AllBank joins hands with CIMSME to serve SMEs

Kolkata-headquartered public sector bank-Allahabad Bank has now joined hands with Chamber of Indian Micro, Small and Medium Enterprises (CIMSME), a not for profit organisation to reach out to micro, small and medium sector more effectively and serve them better. CIMSME represents interests of the companies in MSME sector with banks, FIs, concerned ministries and other organisations.

Under the agreement between Allbank and CIMSME, the latter will mobilise proposals from its members for consideration of the bank. After sanction of loan from the bank, CIMSME will also support the bank in follow up and recovery of dues and shall provide early warning signals to the bank, if any.

“MSME has a great role in economic development of the country. It provides vast employment opportunities. Allahabad Bank has always been coming out with lot of strategies to improve on credit delivery to MSME sector. The latest one has also been part of that overall strategy and drive,” Allbank spokesman said.

“The association with CIMSME is bound to accelerate the process of disposal of loan proposals under MSME and help the bank in getting quality proposals and boost credit flow to MSME, a very important sector of the economy,” he said.

In what reflects the importance of the MSME sector to the banks, Small Industries Development Bank of India (Sidbi) had recently teamed up with eight regional rural banks (RRBs) and urban cooperative banks (UCBs) across West Bengal, other eastern and north-eastern states for increasing credit flow to micro, small and medium enterprises (MSMEs) in the region. SIDBI will also be extending capacity building support to RRBs/ UCBs/ District Central Cooperative Banks (DCCBs) for handling micro enterprises loans (MEL) of MSMEs in this region.

Significantly, Indian micro, small and medium enterprise (MSME) sector comprises over 31 million units, employing over 73 million people, contributes over 40 per cent of India’s industrial production and 40 per cent of Indian exports. Access to credit has been an important issue for the sector to harness its growth potential.

ritwikmukherjee@mydigitalfc.com

EDITORIAL OF THE DAY

  • The talent to make things grow big must be rewarded without a ceiling

    Executive pay has always been a hotly debated topic, mainly because it involves a lot of money.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Roopen Roy

How leaders groom future leaders

As writer Tom Peters said, “Leaders do not create followers, ...

Rajgopal Nidamboor

Pluralistic essence of our being

Our new understanding of the mind through the rapidly expanding ...

Dharmendra Khandal

Have you spotted those wasps, yet?

Wasps are insects that ride on the monsoon winds. I ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture