Dena Bank Inaugurated the 4th India SME Banking Conclave Organised by SME Chamber of India

Dena Bank, India’s trusted family Bank, inaugurated the 4th INDIA SME Banking Conclave organised by SME Chamber of India. In India about 20% of SME’s close within 1 year of operation and about 50% wind up within 5 years due to various factors which are not conducive to SME’s. SME’s should approach Banks at the start of the distress and Banks should also proactively support the genuine SME’s in difficult situations.

Speaking on the occasion, Shri Ashwani Kumar, Chairman & Managing Director, ‘emphasized that in order to compete both at domestic and international markets, Indian SME’s should strongly focus on the 3 C’s–Connect, Compete and Change. He said that Dena Bank is giving a strong focus to credit under Entrepreneurship Development as SME‘s are vital contributors to the GDP of the country'.

However, at present the contribution of the sector is much lesser when compared with developed countries. The problems for SME’s still continue in our country and finance poise as the major issue for the survival & growth of SME’s. But off late, Banks have come out more aggressively in financing to SME’s.

Shri Ashwani Kumar stressed that banks should not stipulate collateral for small loans and should extend CGTSME – collateral free loans to eligible SME’s. He also presented the “17th India SME Excellence” Award to Entrepreneurs. Banks have started aggressively financing to SME sector complimenting the Governments initiatives like “Make in India”, “Skill India” and “Startup India”, and credit to SME sector is expected to increase substantially which should boost the sector across the country.

Micro Small and medium sized enterprises have also global mention in the UN Global goals -2015. Goal-8 promotes and encourages the formulation of MSME’s and Goal 9 encompasses the themes that are key for improving SME competitiveness.

About Dena Bank

In its platinum jubilee year, Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. It became a Public Ltd. Company in December 1939 and later the name was changed to Dena Bank Ltd. Dena Bank is amongst the first nationalised banks to enter equity market in November 1996.  It offers the entire gamut of banking services including Retail Banking, Corporate Banking, International Banking, Services, Priority & SME Banking amongst others. The Bank is the first public sector bank to introduce Tele-Banking facilities for its customers at selected metropolitan centers. Dena Bank offers minor savings scheme, credit card in rural India and customer rating system for rating the bank services. The Bank posted a Total Income of Rs. 2,539.74 crore and a Net Profit of Rs. 125.67 crore as of the quarter ended March 31, 2013.