Sarkaritel.com News and Features-Corporate News

Exchange of MOU between PNB and Delhi Financial Corporation for development of SME & CGTSME

New Delhi, May 29, 2009

A MOU has been exchanged between Punjab National Bank (PNB) and Delhi Financial Corporation (DFC) in terms of which borrowers availing Term Loan facility from DFC shall be eligible for availing working capital facility from PNB. Speaking on the occasion, Nagesh Pydah, Executive Director of PNB informed that PNB has taken various initiatives to meet the credit requirements of MSME sector.

Specialized MSME branches have been set-up to focus on working capital as well as other credit requirements of MSME sector. Bank has achieved 31% year to year growth in this segment and it has 16% of total credit to SME sector. Bank plans to categorize 1000 branches as specialized SME branches.

Speaking on the occasion, R.K. Dubey, General Manager, Delhi Circle of PNB informed that this tie-up will ensure delivery of credit to the needy entrepreneurs in Delhi especially in areas such as Bawana, Mayapuri, Patparganj, Okhla, Naraina, Narela etc. To meet the expectation of this priority sector segment, 06 MSME Branches and 02 SME Hubs have been established in Delhi. Share of Delhi Circle in the total SME advances of the bank is 11%. In the last financial year, the annualized growth of SME advance was 86% in Delhi Circle.

Similarly, in the year 2008-09, 146 cases with total outstanding of Rs.32 crores were covered under CGTMSE.

X.K. Mahtoo, CMD of Delhi Financial Corporation informed that they are committed to extend financial assistance to the industrial units for acquiring fixed assets viz. land, building and machinery etc. This tie-up will meet the expectations of entrepreneurs to fulfill their other credit needs for their steady growth. He wished the success of the tie-up for inclusive growth.

E-Mail : newseditor@sarkaritel.com