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SBT not affected by economic slump, says Managing Director

KOZHIKODE: The State Bank of Travancore (SBT) has not been affected by the economic slump, bank Managing Director A.K. Jagannathan said in here on Sunday.

He was presiding over a function organised to commemorate the silver jubilee of the SBT’s zonal office here. Mr. Jagannathan said SBT ’s strengths lay in its NRI services and IT-driven capabilities.

Close to Rs.2800 crore of the Rs.10,000-crore NRI deposits was with the zone (covering seven districts), Mr. Jagannathan said.

Inaugurating the silver jubilee programmes, M.P. Veerendra Kumar, MP, said SBT’s success lay in its customer-friendly policies. He pointed out that the bank should also fulfil social responsibilities. Mr. Veerendra Kumar was critical of the move to allow more foreign direct investment in Indian banks.

Zamorin P.K.S. Raja, entrepreneurs P.K. Ahamed, V.K.C. Mammed Koya, and M.P. Ahamed, K.G. Alexander; SBT General Manager A. Ramakrishnan, Deputy General Manager J. Ramakrishnan, Assistant General Manager K. Sainathan and SBT Employees Union president A.L. Rappai also spoke.

The bank donated 30 computer tables to Kallai Government Ganapath High School at the function.

Special Correspondent from Thiruvananthapuram writes: The State Bank of Travancore (SBT) has announced some new initiatives in the context of the ongoing economic slowdown to activate the housing sector and the small and medium sector industries in the country.

In a press release here on Wednesday, the bank said it had reduced the interest rate on housing loans coming up to a sum of Rs.5 lakh to 8.5 per cent per annum. Twenty years is the maximum repayment period for such loans.

The interest rate will be 9.25 per cent for housing loans ranging between Rs.5 lakh and Rs.20 lakh.

Overdraft facility too will be extended to the customers under this scheme. In this case also, the maximum repayment period is 20 years.

The rate of interest will be at these fixed levels for five years. The borrower can opt for fixed rates or floating rates thereafter.

There will neither be any processing charge, nor any prepayment penalty, the press release said.

The bank has also reduced by one per cent the interest rate on working capital loans up to a limit of Rs.25 lakh to small industries.

The interest reduction is 0.5 per cent on working capital loans up to a sum of Rs.10 crore for small and medium industries.

Both new and existing working capital loans will receive the benefit of the newly introduced interest reduction, the press release said.

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