BOI focus on retail, agri, MSME lending

November 19, 2021 12:14 am | Updated 08:12 pm IST - HYDERABAD

The focus of Bank of India is on retail loans besides lending for agriculture and to micro, small and medium enterprises (MSMEs), Executive Director Monika Kalia said here on Thursday.

Seeking to highlight the contribution of the segments, particularly MSMEs for serving as the backbone of economic growth, she said BOI had recently reduced the rate of interest on home loan to 6.50% and on vehicle loan to 6.85% PA. The reduction is to reach more customers. “We want to enhance our pie in retail loans,” she said.

On her first visit to Telangana Zonal Office of the bank, after assuming charge as ED, Ms. Kalia said BOI is a front runner in implementing schemes initiated by the Government of India for greater financial inclusion. Also, it had actively participated in the customer outreach programme initiated by the Centre and disbursed ₹2,400 crore last month.

BOI had recently reported a net profit of ₹1,050 crore for the quarter ended September, an increase of 99.86% compared to the corresponding period of previous fiscal. The bank’s capital adequacy ratio is 17% and it has robust risk management systems and procedure in place to grow at a brisk pace, she said.

Ms. Kalia spoke to employees, addressed a customer outreach programme, met top borrowers and also distributed sanction letters to eligible customers.

General Manager (South) S.B.Rai and Zonal Head S.K.Behera participated in the programmes, the BOI zonal office said in a release. In Telangana, BOI has 63 branches, of which 42 are in Hyderabad.

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