Chennai, June 6 (KNN) Tamilnad Mercantile Bank Ltd (TMB) on Monday announced the opening of the first-ever dedicated MSME processing hub in Chennai.

The processing hub will cater to the timely needs of MSME customers, reduction of turnaround time and help in increasing the MSME portfolio of the bank.

S Krishnan, MD-CEO, TMB said, “MSMEs are the growth engine of the Indian economy and form an important component of our growth strategy. By establishing MSME processing hub in centres that are the hot-bed of MSMEs, we commit to focus better on credit expansion with credit quality.”

The MSME hub will cover 200 branches in Tamil Nadu in the initial phase. The hub has been opened to segregate sourcing of proposals and credit decisions, ensure qualitative improvement in credit appraisal and sanction, maintain uniform appraisal standards and high standards of assessment quality, reduce credit sanction turnaround time and adhere to transparency and compliance in MSME lending.

After Chennai, the bank aims to open other MSME processing hubs in Coimbatore, Madurai and Thoothukudi. TMB also plans to start MSME hubs at other centres across India.  (KNN Bureau)