The Union Bank of India has announced that it would strengthen its loan portfolio under retail, agriculture and MSME (micro, small & medium enterprises) sectors in 2014-15.
The Union Bank of India has announced that it would strengthen its loan portfolio under retail, agriculture and MSME (micro, small & medium enterprises) sectors in 2014-15.
Arun Tiwari, CMD, Union Bank of India, said, "Our focus for this year will be on the RAM (retail, agriculture and MSME) sectors. Most of the large projects are stalled and these projects do not need money now." However, he believe that the projects cleared by the last Centre Government to go on stream by Q3 (October-December), reviving demand for industrial credit.
He further said that at present, there are three sectors – retail, agriculture and MSME where growth on advances is consistent. The PSU bank has registered a year-on-year growth of 21 per cent in priority sector advances including 23.52 per cent growth in the agriculture sector and 21.55 per cent growth in MSME advances. The bank has clocked a growth of 27.61 per cent in retail sector advances. The bank's total business stood at Rs 5.32 lakh crore (as on March 31, 2014) with deposits of Rs 2.97 lakh crore and advances worth Rs 2.34 lakh crore.
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