Money & Banking

Two loan products launched by Indian Bank

Our Bureau Coimbatore | Updated on January 31, 2020

File photo   -  THE HINDU

Indian Bank on Thursday announced the launch of two products - Surya Shakthi, for roof top solar set up for captive consumption and Corporate Loan, a finance product in aid of units under stress for working capital.

Stating that the launch of the two products was in response to the market need, the bank’s Managing Director Padmaja Chunduru said extension of corporate loan would be after evaluation and on a case by case basis, at a concessional rate, for a longer term to help the units tide over their liquidity.

She however did not specify the rate or the loan tenure.

To a query on the banking industry’s reluctance to extend finance support, she maintained that the MSME sector has been under stress because of extended receivables . However, Indian Bank has taken cognisance of the issue by restructuring the loans under the Reserve Bank’s Special Dispensation Scheme.

“We have gone to the aid of 48000 accounts, given them an extended lifeline for making payments. We hope to restructure another 300 to 400 accounts by the end of this fiscal.”

The bank’s Chief was in the city to participate in an exclusive programme organised jointly by Indian Texpreneurs Federation, Ficci and Indian Bank to identify the opportunities for collaboration.

More than 110 managing directors of various textile units in the region took part in the discussion.

Published on January 31, 2020

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