Mumbai, August 28: The Ministry of Micro, Small and Medium Enterprises has assigned second rank to Bank of India (BoI) for its excellent performance in lending to the micro and small enterprises sector during FY 09.
The award was conferred by Prime Minister Manmohan Singh at a function in New Delhi to the bank’s Chairman and Managing Director, Alok K Misra, a press release issued here today stated.
The bank’s outstanding credit to the MSME sector as on March 31, 2009, was at Rs 25,441-crore with an impressive YoY growth of 24.71 per cent.
More than 80 per cent of the above is accounted for by micro and small enterprises.
The bank also achieved the distinction of financing the highest number of 9,464 acounts (amongst all the commercial banks) amounting to Rs 495-crore under the Government’s CGTMSE scheme during the year, the release said.
MSME credit accounts for about 22 per cent of the bank’s loan portfolio. The bank has committed itself to a further 20 per cent growth in micro and small enterprises sector in the current financial year, the release said.
—Agencies