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Canara Bank to open five facilitation centres for MSMEs

Tiruchi, Dec 24 (KNN) For increasing credit access to the small and medium enterprises, the Canara Bank will focus on strengthening its portfolio under MSMEs, retail and agriculture loans during this year.

While speaking at the mega retail expo organised by Canara Bank here yesterday, Executive Director, V S Krishna Kumar said that the bank would add five facilitation centres for MSMEs, one of which would be in Coimbatore.

These facilitation centres would help borrowers with ideas for starting new businesses, Kumar added.

Mega retail expo organised by Canara Bank circle office-Trichy in Tamil Nadu had participation from real estate companies, automotive dealers, agricultural companies, and women self-help groups (SHGs).

The objective of the expo was to attract rural and semi-urban borrowers.

While launching the E-lounge of Karur branch, Krishna Kumar announced that Tiruchi and Thanjavur would also get E-lounges.

He distributed loan sanctions to borrowers, which included auto loans of up to Rs 2 crore, housing, agriculture and retail loans.

The amount of loans sanctioned was nearly Rs 100 crore.

In the 127 branches in the 12 districts in Triuchi region, retail loans had been sanctioned to 1,544 accounts at Rs 58.60 crore; MSME loans to 1,336 accounts at Rs 121.55 crore and agricultural loans to 4,950 accounts at Rs 50.30 crore.