BOB opens exclusive SME sector 'loan factory' in Kolkata

Kolkata, Dec 12 (UNI) Bank of Baroda(BOB), looking for at least 26 per cent growth in business during this fiscal, will open three more overseas branches to take their total number to 63 by March.

Speaking to newsmen after inaugurating Eastern India's first SME Loan Factory' here today, BOB General Manager, Eastern Zone, P S Joshi said folloqwing the receipt of necessary approval from the Reserve Bank of India(RBI) and its counterparts in the respective countries they had decided to open three full fledged branches in Barbados (West Indies), Perth (Australia) and in Wellington (New Zealand) within the next three months.

Claiming that BOB's global business was growing by about 30 per cent per annum on an average, Mr Joshi said with the setting up of more branches the volume was likely to go up further.

To another query, he said the proposals for opening a number of representative offices in several other countries were pending with the RBI and nothing more could be done until the clearance was available.

Elaborating the rationale behind opening the exclusive SME loan factory, Mr Joshi said prior to Kolkata three similar outlets had been opened in Pune, Surat and Ahmedabad, where small and medium scale units having an annual turnover of Rs 100 crore would be provided with credit facility to a maximum limit of Rs ten crore.

"We have targetted to reach at least Rs 100 crores business every year in each of the three loan factories," Mr Joshi said and informed that during the next three months five more such factories would be opened in New Delhi, Chennai, Hyderabad, Bangalore and Chandigarh with an invest of about Rs 50 crore.

Asked about the Bank's performance in the Eastern Region, Mr Joshi informed that during the current financial year they hoped to do a businees to the tune of Rs 8,500 crore with the volume of advance reaching Rs 4,500 crore.

In terms of branch expansion, he said three more new branches would be opened in Rajarhat, Sevok Road and at a place near Shillong.

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