OBC ties up with SMERA
New Delhi, Apr 13 (UNI) The Oriental Bank of Commerce today said it has tied up with the SME Rating Agency of India Ltd (SMERA).
Under the arrangement, SMERA will provide comprehensive rating services to Small and Medium Size Enterprise (SME) borrowers of the Bank at subsidized rates.
It will also give opportunity to SME clients of Oriental Bank to get their units rated at affordable fees. Not only will the rating give an insight about the strengths and weaknesses of the unit, but will also provide a level of comfort to all stakeholders.
This in turn will give an opportunity to Indian SMEs to improve technology for becoming global players to withstand the international competition.
A memorandum of undertaking was signed by OBC Chairman and Managing Director K N Prithviraj and SMERA Chief Executive Officer Rajesh Dubey.
Speaking on the occasion, Mr Prithviraj, said that the Bank's advances to SME sectors stood at Rs 4,863 crore at the end of February 2006.
''The bank has fixed a target of Rs 6,249 crore for the financial year 2006-07 considering a growth of 28.50 per cent against 20 per cent year-on-year growth as per Government of India's guidelines,'' he added.
The Bank offers Supplemental Security Income (SSI) advances on competitive and attractive terms. The SSI advances upto Rs 50 lakhs are given at 9 per cent and loans above Rs 50 lakh at interest between 9-11.50 per cent, linked with credit rating of the unit.
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