UNION BANK OF INDIA SANCTIONS NEARLY 100 CRORE LOANS:
Union Bank of India (UBI) has recently sanctioned nearly ₹100 crore in loans to Micro, Small, and Medium Enterprises (MSMEs) in the SPSR Nellore district of Andhra Pradesh.
This initiative was part of a mega outreach camp held at PSR Convention, attended by over 800 participants. Approximately ₹50 crore of this total was disbursed directly to Self-Help Group (SHG) members via cheque. The event featured UBI General Manager Talasila Kameswara Rao, who emphasized the bank's commitment to supporting MSMEs and highlighted the ease of accessing loans through digital platforms, including pre-approved loans via phone.
The camp involved bank managers from 63 branches across the district, providing information on bank services and customer experiences to SHG members.
This move aligns with the gov ernment's broader efforts to enhance credit availability for MSMEs. The government recently approved a Mutual Credit Guarantee Scheme, offering 60% guarantee coverage for loans up to ₹100 crore to eligible MSMEs for purchasing equipment and machinery.
This scheme aims to facilitate term loans for MSMEs without requiring collateral or third-party guarantees, thereby strengthening the manufacturing sector under the 'Make in India' initiative.
UBI's proactive approach in disbursing loans to MSMEs underscores its commitment to fostering economic growth and supporting the backbone of India's economy.
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