Bengaluru, Oct 21 (KNN) Syndicate Bank observed its 88thfoundation day today by offering tailor-made products including credit to weavers and cashew industry to cater to the micro, small and medium enterprises.
The five new products that reveal the banks’ commitment to the MSME sector are - SyndDoctor, SyndGranite, SyndTextiles, SyndCashew and SyndTransport.
The bank also boasts MSME care centres at all regional offices that attend to grievances of the MSME customers.
With a view to providing financial support to MSMEs, the bank already has in place various policy measures. Among them are – reduced interest rates, relaxation in minimum margin norms for various securities for advances granted to MSE units by 5-10 per cent over other sectors, finance for receivables is granted upto six months and relaxation in cash margin in respect of LCs/guarantees.
Further, the minimum net working capital to be provided as margin is reduced to 5 per cent from 6.25 per cent to all MSEs for assessment of Working capital requirement under “Turn over method” for fund based limits up to Rs 5.00 crore.
Significantly, MSEs facing power shortage are provided loans to purchase generator sets, soft loans at concessional rate for installation of solar water heaters and solar lighting, along with several other measures.
The bank also announced the opening of 88 new branches across the country to add to its current 3047 branches in operation. With a business of over Rs 346,000 crore as on September-30 2013, the bank is now in the league of large banks.
In addition, it has initiated various activities towards corporate social responsibilities. On a regular basis, the bank conducts awareness programmes on the facilities available to MSME sector.