Union Bank of India (UBI) sanctioned loans worth nearly Rs 1 billion to Micro, Small, and Medium Enterprises (MSMEs) in SPSR Nellore district during its Mega MSME Outreach Camp held on Wednesday. The event, organized by UBI’s Nellore regional office at PSR Convention in the city, witnessed participation from over 800 attendees.

As part of the sanctioned amount, approximately Rs 500 million was disbursed through cheques to self-help group (SHG) members. The initiative was supported by key officials, including the Mission for Elimination of Poverty in Municipal Areas (MEPMA) Project Director E Radhamma and District Rural Development Agency (DRDA) Project Director Nagaraja Kumari, who attended as chief guests.

UBI General Manager Talasila Kameswara Rao emphasized the bank’s commitment to facilitating MSME loans and highlighted advancements in digital lending, which have simplified the process of availing financial assistance. The event also focused on raising awareness about the role of MSMEs in economic growth and the support offered by UBI in fostering their development.

UBI Nellore regional head A Rajasekharam elaborated on the bank’s efforts in promoting MSMEs and informed attendees about various financial services available to SHG members. Additionally, customer experiences and the bank’s service offerings were shared with the participants.

The outreach program saw active participation from bank managers representing 63 branches across the district, underscoring UBI’s extensive involvement in strengthening financial access for MSMEs and SHGs in the region.

News source: The Hindu