Online edition of India's National Newspaper
Friday, Dec 30, 2005
Online edition of India's National Newspaper Friday, Dec 30, 2005 |
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Andhra Pradesh
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Hyderabad
Special Correspondent
FOR A CAUSE: Andhra Bank CMD K. Ramakrishnan and SBH MD Amitabh Guha after signing a MoU in the presence of APSFC Chairman M. Gopalakrishna in Hyderabad on Thursday. - Photo: Satish H.
HYDERABAD: In a significant development, the Andhra Pradesh State Finance Corporation, Andhra Bank and State Bank of Hyderabad on Thursday signed a memorandum of understanding to jointly finance the small and medium enterprise sector (SME) in the State. Senior officials of APSFC, Andhra Bank and SBH signed the MoU here. APSFC chairman M. Gopalakrishna, Andhra Bank Chairman and Managing Director K. Ramakrishnan and SBH Managing Director Amitabh Guha were present. The institutions would jointly/co-finance SME projects. The APSFC would finance the term loan component and the two banks extend the working capital (both fund and non-fund based). The SFC would finance the entire term loan up to Rs. 5 crores. In case of bigger projects, the loans would be extended by mutually agreed terms on case basis.
Andhra Bank target
Mr. Ramakrishnan said Andhra Bank had targeted Rs. 2,518 crores by March 2006 for the sector. In the State alone, SME advances had touch Rs. 1,195 crores at the end of September. The bank had identified Autonagar (Vijayawada), Balanagar (Hyderabad) and Anuparapalayam (Tamil Nadu) branches for focussed lending to SMEs in fan, pharma, auto and hosiery clusters. Mr. Guha said there was an urgent need to refocus on financing of SMEs. The MOU would ensure quicker delivery of finances to the sector. There were no geographical restrictions for the two banks in the State.
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