The public sector lender, Allahabad Bank is planning to set up nine branches in Gujarat with at least four of them in rural area by September 2011, informed a top bank official.
The expansion plan is a part of the bank's target of achieving a total business of Rs 4,00,000 crore over next three years in India. The bank will focus on lending to the micro-small and medium enterprises (MSME) in Gujarat. D Sarkar, executive director of the bank said, "MSME lending is one of the focus areas for us. Gujarat is a hub of SME units and the need for finance is rising rapid pace. We are hopeful for growth in financing to agriculture sector, which includes financing for warehouses and other infrastructure requirements."
In Gujarat, the bank has recorded a total business of Rs 6,719.69 crore. The bank has 47 branches in the state and one in Silvassa.
