Utkarsh Bank targets lending10,000 crores by 2022 to MSMEs

New Delhi, Aug 2 (KNN) In a bid to extend credit to the Micro, Small and Medium Enterprises in the country, Utkarsh Small Finance Bank has set a target of 10,000 crores in lending over next five years.

The Micro Finance Institution aims at expanding its base in states including Uttar Pradesh, Bihar and eastern India.

Managing Director of Utkarsh Small Finance Bank, Govind Singh, in a press interview informed that as of now the bank’s loan book for MSME is just 80 crores, and the bank aims to expand it. Also the bank is running a 1 lakh ticket size on an average which it plans to expand.

The Bank said that in the coming times it will start focussing on lending making sure that 95 per cent of the lending portfolio of the bank remains under 5 lakh.

Also the bank intends to provide credit for companies to generate jobs and not for mere consumption.

Areas such as animal husbandry, looms, and industrial clusters will be explored by the bank. This fiscal year the bank aspires to achieve 300 crore   from MSMEs.

Talking about the processes of assessment, Govind informed that the sales and credit team of the bank meet the people who apply for credit. The team makes assessment based on the activity of the businesses.

Also there are talks of  expanding branches all over the country to meet the target, Govind said. (KNN/ DA)