Syndicate Bank aims to disburse Rs 6,500 crore to MSMEs

Syndicate Bank is targeting to disbursing Rs 6,500 crore to Micro, Small and Medium Enterprises (MSMEs) and medium and small units in the first quarter of this fiscal. The bank has set a target to disburse Rs 2 crore per branch in the network. At present, the bank has 3,200 branches spread across the country.

In a bid to speed up the disbursals, the bank has planned an ‘MSME Week’ from June 16-21. This special week will be observed in all the branches. The bank has roped in institutions such as NSIC, KVIC and other industry bodies.

Moreover, the bank has simplified the procedures to speed up the process of loan disbursal. As part of this exercise, the top management will help cross-check MSME proposals and approve loans instantly.