Union Bank of India offered Rs 10,562 cr credit to MSMEs in Q3 FY22

New Delhi, Feb 8 (KNN) Under the Union Guaranteed Emergency Credit Line (UGECL) scheme, the Union Bank of India has sanctioned 3,73,600 loans worth Rs 10,562 crore to MSME borrowers, individuals including interested PMMY borrowers during Q3FY22.

The Board of Directors of Union Bank of India on Tuesday approved the accounts of the Bank for the Quarter and 9 months ended December 31, 2021 which revealed a strong financial performance with net profit improved by 49.29 per cent on YoY basis during Q3FY22.

According to the latest financial results of the bank credit in Retail, Agri and MSME (RAM) segments have grown by 9.17 per cent on YoY basis, and growth of 6.38 per cent has been reported in MSME advances on YoY basis.

RAM advances as a per cent of Domestic Advances improved by 327 bps on YoY basis to 56.94 per cent.
The gross NPA reduced by 102 bps on QoQ basis to 11.62 per cent and Net NPA reduced by 52 bps on QoQ basis to 4.09 per cent as on 31st December, 2021.

Further the CRAR improved from 12.98 per cent as on 31st December 2020 to 13.92 per cent as on 31st December 2021.

With regards to a micro credit facility under PM SVANidhi scheme total 3,28,123 collateral free loans worth Rs.328.29 crore were provided to street vendors with low rates of interest for a period of one year. (KNN Bureau)