UCO Bank to double the flow of credit to SMEs

{image-09-ucobank-logo www.goodreturns.in}One of the India"s leading public sector banks, UCO is all set to open almost 37 SME hubs across the country by FY 2012 end. UCO Bank plans to tap the high growth potential of the India SMEs and the formation of these hubs will give them single window loan clearance facility.

According to Arun Kaul (Chairman and Managing Director, UCO Bank), "SMEs have been accepted as the engine of economic growth. We want to focus on this sector and so have planned to set up 37 hubs that will cater to the loan requirements of SMEs." He further added that, "We have formulated a plan to set up 16 hubs by June this year and 10 by September-end. We want to ensure availability of adequate and timely credit to this sector."

UCO bank has already set up two SME hubs in Mumbai and Delhi. The bank is all set to open almost 26 SME hubs by 2011 end in various cities such as Ludhiana, Surat, Pune, Chennai, Delhi, Bangalore, Chandigarh, Pune, Hyderabad, Coimbatore, Mumbai, Vellore and Ahmedabad.

The primary aim behind the opening of SME hub is that, UCO bank wants to double the credit flow to SMEs from current 10 per cent in the next two to three years. The total process for disbursal of loan will be completed in 21 days.

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