Punjab National Bank has been awarded the national award for excellence in lending to the small scale industries sector for the year 2003-04.
The bank has been ranked second for the third consecutive year in recognition of its contribution towards lending to the SSI sector.
The award was presented by Prime Minister Manmohan Singh at the SSI Convention and National Awards presentation ceremony held at Vigyan Bhawan in New Delhi on Monday. Mahabir Prasad, Union Minister for SSI and Agro & Rural Industries, was also present.
PNB's total advances to the SSI sector increased to Rs 5,701 crore at the end of March 2004 registering a growth of 18.94 per cent, the share of advances to SSI sector of the net bank credit also reached 12.24% at the end of March 2004 and the percentage share of SSI advances to tiny sector at the end of March 2004 reached 52.95%.
Speaking on the occasion, PNB Chairman S S Kohli said that the SSI sector will be a major growth driver in the coming period, especially with India predicted to emerge as a global economic power.
