Loan sanction letters to the tune of Rs.52 crore handed to beneficiaries

Financial literacy and credit counselling cell will be set up in all Andhra Bank branches across the State in the 2013-14 financial year to educate customers on various banking services and benefits of timely repayment of loans, said Andhra Bank Executive Director K.K. Misra.

He explained new policies of the Andhra Bank for 2013-14 and expansion of its services in rural pockets in the State. The bank Executive Director interacted with the members of self-help groups, farmers, students and small and medium entrepreneurs during the special programme on ‘Mission Priority Sector Lending’ here on Saturday.

He handed over loan sanction letters to the tune of Rs.52 crore to the beneficiaries. “Expecting increase in the land registration charges from April first week, housing loans will be sanctioned within three-days till March 31. The initiative was to help those who wanted to go for land registration or buying a new house before April,” said Mr. Misra.

He appealed to customers to submit details of Aadhaar Unique Identity Card with the banks as these details were likely to be made mandatory under the Cash Transfer Scheme of the Government.

“Kisan Card is being issued to the farmers to facilitate the ATM transaction. Farmers will have access of ATM transactions to withdraw their crop loan amount with Kisan Card,” he said. Andhra Bank officials informed the beneficiaries that insurance coverage under the Insurance Linked Saving Scheme will be increased from Rs.1 lakh to Rs.2 lakh soon.

Mission for Elimination of Poverty in Municipal Areas Project Director Siva Sankar and Andhra Bank Assistant General Manager V.V. Reddy said that 98 per cent of repayment of loans was attained from the Self Help Groups in Krishna District.

The loans sanctioned on Saturday include Rs.11 crore towards micro and small enterprises, Rs.2 crore for agricultural and food processing units and Rs.5 crore for SHGs under 35 branches of Andhra Bank. Andhra Bank Senior Manager K. Obul Reddy and other bank staff were also present.