Vijaya Bank sanctions Rs 500 cr for MSME

Vijaya Bank has accorded in-principle sanction of up to Rs 500 crore for the MSME (Micro, Small & Medium Enterprises) sector during 21 mela's across the country.

With a view to give thrust to the MSME sector, the bank is organising a two-day mela at Patancheru Industrial area. The event was inaugurated by Ms Shubhalakshmi Panse, Executive Director of the Bank today.

Speaking at the function she said Vijaya Bank was giving more than 28 per cent to MSMEs through special cells of the bank across the country. The sector is very important and growing in the country. It requires support from the banks.

Ms Shubhalakshmi said the bank wants to be an important player in the India growth story. With manufacturing, infra and services sector being key drivers for GDP growth, the bank feels MSME sector needs a push.

“We want the sector to treat our bank as Chief Financial Officer of the company so that we many nurture them financially from a nascent period”, she said.

To unlock the potential of the MSMEs and specially help women entrepreneurs and nurture them on their way to growing into bigger industries, banks can play an important role, the Vijaya Bank executive said.

The Regional Head of Vijaya Bank, Hyderabad, Mr Seetharama Shetty, gave the welcome address, while Mr S. Narsing Rao, President , SSI Industries Association of Medak and Mr B. Chandrasekhar, Director, MSME Development Institute, here addressed the gathering of entrepreneurs.

At the mela top management representatives are available through out the day and in-principle clearance is given to MSME customers after discussions on one-to-one basis.

soma@thehindu.co.in