Hotline: 1800 102 2007
X
Search Business Opportunities
2014-04-24

Allahabad Bank shifts lending focus to agriculture, MSMEs

Allahabad Bank is planning to lend more to agriculture, MSME (medium and small enterprises) and retail as it seeks to make up for a slack in corporate credit that has caused it to miss its targets for last fiscal.

Allahabad Bank is planning to lend more to agriculture, MSME (medium and small enterprises) and retail as it seeks to make up for a slack in corporate credit that has caused it to miss its targets for last fiscal.

 

“There is hardly any new corporate proposal which has come around. What is really floating around is just refinancing proposals where they (corporate houses) are swapping their rupee debt with external commercial borrowings (ECBs). However, that has been stopped from yesterday,” said Rakesh Sethi, Chairman and Managing Director.

 

“Not that we are going to stop lending…it’s just (that the scope is) not available at the moment,” he added.

 

Sethi said the bank had closed the year with a total business of Rs 331,000 crore, which included deposits of Rs 190,000 crore and advances of Rs 141,000 crore.

 

The bank had targeted a total business of Rs 360,000 crore with deposits and advances of Rs 205,000 crore and 155,000 crore respectively.

 

Total business, however, grew around 7 per cent from Rs 309,678 crore in 2012-13, while deposits and advances grew 6.3 per cent and 7.6 per cent, respectively.

 

Sethi said business from the 2,800 branches of the bank across the country had not been satisfactory compared with its peers.

Related opportunities
  • Career Counselling & Brain Programming
    About Us: Allegiance Educare is an ISO Certified Career Counseling Company started..
    Locations looking for expansion Maharashtra
    Establishment year 2014
    Franchising Launch Date 2016
    Investment size Rs. 10000 - 50 K
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Others Health Care & Fitness
    About Us: Tecfit20, a venture of emtstecfit20 pvt ltd, is the..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 50lac - 1 Cr.
    Space required 350
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • World's Largest Flower Retail Chain - Ferns N Petals Pvt...
    Locations looking for expansion New Delhi
    Establishment year 1994
    Franchising Launch Date 2000
    Investment size Rs. 5lac - 10lac
    Space required 150-300 sq feet
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New Delhi New Delhi
  • Competitive Exam Coaching Institute
     About Us: Bansal Academy is a premiere coaching institute in Chandigarh..
    Locations looking for expansion Delhi
    Establishment year 2003
    Franchising Launch Date 2018
    Investment size Rs. 30lac - 50lac
    Space required 5500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts