IDBI opens zonal office in Odisha targeting to double MSME disbursals
Updated: Aug 12, 2014 01:45:46pm
Bhubaneswar, Aug 12 (KNN) Banking high on the MSME sector, the IDBI bank has set a target of doubling its home loans and MSME disbursals in the next three years and offering multiple products to cater to customers in these two segments in Odisha, where it has opened the bank’s first Zonal Office of the state.
IDBI Bank Chairman and Managing Director MS Raghavan inaugurated the bank’s first Zonal Office in Odisha here yesterday.
Addressing a press conference, Raghavan said that the bank had 78 per cent of its advances to the corporate and infrastructure segment while only 22 per cent was to the priority sector in the State.
But the RBI guideline stipulates a minimum lending of 40 per cent to the priority sector which includes areas such as agriculture, housing and education loans, micro credits and the MSME sector, he added.
The new zonal office is in tune with the IDBI Bank’s strategy to provide further autonomy to the local managers to address the local needs.
“The bank has set a target of doubling its home loans and MSME disbursals in the zone in the next three years and offers multiple products to cater to customers in these two segments. The bank as a whole has a target of reaching 45 per cent of its advances to the priority sector at the end of the next couple of years,” he said.
The bank has 44 branches in the State and 19 more are in the pipeline. It also has a cash processing centre operating at Bhubaneswar and one more coming up at Sambalpur.
The bank has 1,473 branches and 2643 ATMs in the country.
The bank’s Executive Director SKV Srinivasan and Chief General Manager DK Mandal were also present at the event. (KNN/SD)
IDBI Bank Chairman and Managing Director MS Raghavan inaugurated the bank’s first Zonal Office in Odisha here yesterday.
Addressing a press conference, Raghavan said that the bank had 78 per cent of its advances to the corporate and infrastructure segment while only 22 per cent was to the priority sector in the State.
But the RBI guideline stipulates a minimum lending of 40 per cent to the priority sector which includes areas such as agriculture, housing and education loans, micro credits and the MSME sector, he added.
The new zonal office is in tune with the IDBI Bank’s strategy to provide further autonomy to the local managers to address the local needs.
“The bank has set a target of doubling its home loans and MSME disbursals in the zone in the next three years and offers multiple products to cater to customers in these two segments. The bank as a whole has a target of reaching 45 per cent of its advances to the priority sector at the end of the next couple of years,” he said.
The bank has 44 branches in the State and 19 more are in the pipeline. It also has a cash processing centre operating at Bhubaneswar and one more coming up at Sambalpur.
The bank has 1,473 branches and 2643 ATMs in the country.
The bank’s Executive Director SKV Srinivasan and Chief General Manager DK Mandal were also present at the event. (KNN/SD)
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