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SBI sees 25% growth in SME advances

SBI sees 25% growth in SME advances
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First Published: Sun, Feb 22 2009. 03 30 PM IST
Updated: Sun, Feb 22 2009. 03 30 PM IST
By PTI
Mumbai: The country’s largest lender, State Bank of India (SBI), has said that its advances to small and medium enterprises are likely to grow by 25% in the current fiscal.
The lender has targetted a similar growth in the portfolio in the next fiscal as well, a senior SBI official said.
“We expect a 25% growth in our SME advances this fiscal. The growth is likely to be in this range during the next financial year as well,” the official said.
The bank expects to disburse Rs23,000 crore loans in the portfolio in 2008-09 as against the targetted Rs26,000 crore, the official said.
“We had earlier targetted to disburse Rs26,000 crore. Given the current market situations, the bank may be able to achieve Rs23,000-crore by March-end,” the official said.
SBI has seen a decline in credit demand in its SME portfolio this fiscal due to slowdown in export-oriented sectors such as gems and jewellery, textile and auto, the official said.
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First Published: Sun, Feb 22 2009. 03 30 PM IST
More Topics: SBI | SME | Markets | Banks | Jewellery |