Left Menu
Development News Edition

IOB focuses on MSME, to lend more in two years: Official

IOB focuses on MSME, to lend more in two years: Official

Coimbatore, Feb 14 (PTI): Laying more focus on MSME segment, the Indian Overseas Bank (IOB) would increase its

lending to the sector from the present Rs 31,000 crore to Rs 50,000 crore in a couple of years from now, a top official

of the bank said on Friday. To focus on the MSME, which is the need of the hour,

the bank has converted 250 branches, including 100 in Tamil Nadu, into MSME-centric branches and given training to 700

employees for the purpose, IOB managing director and CEO Karnam Sekar told reporters here.

Through its outreach programme, the bank officials are meeting the industrialists in the sector to know about the

problems being faced by them, he said. After getting the suggestions, the feedback would be

placed before the Board of the bank to frame a policy to increase the MSME portfolio to Rs 50,000 crore, which could be

in one year to 24 months, Sekar said. On performance, the bank, which was in the red for

the last four-and-a-half years and making loss in the last eight quarters, is hopeful of making profit in the fourth

quarter of current financial year, he said. In the third quarter ended December 2019, IOB

reported a net loss of Rs 6,075 crore as against a net loss of Rs 346 crore during the corresponding quarters in the previous

year on account of higher provisioning of Rs 6,664 crore made for bad debts, Sekar said.

Stating that the gross NPA has been brought down to 17.12 per cent at the end of December as compared to 23.76 per

cent last fiscal, he said that due to provision made during the quarter, the net NPA ratio improved to 5.81 per cent,

which is less than 6 per cent prescribed by RBI.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...


Latest News

UPDATE 1-Malaysian politics in turmoil amid talk of new coalition

The fate of Malaysias ruling coalition hung in doubt on Monday, after surprise weekend talks between Prime Minister Mahathir Mohamads party and other groups on forming a new government that would exclude his anointed successor Anwar Ibrahim...

China Resources Gas to start off-season prices 2-months earlier to cushion virus hit

China Resources Gas Group, the countrys biggest city gas distributor, will bring forward the implementation of off-season natural gas prices by two months to February, following a rare instruction from Beijing to support the virus-hit econo...

Can't help if people make big deal out of one loss: Kohli

Captain Virat Kohli had no qualms in admitting that India were outplayed by New Zealand in the opening Test but said they cant help it if a few want to make a big deal out of one loss. Hosts New Zealand thrashed India by 10 wickets at the B...

UPDATE 2-Closed museums, mask buying spree amid S.Korean surge in coronavirus

South Korea reported 161 new cases of the coronavirus, bringing the total number of infected patients in the country to 763, health authorities said on Monday, a day after the government raised its infectious disease alert to its highest le...

Give Feedback