Top priority to MSME, says Andhra Bank ZM K V S Rama Mohana Rao

Kakinada: Andhra Bank has been giving top priority for extending financial assistance to Micro, Small and Medium Enterprises (MSME), said the bank East Godavari zonal manger, K V S Rama Mohana Rao.

“We are encouraging this sector as it provides more employment to both technical and non-technical people besides large scale productivity,” the ZM said.

Revealing the progress of the bank on Wednesday on the occasion of Independence Day, the ZM said that in total Rs 1,100 crore has been advanced for the MSME sector in East Godavari.

Besides this, Rs 3,300 crore lending also been provided for agriculture sector. This was given for farmers and tenant farmers, he said.

The bank also gave Rs 1,200 core to small and marginal traders towards Mudra loans through the 128 branch network in the district, the ZM said.
“We extended Rs 5,900 crore advances and have 5,600 crore deposits in the district,” the ZM revealed.

In this connection, the ZM said that the Financial Resolution and Deposit Insurance (FRDI) has been withdrawn by Union government, and people could deposit their savings in banks without any hesitation as before, Rama Mohana Rao clarified.

The ZM appealed to beneficiaries under ‘Mudra loans’ to be regular and prompt in their repayments so that more people can get the financial assistance on recycling basis and “we are also extending the one time settlement facility to borrowers.”