State Bank of India expects 30 per cent growth in forex turnover in Gujarat in the current financial year and estimated that it would grow consistently during the next couple of years. | |
| R Venkatachalam, general manager, mid-corporate, SBI said that the growth rate in trade in Gujarat is always higher than the average growth rate in the country. |
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| The state registered forex turnover of Rs 11,997 crore during the last financial year, nearly 30 per cent higher than last year. SBI hopes to repeat the performance during the current financial year and hopes to grow more during the coming years. |
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| Corporate lending has seen a big jump during the last financial year and is expected to grow further said Arun Shandilya, chief general manager, Gujarat region and also one of the chief architects of mid-corporate group. |
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| He said in Gujarat, SBI paid special attention to the small and medium enterprise segment (SME). "The SME advances have registered an impressive 320-per cent year-on-year growth and loans stood at a staggering Rs 3,376 crore by the end of last financial year." |
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| The mid-corporate group on the other hand registered business of Rs 1,656 crore during the last financial year in Gujarat, said Shandilya. |
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| On the agriculture front, he said the bank has already doubled credit to the sector in the state during the last one-and-half years against the government stipulated guideline of 3 years. |
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| The special economic zone being promoted in Gujarat is expected to boost the business for the banks and SBI is prepared to cash-in on the opportunity said Shandilya. |
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| SBI has already tapped areas like Changodar for pharma, Surat for textiles, or Jamnagar for petrochemicals considering future business potential in these areas. |
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| The senior management of SBI believes that pharmaceutical and textiles would play major roles in future growth. |
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| "Last year, it was the steel industry that fuelled growth in the state. This year, pharma and textiles are expected to lead the pack," said Venkatachalam. |
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| Talking about the general health of the bank Shandilya said, "SBI has remained a lender in the market. Whenever SBI has turned borrower, it has triggered complete turbulence in the market." As far as Gujarat is concerned, he said although our margins have got squeezed in line with the general trend in the market, our net NPA level has come down from 2.89 per cent to 2.14 per cent, which we believe is a significant achievement." |
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