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2012-07-04

Syndicate Bank's new scheme to promote MSEs

Syndicate bank has revisited all its existing Micro and Small Enterprises (MSE) products under its new scheme called ‘SyndMSE’ to encourage micro and small enterprises.

Syndicate bank has revisited all its existing Micro and Small Enterprises (MSE) products under its new scheme called ‘SyndMSE’ to encourage micro and small enterprises.

The bank launched the new scheme with reduced interest rate and liberalized terms and conditions to help grow the micro and small enterprises in the country. The bank also brought rebate in interest rates for quick repayments.

A rehabilitation policy has also been launched by bank to rehabilitate potentially viable SME units in a timely manner.

The bank also signed memorandums of understanding with commercial vehicle manufacturersf like Bajaj Auto and Tata Motors to provide finance for commercial vehicles under MSEs.

The bank has also taken necessary steps to increase credit flow to MSME sector.

The bank’s total advances to the sector are up 11.08 per cent and stood at Rs 14,865.96 crore as on March 31, 2012 as against Rs 13,382.60 crore as on March 31, 2011.

The bank’s total number of accounts under micro enterprises increased by 11.59 per cent at 4,59,884 as on March 31, 2011 to 5,13,206 as on March 31, 2012.

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