The Indian Bank has launched the Trade Finance Month celebrations from December 1 to 31 during which the business sector would be offered credit at competitive interest rates and waiving the processing fee.
The public sector bank has begun focussing on trade finance from 2002 with further revisions effected in the scheme to suit the changing needs of the trade sector. A Trade Finance Cell has been opened in the Madurai Circle office under the Assistant General Manager, which would dispose proposals within 48 hours.
A few salient features of the scheme include low interest rates at Benchmark Prime Lending Rate (BPLR) subject to rating norms, secured OD limit up to Rs. 20 lakh with a margin of 3 per cent on immovable security, and a simpler method of assessment.
During this month, the branches would focus on dealers of Fast Moving Consumer Goods (FMCG), supply chain of manufacturers who are availing facilities with the Indian Bank, pharmaceuticals distributors and others to market this scheme effectively.
A traders’ meet was organised at the Madurai Main branch on Tuesday to mark the commencement of the scheme, during which in-principle sanction, was accorded for 29 accounts amounting to a total exposure of Rs. 6.83 crore.
The Madurai Circle as a whole, had a total of Rs. 51.89 crore in exposure to the trade sector as on November 30, exceeding the target of Rs. 40 crore. M. Kathiresan, Deputy General Manager of the Indian Bank, addressed the traders and gave away the sanctions.