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2010-09-18

SBI moots for SMEs

The State Bank of India (SBI) is planning an extension in terms of the special concession scheme meant for the small and medium units (SMEs) in the country.

The State Bank of India (SBI) is planning an extension in terms of the special concession scheme meant for the small and medium units (SMEs) in the country.

“We may relook at extending the special concession scheme to SMEs,” said Mr. Manas Kumar Nag, Chief General Manager SME Business Unit, State Bank of India, to the media persons on the sidelines of a banking conference organized by the industry body, Federation of Indian Chambers of Commerce and Industry (FICCI) and Indian Banks Association (IBA).

Adding further Mr. Nag said, presently SBI has invested around Rs 1 lakh crore in the SME sector and hopes to recover over Rs 300 crore under one-time settlement scheme in this fiscal. Depending on the ticket-size SBI charges between 8.5 % and 12.75 % for SME customers.

Nag also said stress levels are decreasing among Indian SMEs and the number of SME accounts restructured this year is very less corresponding to the same period last year.

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