BOB to open few more SME Loan and Retail Loan Factory

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Mangalore, July 10 (UNI) The Bank of Baroda (BOB) was contemplating to set up a few more SME Loan and Retail Loan Factory (RLF) to meet the growing demands, said Bank Chief Managing Director M D Mallya.

Talking to newsmen after inaugurating the Bank's Composite Loan Factory (CLF), first of its kind in the country, here yesterday, he said that the Bank was planning to open eight more branches in the SME segment and four more branches in the RLF segments throughout the country during the current fiscal.

The Bank has already set up 27 SME and 15 RLF in the country and proposes to increase the number to 35 and 19 respectively, he added.

He said that the Bank has sanctioned Rs 5996 crore in the SME segment to the loan accounts of 3106 in 27 factories while 17095 loan accounts in the RLF segment aggregating a total advance of Rs 2278 crore during the fiscal 2008.

Mr Mallya said that the growth in the Medium Enterprises (ME) segment had achieved by 25 per cent and the total outstanding during 2008 is Rs 11808 crore. The growth in the RLF segment was 19 per cent and the bank had proposed to increase it to 22 per cent by March 2009.

He said that while the overall growth of the bank was 25 per cent, the International business was very significant which had seen a 29 per cent growth.

Mr Mallya said that the Bank was contemplating to upgrade the present Representative Office (RO) in China to a full-fledged branch. It was also proposed to approach Houston in U.S, to set up a RO and awaiting the approval from the RBI, he said.

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