APSFC, Central Bank of India, sign pact

The Andhra Pradesh State Financial Corporation (APSFC) has entered into a Memorandum of Understanding (MoU) with the Central Bank of India for delivery of an integrated package of financial assistance to industrial units in the form of term loans and working capital under the one-stop-shop concept, according to a press release.

The MoU facilitates sanction of term loans up to Rs 5 crore by APSFC and the Central Bank of India will assist in larger term loan sanctions in projects requiring more than Rs 5 crore.

The bank has 102 branches and 14 extension counters in Andhra Pradesh. It will be opening 32 more branches in the state this financial year.

According to HA Daruwalla, chairman and managing director of Central Bank of India, the SME sector would benefit with the experience and expertise of both the organisations.

The twin cities' branches of the bank also organised a multi-purpose credit camp where 638 beneficiaries were sanctioned loans to the tune of Rs 50 crore.