HDFC Bank’s loan portfolio to MSMEs exceeds Rs 13,000 cr in Uttar Pradesh
The Mumbai-headquartered lender said it had so far offered loans to more than 66,000 MSMEs, in the country’s most populous state.
Under the government’s ECLGS scheme, HDFC Bank has made advances to over 5,950 MSME units in the state.
The Emergency Line of Credit Guarantee Scheme (ECLGS) was introduced during the pandemic in May 2020, to provide financial assistance to businesses affected by the pandemic, and envisaged providing Rs 3 lakh crore in unsecured loans to MSMEs and businesses across the country.
The ECLGS program had a deadline of September 2021.
HDFC Bank had started offering loans to MSMEs in Uttar Pradesh in 2004 and over the past 17 years has provided loans to 66,869 businesses in the state, the lender said.
These companies demonstrate the entrepreneurial spirit that is the backbone of economic growth. HDFC Bank has so far provided loans to MSME clients in over 500 towns and villages covering 75 districts of UP State, he said.
The bank has 537 branches in the state.
“MSMEs are the backbone of the economy and are among the biggest job creators. We are proud to have been a partner in their growth journey with our world-class products,” Shyamal Singh, Regional Manager, Corporate Banking – Uttar Pradesh, HDFC Bank, mentioned.
He said that, benefiting from a conducive policy environment, the enterprising state of Uttar Pradesh presents opportunities for MSMEs and banks.
“To meet these requirements, we will expand to 30 more locations in the state and increase our digital footprint,” he added.