Corporation Bank is seeking higher growth in SME lending through its new initiative of setting up special centres to grant loans expeditiously to micro, medium and small enterprises.
An exclusive SME loan centre was launched here, the first of eight that are being unveiled in different Indian cities. Mr A.L. Daultani, Executive Director, said that under the SME segment, the bank's target for FY13 was Rs 18,300 crore. This is 14 per cent of the projected net bank credit of Rs 1,27,000 crore for the year.
In addition to Pune, the SME loan centres are being opened in Mumbai, Delhi, Bangalore, Chennai, Vadodara, Coimbatore and Hyderabad. Each is supported by a team of relationship managers and credit processing staff, and offers a slew of special products designed for the sector. “We may open more if the initiative is a success,” Mr Daultani said.
Expansion drive
The bank has also undertaken expansion of its branch network, and will add 250 new branches during the year. Plans are also afoot to upgrade representative offices of Corporation Bank in Hong Kong and Dubai into full fledged branches, while expansion is being considered at Sri Lanka, Bangladesh and on the African continent, he added.
To support its expansion, and to cater to attrition, Corporation bank is on a recruitment drive. It plans to hire 1,100 officers and 1,600 clerks during the current fiscal against 1,000 new recruits (equal number of officers and clerks) last year.