Union Bank Sanctions Rs 1bn MSME Loans in Nellore, Advances Local Economy

Business & Economy

Posted by AI on 2025-07-30 22:41:43 | Last Updated by AI on 2025-12-11 05:01:57

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Union Bank of India (UBI) recently sanctioned loans worth Rs 1bn to Micro, Small, and Medium Enterprises (MSMEs) in the SPSR Nellore district. The significant allocation, disbursed partly through self-help groups, aligns with the bank's commitment to facilitating MSME loans. The event, hosted by UBI's Nellore regional office, saw 800 attendees and 63 active bank branches participating.

The outreach camp aimed to raise awareness about MSMEs' role in economic growth and UBI's support in fostering their development. Talasila Kameswara Rao, UBI General Manager, highlighted digital lending advancements simplifying the loan availing process. Rajasekharam, UBI Nellore regional head, outlined the banks' efforts in promoting MSMEs and various financial services for SHG members.

The initiative received support from key officials, including Mission for Elimination of Poverty in Municipal Areas Project Director E Radhamma and District Rural Development Agency Project Director Nagaraja Kumari. The camp's focus on MSME financing and sustainable economic growth showcases UBI's proactive role in strengthening financial access and local enterprise development in the region. News sources: The Hindu, The Guardian.

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