The Hindu Business Line : Housing loans: Chidambaram happy with banks’ response

Tiruchi, March 24 Allahabad Bank has introduced a wide range of new services including the Internet banking, SMS banking, mobile banking and e-payment facility. The services were introduced recently at a function as part of inaugural of the bank’s branch at Pudukottai, near here by the Union Minister of Finance, Mr P. Chidambaram.

Speaking on the occasion, Mr Chidambaram hailed the bank’s performance in Tamil Nadu for achieving a credit ratio of 117 per cent. Many banks had responded positively to his call to reduce the rate of interest on housing loans. The minimum and maximum rate of interest on housing loans fixed by the Allahabad Bank was 9.5 per cent and 10.5 percent respectively.

Mr Chidambaram said that the Centre had introduced certain concessions in the customs duty on palm oil, with a view of keeping its price under control. The hike in petrol and diesel was inevitable in the wake of the spiralling rates of the crude oil in the international market. Though the Centre had increased the price per litre of petrol and diesel by Rs 2 and Re 1 respectively, the prices of liquefied petroleum gas and kerosene were left untouched, he said.

The Chairman and Managing Director of Allahabad Bank, Mr A. C. Mahajan, said that the bank had 2,154 branches all over the country, including the one opened at Pudukottai.

The bank registered a phenomenal business growth of 19.53 per cent as on December 31, 2007. The total deposits stood at Rs 68,044 crores while the total credit was Rs 45,791 crores.

Mr Mahajan said that the bank would start 18 branches in parts of Tamil Nadu by the end of the next financial year. The centres included Hosur, Krishnagiri, Dindigul, Kancheepuram, Tiruchi, Tambaram, Cuddalore and Porur. The bank sanctioned online educational loans to students of 250 select institutions.

Later, Mr Chidambaram distributed education loans, Kisan Credit Cards and other loans to the tune of Rs 68.59 lakhs to 58 borrowers.

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