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Sidbi to open 8 more branches in south

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BS Reporter Chennai/ Kochi
The Small Industries Development Bank of India (SIDBI) will open 8 more branches, taking its total tally to 20 in south India, during the current financial year.
 
Addressing a press conference here on Monday, K M Nair, zonal in-charge (south), Sidbi, said the first among the new branches would be opened at Kozhikode in Kerala.
 
Stating that the bank, the principal financial institution for financing the SME sector, was expecting a minimum of 20 per cent growth in advances portfolio in the current fiscal, he said it would expand the credit portfolio to around Rs 7,000 crore by this fiscal-end.
 
"As against our predicted growth of 20 per cent, we witnessed a 30-40 per cent growth during the last financial year. This was due to some favourable factors. We are not targeting a very high growth rate this year, but will maintain the 20 per cent growth," he said.
 
Sidbi has planned to support non-banking financial companies (NBFCs) in the current fiscal and will arrange working capital for SMEs through its partner banks.
 
It has signed an MoU with Sundaram Finance Limited as part of a channel arrangement to reach out to the remote areas of south India.

 
 

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First Published: Apr 10 2007 | 12:00 AM IST

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