Specialised commercial branch of SBI inaugurated
Inaugurating the new building complex of SCB, Deputy Managing Director and Group Executive of Mid Corporate Group of SBI, Shyamal Acharya said the mid corporate group was specially formed in 2004 to cater the needs of all business enterprises with annual turnover between Rs 50 crore and Rs 500 crore.
He said the branch had 30 mid corporates in its books, engaged primarily in textiles, tobacco, trading, power and education and would be instrumental in ensuring growth of many spinning and tobacco units in the agriculturally rich Guntur district.
''It envisions a broader canvass encompassing five other adjacent coastal districts to spread its lending activities,'' he said, adding ''the SCB here has a total business of over Rs 1,100 crore and net profit of Rs 44 crore. Its fully equipped international banking division facilitates imports and exports and ensures that forex needs of the customers like inland and foreign LCs, bank guarantees, remittances are handled meticulously.'' Mr Shyamal Acharya informed that there were 65 SCBs in the country whose turnover was more than Rs 1,16,000 crore and the Hyderabad Circle was the biggest with a turnover of Rs 92,000 crore.
Deputy General Manager (Network II) T S Krishna Murthy said Rs 1,200 crore agriculture loans were rescheduled in the state. (UNI -Posted on / )
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