This announcement by the bank portends good for MSMES that have been looking for credit from the banks to boost their businesses.
Allahabad Bank’s latest announcement to raise the business target to Rs 2.20 lakh crore from the existing figure of Rs 2.07 lakh crore by the end of 2010-11 shall provide a fillip to the MSME activities. This announcement by the bank portends good for MSMES that have been looking for credit from the banks to boost their businesses. Allahabad Bank is among the top lenders of credit to MSMEs. Speaking to media persons, Allahabad Bank executive director D Sarkar said that the share of micro enterprises to total small and tiny units has surpassed the national target of 60% by touching 62.25% as in March 2010. Mr Sarkar also said that the bank’s credit to MSMEs stood at Rs 9770.71 crore at the end of 2009-10 and this is a growth of 77.39% during that fiscal
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