Tamil Nadu - Tiruchi   

Priority for development of business enterprises

— Photo: M. Moorthy

Helping to grow: Anup Sankar Bhattacharya, Executive Director, Indian Bank, inaugurating the SME branch in Thuvakudi. Also seen is R. Ravi (right), General Manager, Indian Bank, Tiruchi.

TIRUCHI: Indian Bank accords priority for the development of small and medium enterprises (SME) in the country and encourages new entrepreneurs to start small and medium scale units, said Anup Sankar Bhattacharya, Executive Director of the bank, here on Friday.

Speaking after inaugurating the SME branch of Indian Bank at TREC-STEP campus at Thuvakudi near here, the 21st in Tamil Nadu, Mr. Bhattacharya said that the bank had advanced Rs.6,992 crore for small and medium enterprises in the country of which a lion’s share of Rs.3,401 crore was provided in Tamil Nadu.

The bank had proposed to advance Rs.7,341 crore for SMEs in the country including Rs.4,500 crore in Tamil Nadu by March next year.

Mr. Bhattacharya said that the bank had recently received the Tamil Nadu State award for meritorious service in small and medium enterprises sector.

Answering a question, the Executive Director said that the credit deposit ratio of the bank was about 70 per cent.

Mr. Bhattacharya said that Indian Bank was a pioneer in rural lending and pointed out that the bank had been providing financial assistance to the SHGs and received the Manimegalai Award of the State government for providing revolving fund to large number of SHGs.

The bank’s loan recovery rate from the SHGs was remarkable at 98.5 per cent, the highest in the banking industry, he said.

The bank had opened 802 ATMs so far in the country including 36 in the Tiruchi region in Tamil Nadu.

The bank was also planning more technological upgradation in the near future.

Later, he inaugurated the ATM centre at the Indian Bank branch at Tiruverambur. R. Ravi, General Manager/Circle Head, Indian Bank, Tiruchi, explained the growth of the bank in the region.

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