Mangalore, Jul 10: Bank of Baroda (BoB) would set up few more SME Loan and Retail Loan Factory (RLF) to cater to the growing demands, Bank Chief Managing Director M D Mallya has said.
Talking to newspersons after inaugurating the Bank's Composite Loan Factory (CLF), first of its kind in the country here yesterday, he said the Bank would 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 it to 35 and 19 respectively, he added.
The Bank has sanctioned Rs 5,996 crore in the SME segment to the loan accounts of 3,106 in 27 factories and 17,095 loan accounts in the RLF segment, aggregating a total advance of Rs 2,278 crore during this fiscal.
While the overall growth of the bank was 25 per cent, the International business was very significant with a growth of 29 per cent, he said adding the Bank was contemplating to upgrade the present Representative Office (RO) in China to a full-fledged branch.
The Bank was awaiting an approval from the Reserve Bank of India to set up a RO at Houston in the United States, he added.