SIDBI grants 'A' rating to MP Finance Corp

Bhopal, Jan 19 (UNI) The Madhya Pradesh Finance Corporation (MPFC), which provides financial assistance to the industries in the state, has been given an 'A' grade rating by the Small Scale Industrial Development Bank of India (SIDBI).

The rating was provided to the corporation after a review of its work by the SIDBI. A 20 per cent increase had been registered in sanctioning, distribution and recovery of loans by the corporation, while its NPAs decreased significantly, an official statement said here.

Loans worth Rs 150 crore were sanctioned and around Rs 125 crore were distributed, while loans worth Rs 100 crore were recovered annually by the corporation, which sanctioned loan to 500 units every year.

Business development centers had been started by the corporation in far-flung area, including Shahdol, Katni, Neemuch, Sendhwa and Rewa.

As a result of the corporation delegating powers to sanction loan to the managers posted at these places besides other arrangements, local entrepreneurs have an easy access to loan facility, the statement added.

UNI