Financial Daily from THE HINDU group of publications
Saturday, Jul 26, 2003
Financial Daily from THE HINDU group of publications Saturday, Jul 26, 2003 |
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Money & Banking
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Public Sector Banks UBI plans fast-track for SSI, farm credit Our Bureau
Kolkata , July 25 UNITED Bank of India has proposed to establish a fast-track system for processing credit applications from small-scale and agriculture sectors. This will necessitate a minor reorientation of its administrative structure, an exercise aimed at reducing delays in handling of queries. In keeping with the plan, the bank has proposed to bring together a few key centres — Kolkata North & South, Mumbai, Chennai and New Delhi — which will have direct access to its headquarters. The idea is to reduce the time required for processing. The bank, said Mr Madhukar, CMD, had decided to establish a special business group, to operate under a general manager, for handling new business proposals exceeding Rs 10 crore. He was speaking at a seminar organised under the banner of `United Udyogshree Yojana' on Friday. UBI has further proposed to empower female relatives of borrowers based on recommendations made by its customers. Such relations will be able to access loans up to Rs 50,000 in order to set up a commercial enterprise, the CMD added. According to Ms Mira Pandey, Principal Secretary to the Government of West Bengal, the cottage and small-scale industries often need loans to tide over uncertainties. Easy and fast availability of credit, however, remains a critical issue for small entrepreneurs. Banks and other financial institutions can play a significant role in their development if the average processing time is reduced sufficiently, she observed. Mr K.N. Prithviraj, ED, felt UBI's efforts on this front would help it cater to a number of promising sectors, all of which would add to the bank's margins.
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