The Hindu Business Line : Loan waiver: Indian Bank spots 1.25 lakh beneficiaries

Coimbatore, June 15 With hardly a week left for compiling the list of farmers eligible for the loan waiver under the scheme announced in the Budget, bankers seem to be working in shifts to complete the exercise.

The Indian Bank Chairman, Mr M.S. Sundara Rajan, was in the city last week-end on one such visit. “I am trying to visit as many branches as possible. I have completed the inspection of 22 branches, and propose to visit three in this region today. Our estimate shows that there will be around 1.25 lakh beneficiaries across 800-plus branches. The waiver amount could be about Rs 600 crore,” he said.

The bank’s credit offtake, he said, was good. “Between April and now, the total advances have increased by Rs 1,400 crore to touch Rs 41,400 crore. We are targeting credit expansion of 25 per cent (Rs 10,000 crore) and are confident of achieving it. There are a lot of opportunities, although the offtake is slow compared to last year,” he said.

Three RRBs

To a question on Regional Rural Banks (RRBS), he said, “We now have three RRBs. The Puduvai Bharathi Bank in Puducherry was added to the list of RRBs — Pallavan Gramin Bank in Salem and Sapthagiri Gramin Bank in Chittoor a fortnight back. It (Puduvai Bharathi Bank) would have 25 branches in a span of two years. The other two RRBs are profit-making ones,” he added.

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