• Download mobile app
29 Mar 2024, Edition - 3181, Friday

Trending Now

  • IPL 2024 begins with a bang. First contest between CSK and RCB.
  • Election commission allots mike symbol to Naam Thamizhar Katchi
  • AIADMK promises to urge for AIIMS in Coimbatore, in its election manifesto.
  • Ponmudi becomes higher education minister.

Coimbatore

SME loan portfolio to witness 15 per cent growth

Covai Post Network

Share

Despite remaining flat till December 2016, the loan portfolio for Small and Medium Enterprises (SMEs) is expected to register a 15 per cent growth during this fiscal, a top official of Lakshmi Vilas Bank (LVB) said today.

LVB has extended loans worth Rs. 1,000 crores to Rs.1,500 crores to SMEs during that last financial year ending March 2016, but there was a flat growth till December 16, due to various reasons, LVB Managing Director and CEO Parthasarathi Mukherjee told reporters here.

Mukherjee was here in connection with the two-day LVB SME Expo to re-affirm the bank’s commitment to the SME segment and strengthen its position in SME Credit.

Stating that the Non Performing Asset of SME segment was close to one per cent, he said that the bank has also achieved the stipulated 18 per cent loans to the agriculture sector.

The bank has augmented Rs.168 crores as part of capital infusion in the beginning of the financial year and is very strong at present, he said adding that the banking system will tend to grow with the advent digital banking.

Mukherjee admitted that there was a slowdown in banking transactions during the 50 days from demonetisation of high value currencies from November 8. But now it started moving back to normal business, he said.

On the expo which began today, he said the bank will offer immediate SME loan for commencing new business, expanding existing business, purchasing commercial vehicles and much more, since about 80 SME customers spread across different regions of the bank in Tamil Nadu are participating.

In due course, the bank will also organise expo for the benefit of agricultural sector, Mukherjee said.

Subscribe To Our Newsletter

COIMBATORE WEATHER