India's third largest lender Canara Bank aims to strengthen its portfolio under MSMEs, retail, and agriculture loans, said V.S. Krishna Kumar, Executive Director of the bank.
He also announced that the bank will shortly launch five more facilitation centres for MSMEs throughout India, one of which would be in Coimbatore, The Hindu reports. Speaking at the mega retail expo organised by Canara Bank circle office - Trichy at St. John Vestry Higher Secondary School, Kirshna Kumar said these facilitation centres will help budding entrepreneurs and borrowers in shaping up their ideas for new businesses.
The two-day credit camp and exhibition witnessed significant participation from the public including many stalls by agricultural companies, automotive dealers, real estate companies, and women self-help groups (SHGs). According to R. Raman, Public Relations Officer, the major objective of the event was to attract rural and semi-urban borrowers.
Krisha Kumar launched E-lounge of Karur branch and distributed loan sanctions to borrowers including auto loans to the tune of Rs. 2 crore, housing, agriculture and retail loans.
“MSMEs are an integral part of the economic system in India as well as in other parts of the world. Banking organisations have set their targets to cover this sector comprehensively, and MSMEs are the focal point for almost every bank in India. For Canara Bank as well, MSMEs hold great prominence. In order to treat them well, we have branches that can handle SMEs in an exclusive manner. Their issues are different, and the opportunities in this sector are huge, so they need special attention. We are providing the same to the sector,” said S. Sureshkumar, DGM of Canara Bank earlier this year to SupportBiz.