State Bank of India’s specialised commercial branch (SCB) under the Mid Corporate Group has set a target of Rs 600 crore business during the current financial year, said SBI deputy managing director and group executive Shyamal Acharya.
Speaking to mediapersons after inaugurating the new premises of Guntur SCB today, Acharya said the branch did a business of Rs 1,100 crore with a profit of Rs 44 crore since its inception in March 2010. It has only 30 customers representing textile, tobacco and trading activity.
SCB was concentrating more on financing the tobacco and cotton exporters, besides the textile mills around Guntur district. The branch has two relationship managers and a credit processing cell to cater to the needs of its customers.
Acharya said SCB funds those corporate houses whose annual turnover is between Rs 50 crore and Rs 500 crore. The branch also has a fully equipped international banking division that facilitates imports and exports of traders and attends to the forex needs of the customers.
SBI has over 65 SCBs across the country focusing mostly on textile, power, construction and tobacco activities. These SCBs did over Rs 1.60 lakh crore business during the last financial year, he said, adding this year, they were targeting Rs 40,000 crore additional business.
