Indian Overseas Bank (IOB), which directed a MSME client outreach program in Hyderabad, delineated its endeavors to step up presentation to the MSME fragment in the nation.
Ajay Kumar Srivastava, Executive Director, stated: “This is the time of resurgence for the bank. Of the 3,300 branches, 200 have been distinguished as MSME-specific. 24 branches are SME-focussed that carters to expensive advances. At present our MSME portfolio remains at ₹31,000 crore, and the bank plans to accomplish ₹50,000 crore portfolio in the following two years.”
At an occasion directed by Srivastava, in excess of 100 clients partook in the MSME outreach program, which is a piece of the bank’s strategic position itself as a MSME-focussed bank.
The retail, agri, and MSME (RAM) portfolio as of December 2019 remained at 72 percent. In the program, the recipients included ladies, first-time business visionaries, and SC/ST recipients, among others.
As of March 31, 2019, the bank had an all out business of ₹3,74,530 crore, with stores of ₹2,22,534 crore and advances of ₹1,51,996 crore.