Wednesday, Apr 14, 2004
Wednesday, Apr 14, 2004 |
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HYDERABAD: The Small Industries Development Bank of India (SIDBI) has so far found seven State Financial Corporations (SFCs) satisfying the assessing standards set for ascertaining their credit absorption levels from the Rs. 10,000 crore SME (Small and Medium Enterprises) Fund. Addressing a press conference here on Tuesday, N. Balasubramanian, Deputy Managing Director of SIDBI, said accordingly MoUs were signed with six of them to offer them funds at 7.5 per cent interest rate. The seventh MoU with Tamil Nadu would be signed shortly, he said. The other six States are Andhra Pradesh, Karnataka, Kerala, Rajasthan, West Bengal and Himachal Pradesh. Mr. Balasubramanian said SFCs, commercial banks and SIDBI were the three channels for lending to SMEs. SFCs, which enter into MoU with SIDBI, would get funds at 7.5 per cent interest rate, against 8 per cent for others. However there is no target for funds release to SFCs he said. M. Gopalakrishna, Chairman of APSFC, said such funding would enable APSFC to bring down the borrowing cost, which was 12 per cent last year. Our Special Correspondent
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