The Hindu : SBI's credit offtake up in Apr.-Aug.

Online edition of India's National Newspaper
Saturday, Sep 07, 2002

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SBI's credit offtake up in Apr.-Aug.

MUMBAI SEPT. 6. Showing signs of economic upturn, the incremental credit offtake for State Bank of India has touched Rs. 3,000 crores in the five months ended August 31, even as the country's largest bank said it is open to cut lending rates further to pass on the benefit of lower cost to its customers.

"The positive credit offtake from April 1 is a good sign compared to reduction in loan portfolio in the same period last year,'' the SBI Chairman, Janki Ballabh, told reporters on the sidelines of a function to launch SBI Life Insurance Company Ltd.'s products here today.

SBI Life Insurance, a joint venture with BNP Paribas of France, has garnered premium of Rs. 45 crores from group and individual policies issued till August 31, the Managing Director, R. Krishnamurthy, said.

SBI Life has covered 55,400 persons under group life and number of individual policies sold stood at 4,100 during this period, Mr. Krishnamurthy said.

Paul Villemagne, Chairman of Cardiff SA, a subsidiary of BNP Paribas, said the insurance joint venture was growing at a rapid pace.

PTI

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