Restructuring of State Electricity Boards’ loans will not impact Indian Bank much, as a portion of it has already been restructured, said T.M. Bhasin, Chairman and Managing Director of the bank.
According to Rajeev Rishi, Executive Director of the bank, the bank has a total of Rs 7,000-crore exposure to SEBs of Tamil Nadu, Andhra Pradesh, Gujarat, Maharashtra, Rajasthan and Haryana. Some of these accounts, including that of Rajasthan and Haryana, have already been restructured, hence it would not weigh on the bank much.
The bank, along with MasterCard, today launched gift and travel cards. Announcing this at a press conference here, Bhasin said these pre-paid gift cards are available in denominations upwards of Rs 1,000 and goes up to Rs 50,000, and can be bought at no additional charge. Valid for one year from the date of purchase, the cards can be used at any MasterCard affiliated merchant outlets in India and cardholders can also access any Indian Bank ATM for balance enquiry.
Similarly, the travel cards are initially issued in US dollars for international travellers. It comes with three-year validity and provides the facility of multiple reloads during the life of the card. These cards are available at select foreign exchange authorised branches of Indian Bank, he said. The bank expects to sell at least one lakh travel cards and two lakh gift cards.