Mumbai, December 12: The IDBI Bank has announced plans to double its lending portfolios to the micro, small and medium enterprises (MSME) across Gujarat over the next two to three years, published media reports say.
The bank also proposes to start 12 new branches across the state in the current financial year, its chief general Manager D C Jain was quoted as saying in a report published in the Business Standard (Read the Full Report).
The bank said stiff competition in the market makes it mandatory for balancing their portfolios with large volumes of consumer lending getting aligned with the MSMEs that have been at the forefront of the industrial and economic growth of Gujarat.
The state boasts of amongst the highest number of MSMEs in the country and the bank is well aware of the high interests that they have to cough up for credit, the official said adding that IDBI Bank has schemes for wholesale and retail traders, manufacturers, professionals and self-employed, medical practitioners and vendors of large and medium companies.
He further said that the bank currently held a portfolo of Rs.1300 crore which they plan to grow to Rs.2000 crore over the next couple of years. More than 70 percent of all lending from the bank is to corporates.