Service sector boosts Andhra Bank's MSME growth
Updated: Aug 20, 2015 01:20:03pm
Chennai, Aug 20 (KNN) Services sector is helping in growth of Andhra Bank’s micro, small and medium enterprises (MSMEs) segment.
Managing Director and CEO of Andhra Bank, S K Kalra said industries such as food processing, some auto ancillaries and hotels and restaurants, among others, are targeted for MSME loans.
He said this year the bank’s focus will be on MSMEs and retail. It is expected that the two segments will record at least 2-3 per cent higher growth than other categories.
During Q1 of this fiscal, Andhra Bank’s MSME credit portfolio grew by 21 per cent at Rs 22,537 crore, said Karla.
The MD also said agriculture portfolio showed progress after going through stress due to debt waiver schemes announced in Seeamandhra and Telangana.
Andhra Bank started focusing on small ticket loans of Rs.5 crore in the services segment in the MSME segment in the past two years.
The bank also planned to add 450 new branches, all of which will be NextGen branches, during this fiscal. About three-fourth of the new branches will come up outside Seemandhra and Telangana states. (KNN Bureau)
Managing Director and CEO of Andhra Bank, S K Kalra said industries such as food processing, some auto ancillaries and hotels and restaurants, among others, are targeted for MSME loans.
He said this year the bank’s focus will be on MSMEs and retail. It is expected that the two segments will record at least 2-3 per cent higher growth than other categories.
During Q1 of this fiscal, Andhra Bank’s MSME credit portfolio grew by 21 per cent at Rs 22,537 crore, said Karla.
The MD also said agriculture portfolio showed progress after going through stress due to debt waiver schemes announced in Seeamandhra and Telangana.
Andhra Bank started focusing on small ticket loans of Rs.5 crore in the services segment in the MSME segment in the past two years.
The bank also planned to add 450 new branches, all of which will be NextGen branches, during this fiscal. About three-fourth of the new branches will come up outside Seemandhra and Telangana states. (KNN Bureau)
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