Chennai, March 22 (KNN) Andhra Bank has announced a new initiative, SME Express, for facilitating speedy flow of credit to the sector and stating its focus areas are SME, retail and priority sector lending.
“A similar centre was functioning successfully in Hyderabad and loans ranging from Rs 50 lakh to Rs. 5 crore would be processed at these centres,” Executive Director, K K Misra, said while addressing the media here yesterday, after launching SME Express, a centralised processing centre at its Zonal Office in Chennai.
The bank was also planning to open Retail Loan Express, which would offer housing loans, mortgage loans, education and vehicle loans to retail customers and these loans would be processed within seven days, he said.
The bank is looking to raise between Rs 500 crore and Rs 1,000 crore next fiscal.
"Markets are improving. We may also look at infusion from the government of India," said Mishra.
"We are looking at a 14 per cent credit growth during 2013-14," Misra said.
The bank would continue its focus on gold loan and retail lending, among others. "Our focus areas are SME, retail and priority sector lending," he added.