Tadepalligudem, Aug 8 (KNN) Sanction letters amounting to Rs 5.45 crore were distributed to MSMEs in and around Tadepalligudem, Unguturu, Pulla, Chebrole and Alampuram areas in Andhra Pradesh by Union Bank of India.

Regional Manager MGK Murthy handed over the sanction letters at an all-India mega MSME outreach camp.

It was held to encourage new entrepreneurs for establishing MSME units in and around those areas of the state.

In all loans up to Rs 40.63 crore were extended through the heads of Tadepalligudem, Unguturu, Chebrole, Pulla and Alampuram UBI Branches.

Murthy emphasised on the pivotal role played by the Banking sector in providing financial assistance in setting up MSME units for generation of employment to the rural youth as well as growth of the economy.

Chief Manager (MSME sector) Priyadarshini explained various schemes to assist the peer groups and women entrepreneurs for establishing the new MSME units.

“New entrepreneurs must register their names and apply for loans through MSME online portal for easy processing of their loan applications,” encouraged Chief Manager (Credit) Shobhan Babu.  (KNN Bureau)