APSFC to hike assistance for SMEs

Rajahmundry, Jun 17 (UNI) Andhra Pradesh State Financial Corporation (APSFC) will increase its financial assistance for small and medium entreprises (SMEs) from Rs 588 crore to Rs 675 crore this year, top officials today said.

Addressing the press here after a day-long seminar on business development campaign and entrepreneur awareness, APSFC Chairman J Rambabu and Managing Direcor Ajeya Kallam said the corporation achieved a record profit of Rs 25 crore during the previous year which would be doubled in the coming years.

It was also working on reducing non-performing assets (NPA) of Rs 294 crore to below ten per cent from the current 16 per cent.

The APSFC was targeting to restructure its work on the lines of nationalised banks by mobilising deposits within the state.

UNI BAK GM 1700