A recent press report said that UCO Bank has launched its small and medium enterprises (SME) loan hub in Bangalore in its bid to increase lending to the sector.
Mr. Arun Kaul, chairman and managing director of UCO Bank said that the bank has been a pioneer in arranging credit for priority sector and has been aggressively lending to MSME sector.
He said that the hubs will provide to the credit requirement ranging from Rs 25 lakh to Rs 25 crore of the entrepreneurs.
Reports said that the bank has planned to open 37 SME hubs across the country in the present financial year in order to facilitate single window clearance for loans. The bank has already opened two hubs at Delhi and Mumbai for disbursing loans to SMEs.
The bank has planned to open another 26 hubs in the various cities of the country including Delhi, Coimbatore, Pune, Bangalore, Chennai, Chandigarh, Hyderabad, Ahmedabad, Ludhiana, Jaipur, Vellore, Surat, Ernakulam and Mumbai among others.
UCO Bank has over 2,200 branches, with most of them located in rural and semi-urban centres. Apart from the SME loans it also offers home loan, vehicle loan, educational loan, special loan schemes for women etc.