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Indian Bank to increase credit offtake

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Review: Chairman and MD, Indian Bank, M.S. Sundara Rajan, second from left, assessing progress of debt waiver scheme at Valadi Branch in Tiruchi district on Sunday.
Review: Chairman and MD, Indian Bank, M.S. Sundara Rajan, second from left, assessing progress of debt waiver scheme at Valadi Branch in Tiruchi district on Sunday.

Staff Reporter

TIRUCHI: Indian Bank will increase credit off take by 20 per cent within a year to reach the Rs.50,000 crore mark, its Chairman and Managing Director M.S. Sundara Rajan, said.

There was good scope for offering need-based credit for agriculture and MSME (Micro, Small and Medium Enterprises) sectors after proper appraisal. Credit requirement for establishment of cement and iron and steel industries, composite sugar mills, and infrastructure industry was on the rise. For credit to grow, a quick turnover time is vital, he said at a press conference here on Sunday.

The Indian Bank, the only nationalised bank to have exclusive branches to cater to the requirements of women self-help groups, will increase the number of such branches from 12 to 25 during the current year encouraged by the 99.5 per cent rate of repayment. Of them, one would be located in Tiruchi circle, he assured.

The bank could achieve on a year growth of 30 percent in disbursal of educational loans and 40 per cent growth in quantum of lending to small and medium enterprises.

It has offered one lakh educational loans to the tune of Rs.1,100 crore so far.

Indian bank’s focus on reaching out reflects in the location of 847 of its total of 1,547 branches in rural and semi-urban areas. For the current year, the bank would start 100 new branches, including about 30 in Tamil Nadu. Mr. Sundara Rajan sounded confident about completing by this month end the task of preparing the list of farmers who qualify for loan waiver under the Agricultural Debt Waiver and Debt Relief Scheme 2008.

The scheme also provides for grievance redressal mechanism. Aggrieved farmers can approach the Circle heads nominated as Grievance Redressal Officer and be assured of a solution within 30 days. He estimated the extent of loan waiver through the Bank at around Rs.700 crore, covering 1.25 lakh farmers.

Accompanied by R. Ravi, Deputy General Manager/Circle Head of Indian Bank, Tiruchi, he took stock of the progress made by the Valadi branch near Lalgudi in preparing the list.

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