Industrial Development Bank of India Ltd. (IDBI), one of India’s leading state-owned banks, today opened its first City SME Center (CSC) in Mumbai to give a fillip to Small and Medium Enterprises (SMEs) lending. The CSC has been established to streamline the credit appraisal process to ensure faster turnaround time.

The CSC will be the hub, which would process SME loan applications originating from IDBI’s branches in Andheri, Prabhadevi and Fort (spokes). Each spoke will have a dedicated Relationship Manager who will be the single point contact to assist SME entrepreneurs with all their commercial banking and financial/ business advisory requirements.

With the SME segment emerging as one of the key growth engines of the Indian economy, IDBI has also decided to carve out a separate SME business vertical, which will be focused on offering seamless end to end banking services customized to suit the customised business requirements of entrepreneurs.

“We realized that SME customers have special needs when it comes to commercial banking services. Hence, we have carved out the SME business vertical. The new vertical’s key result area is to focus its energies on potential business opportunities in the burgeoning SME segment. The CSC, the Relationship Manager and the Business Vertical Head will operate in sync to offer optimal and hassle free banking service to SME entrepreneurs,” said Shri OV Bundellu, Deputy Managing Director, IDBI.

The Bank has drawn up plans to set up 24 CSCs by next year to service 140 branches (out the Bank’s 496 branches) which have been identified as being proximate to SME clusters. Be it an asset or a liability product, trade finance or cash management, guarantee or payments, IDBI is well-positioned to serve the SME segment due to its strong technology platform and belief in the core value of trust-based relationship with its customers.

Sourced From: Adfactors Public Relations Pvt Ltd