BUSINESS

Indian Bank to open eight new branches

Staff Reporter

PALAKKAD: Executive Director of Indian Bank A. Subramanian has said the bank will start eight new branches in the State this financial year.

Talking to presspersons here on Friday, he said the bank would extend Agriculture Debt Waiver and Debt Relief Scheme 2008 of the Central government to all the eligible farmers.

After waiving the loan, the same farmers would be given fresh loans for continuing their agriculture operations.

The loan waiver would be completed by June 30, 2008. The top officials, including Chairman and Managing Director M.S. Sundara Rajan, would visit those branches where the farmers loan waiver schemes were implemented to ensure that all eligible farmers get the benefit of the scheme within the stipulated time frame. Mr. Subramnian said as part of this programme, he had visited the Vadakarapathy, Pudunagaram and Thorapalayam branches of the bank in the district on Friday.

The loan waiver scheme would cover direct agricultural loans extended to small farmers who hold between 2.5 to 5 acres of land and marginal farmers who hold less than 2.5 acres of land.

Other farmers who had more than 5 acres land would be given a waiver of 25 per cent of their loan and more time would be given to pay back the remaining 75 per cent of the loan.

These farmers would also be given fresh loan facility to take up agriculture in the next season.

He said the bank would increase its depot by 25 per cent and advances by 20 per cent over the total deposit of Rs.1.1 lakh crore of last year.

The bank had a deposit of Rs.61,000 crore and advance of Rs.40,000 crore last year. The bank made a profit of Rs.1,008 crore during the 2007-2008 financial year.

In the current financial year, the bank would mobilise Rs.2,003 crore deposit and Rs.1,100 crore advance scheme.

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