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Wednesday, July 4, 2012

Syndicate Bank brings small enterprises under one roof

Syndicate Bank by revisiting its existing micro and small enterprises products now has brought all of them under one umbrella - ‘SyndMSE’.

“To popularise ‘SyndMSE’, we have come out with a reduced interest rate, margin and liberalised terms and conditions to micro and small enterprises,” said Mr Gopinath T. Iyer, General Manager-MSME, Syndicate Bank.

“Further to encourage micro enterprises, rebate in interest rate for prompt repayment has also been introduced,” he added.

The bank’s board has also approved a policy for restructure/rehabilitation of potentially viable MSME units.

This has been launched to take up timely rehabilitation measures for potentially viable sick units.

It has also signed memorandums of understanding with commercial vehicle manufactures such as Tata Motors, Bajaj Auto for financing commercial vehicles under micro and small enterprises.

According to the guidelines of Central Government and Reserve Bank of India, the bank has taken steps for increased flow of credit to micro, small and medium enterprises sector.

The bank’s total advances to the sector are up 11.08 per cent and stood at Rs 14,865.96 crore as on March 31, 2012 as against Rs 13,382.60 crore as on March 31, 2011.

Advances to these enterprises touched Rs 13,491.73 crore as at March 31, 2012, registering a growth of 11.97 per cent compared to previous fiscal.

The bank’s total number of accounts under micro enterprises increased by 11.59 per cent at 4,59,884 as on March 31, 2011 to 5,13,206 as on March 31, 2012.


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