Bank of Baroda opens SME loan factory in Bhubaneswar

The public sector, Bank of Baroda(BoB) has opened a SME Loan factory for Small and Medium Enterprises (SMEs) on Wednesday in Bhubaneswar.

The aim of BoB over setting up SME Loan factory is to help the SMEs in the state and avail them loan to check the impact of the global slowdown. The BoB has already opened 33 centers across India and the centre in Bhubaneswar as the first in the state.

It will provide customised products and services to the SME customers through simplified processes in the minimum possible time. S P Agarwal, general manager (SME and wealth management), BoB said to media that the bank had an exposure of Rs 14,000 crore in the SME loan segment at present and would intended to achieve an exposure of Rs 15,000 crore by the end March 2009.