The interest rate cut announced by the State Bank of India for corporates and MSMEs will help industry improve profit margins in the midst of the recessionary trends, bank chairman Pratip Chaudhuri has said.
The bank has also reduced the rupee export credit rates with the increased 50 percent refinance available from RBI as against the earlier 15 percent.
Chaudhuri said that while interacting along with Mid Corporate Group deputy managing director R Venkatachalam with customers here on Friday.
Chaudhuri said export credit in foreign currency was being made available to customers at competitive rates and to provide focused growth of business the bank proposed to implement the Asset Management Team structure of wholesale banking group in mid-corporate group too.
Under the revised arrangement, the relationship manager will be able to market the business and also be a part of the appraisal, assessment process which would shorten the time for loan approvals.
Such proposals will be examined by an independent committee from the risk mitigation and policy angle, and award an internal rating.
The credit proposal will then be submitted to the credit committee for sanction.
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