and banks alike. To meet these requirements, we will expand soon to 25 more cities and towns in the state and increase our digital footprint.''  

In the last 15 years in Gujarat, the bank has supported over 10,000 such enterprises across more than 150 cities and towns covering 31 districts.

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