The Bangalore based Vijaya Bank has installed an online system for registration and tracking of applications for loans given to small and medium enterprises. This system will ensure faster loan processing to the SME sector.
On this, the Executive Director of Vijaya bank, Ms Shubhalakshmi Panse said, "Through this we have achieved faster processing of MSE applications. We are also encouraging anybody approaching us to opt for online filing of their application and also upload certain document for easier and faster transactions."
The public sector bank has also held several ‘MSME Melas' in order to capture a larger share of SME loans. A total of 44 such melas were held last fiscal across the country, through which the bank was able to disburse Rs 165.43 crore and further sanctioned Rs 353.26 crore.
Talking about the melas, Mr. K.V. Brahmaji Rao, General Manager, Retail & MSME of Vijaya Bank said, "At the mela, we sit across the table and disburse working capital, bank guarantees, Letters of Credits and term loans for expansions."
To facilitate faster MSME banking, the bank has established eight cells, one each at Delhi, Mumbai, Pune,Chennai, Hyderabed, Ahmedabad and two cells in Bangalore.
Ms. Panse further added, "This financial year, we will be opening three more MSME cells one each at Raipur, Kolkata and Coimbatore."