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Tuesday, January 8, 2013

Allahabad Bank to shore up priority sector lending

Allahabad Bank has signed a Memorandum of Understanding with the Chamber of Indian Micro, Small and Medium Enterprises (CIMSME) to shore up its priority sector lending.

CIMSME represents the interests of companies in MSME sector, with banks, financial institutions, concerned ministries and other organisations.

As per the terms of agreement, CIMSME would mobilise proposals from its members for consideration of the bank. Once the loan is sanctioned, the organisation would support the bank in follow-up and recovery of dues and provide early warning signals, if any, said a press statement issued by the bank.

The MoU will help accelerate the process of disposal of loan proposals under MSME and help the bank garner quality proposals and boost credit flow to the sector.


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