SBI targets 30% growth in advances to Bengal circle SMEs

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Kolkata, Nov 24 : State Bank of India, Bengal circle, covering West Bengal, Sikkim and Andaman & Nicobar Islands, is eyeing a growth rate of more than 30% in the advances to the small and medium enterprises sector even as it falls short of the target till October 2008.

"We are looking at a growth rate of at least 30% during the period," said Jayanta K Sinha, chief general manager of the circle.

Advances to the SME sector to October 31, 2008, were at Rs 8,270 crore against Rs 7,200 crore for the same period the previous fiscal.

"We are a little short of our target for the period. But I think we can cover it by the end of this fiscal," he said.

"We have a target of increasing the advances to SMEs by Rs 2,600 crore by end of this fiscal," Sinha said. He was present at a seminar-cum-SME customer meet in the city on Monday.

"This is a seasonal phenomenon. Credit offtake increases during December-January each year," Sinha said.

According to him, some of the entrepreneurs might be waiting for the interest rate to soften.