Dena Bank on Tuesday announced its plans to infuse Rs 400 crore in SME sector in Madhya Pradesh in the upcoming financial year. The move is intended to give a thrust to the growth of small and medium scale (SME) enterprises in MP.
Bank’s chairman and managing director Ashwani Kumar also promised collateral-free loans of up to Rs 1 crore for encouraging entrepreneurs.
The CMD said, “Madhya Pradesh is a key focus state for Dena Bank. We will enhance focus on retail, farm and SME segments while expanding our network for reaching out to young entrepreneurs.”
The Bank will promote entrepreneurs through various attractive loan schemes as well appropriate advisory services. Dena Bank offers loans for upcoming entrepreneurs in addition to advisory services,” he said during a press meet in Indore.
He also told reporters that the bank is planning to raise Rs 1,000 crore from the domestic market by selling tier-I bonds to meet Basel-III norms by the March 2019.
Recently, the Central government also allocated Rs 140 crore to Dena Bank to further strengthen its position in the market. This will improve the Capital Adequacy Ratio (CAR) of the bank in meeting Basel norms, he said.
The bank will collaborate with Centre for Entrepreneurship Development Madhya Pradesh (CEDMAP) to identify local talent and invest in his/her entrepreneurial venture.