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Kolkata-based Allahabad Bank said it will focus on small, and medium enterprise (SME) and retail sector for credit disbursement growth due to dwindling demand from corporate sector.
"We are getting less demand for credit from the traditional corporate sector for the new projects. As the new projects are not coming in big way, to meet the gap in the credit disbursements, we are trying to give a push to the retail and SME sector," said T R Chawla, Executive Director, Allahabad Bank.
Chawla was in the city to inaugurate the SME and Retail credit camp organised here. The bank has scaled down its credit growth target from 18 per cent to 16 per cent for the current fiscal.
By March 2014, the bank has set a business target of Rs 360,000 crore.
The bank today sanctioned Rs 34.91 crore in 160 accounts at the camp. The total sanctioned amount include about Rs 25 crore to the SME sector and Rs 11 crore to the retail sector. The bank has organised similar camps throughout the country as well.
Credit to corporate sector accounts for about 45 per cent of the bank's total outstanding, pegged at about Rs 1,30,000 crore. The bank has advanced to the tune of Rs 42,000 crore to priority sector comprising farm and small business houses.
It is now focusing to push the SME and retail sector as loan proposals are coming for setting up of new units as well as for expansion of existing units, Chawla said.
In Odisha, Allahabad bank has plans to cover all the 30 districts in this financial year. At present the bank has 76 branches including 30 rural branches, 24 semi-urban branches and 22 urban branches in the state covering 21 districts.
