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IOB targets MSME lending upto Rs 50,000 cr in next 18-24 months: Srivastava

Hyderabad, Feb 17 (UNI) Indian Overseas Bank (IOB) Executive Director Ajay Kumar Srivastava on Monday said that the bank is focusing more on MSME segment and it will increase its lending from the present Rs 31,000 crore to Rs 50,000 crore during the next 18-24 months.

Speaking to newsmen, after participating in MSME Customer’s Outreach programme here, Mr Srivastava said that to achieve this target, the IOB has identified 200 branches across the country. Of them, 24 branches were identified for handling big tickets of MSME from Rs 10 crore Rs 40 crore, he added.

Stating that the Bank has created necessary infrastructure to deal MSME segment, the IOB Executive Director said we have trained 700 employees from 200 branches for handling MSME sector lending and Central office headed by a General Manager was also monitoring the entire process on regular basis.

He said that apart from 200 branches, the Bank has 3300 branches across the country.
Not only 200 branches are focusing on MSME sector, the remaining 3300 branches are also working on MSME, Mudra and other loans.

Speaking on IOB total credit portfolio, Mr Srivastava said 72 per cent (upto December 31, 2019) is Retail, Agriculture and MSME (RAM) sector. Last year it was 64 per cent, he said.
With consistent and regular focus, the bank had achieved 72 per cent from 64 per cent, he said, adding that the remaining 28 per cent are Corporate advances including overseas.
“It is safe for the Bank because of regular interest income which is good on small tickets. The threat of slippage was also minimum”, Mr Srivastava said.
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