Allahabad Bank to Raise Rs 2000 Crore Capital for MSMEs in Agriculture

In a bid to extend credit to the Micro, Small and Medium Enterprises (MSMEs), Allahabad Bank announced its target of raising over Rs 2000 crores in the current fiscal. The bank’s credit book will focus primarily on the MSME sector and agriculture.

Usha Ananthasubramaniam, MD and CEO of Allahabad Bank in a press interview said that the bank intends to focus on retail loans along with the MSME sector and the agriculture to boost its growth.

She further informed that the bank fetched a net profit of 28.84 crores in the first quarter of the current fiscal. The figure comes as a relief to the bank as the previous year’s number stood at a loss of over 564.96 crores.

Usha added that the opening profit of the bank increased 21 per cent to Rs 1170 crores as opposed to 967.44 crores during the previous similar period.

While the bank has set a target of raising 2000 crores as capital, it also stressed that the raising of funds will be depended on the market conditions.

The Kolkata headquartered Allahabad bank is the country’s oldest joint stock bank.