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Canara Bank Targets MSME for Priority Loans

 
Raj Narayan's picture
Tags: Canara Bank
Canara Bank targets MSME lending
The bank is looking to expand to cater to the priority sectors of MSME and agriculture and has started 500 new branches so far this year.

Mumbai, November 14: Public sector Canara Bank expecting a 25 percent growth in its credit outflow during the current financial year while deposits are expected to grow by 17 percent, a senior official was quoted as saying.

The bank has focussed on the micro, small and medium enterprises (MSMEs) as one of two priority sectors for lending during the year with agriculture being the other, according to a report published in the Business Standard today. 

This was stated by the bank's chairman and managing director R K Dubey on the sidelines of a conference on Financial Inclusion for Reviving Growth' organized in Bangalore on Wednesday. 

He also revealed that new sectors of industry such as road an infrastructure were seeking funds from the banks. 

Canara Bank is also planning to open 300 new branches across the country to reach the target groups over the next three to four months. In the current financial year so far, the bank has set up 500 new branches.