Indian Bank has launched two products — Surya Shakthi, for roof top solar set up for captive consumption, and Corporate Loan, for working capital.
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 units meet liquidity needs.
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 48,000 accounts, given them an extended lifeline for making payments. We hope to restructure another 300 to 400 accounts by the end of this fiscal.”
She 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. Over 110 managing directors of various textile units in the region took part in the discussion.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.