(MENAFN- KNN India) Lakshmi Vilas Bank targets 10,000 cr lending to MSMEs by 2020
New Delhi, Aug 23 (KNN) Eyeing at expanding credit base to the Micro, Small and Medium Enterprises (MSMEs), Lakshmi Vilas Bank recently announced its target of Rs 10,000 crores in the lending book by 2020.
The Bank is in the process of formulating a dedicated framework to expand its roots in MSME lending.
For this the bank has collaborated with the global management consulting firm McKinsey for consultation on strengthening as well as reorganizing the banks engagement with MSMEs.
Parthasarathi Mukherjee, MD and CEO of the Bank in a press interview informed that at present the loan book for MSMEs amounts over 5,660 crores. Large chunk of the lending is concentrated towards the southern part of the country.
Commenting upon the interest of the bank towards crediting the MSMEs right, Mukherjee added that despite continuous efforts the sector remains under funded, because of which the industry in the country is not able to flourish in the fullest form.
The Bank is also in the process of evolving fresh focus towards the lending to the MSMEs, for which the framework is underway.
In order to facilitate credit for the MSMEs, the bank is also formulating a mechanism under which the units will be sanctioned credit in a time bound manner avoiding delays. (KNN/ DA)
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