Trivandrum: The State Bank of Travancore (SBT) has launched a ‘Bank Wapsi’ programme to bring back into it books, customers who had been with the Bank but are not right now banking with it.
This was announced by Jeevandas Narayan, Managing Director of SBT while speaking at the inauguration of a Mid Corporate Branch in Thiruvananthapuram aimed at aiding faster credit delivery to manufacturing and service units in the Mid Corporate sector in South Kerala. The Branch, which will focus entirely on loans and attendant business, will have the expertise to conduct project appraisal, financial consultancy for start-ups and advisory services on forex.
The Branch was dedicated to the development of industry and business in South Kerala jointly by G Vijayaraghavan, Member, State Planning Board, M Sivasankar, Chairman, KSEB and Jeevandas.
Vijayaraghavan said that the midsized corporates have great potential for growth and delinquency rates could be relatively lower in this segment. He urged Banks to nurture this segment including units in the service sector for the economic growth of Kerala.
Jeevandas said that at present the credit portfolio of SBT catering to the segment in South Kerala totalled about Rs. 6,500 crores covering nearly 1,200 units. The Bank targets to disburse Rs.1000 crores during the current financial year in the Commercial and Institutional segment in Kerala. A similar branch is being opened at Kozhikode to fulfil the credit requirements of units in North Kerala.
“We have reduced our Base Rate by 30 basis points over the last 6 months in order to push credit deployment further. With the State Government focus also on speedier industrial development and mega projects like the Vizhinjam Trans-shipment terminal and the Mono rail project, I feel that the State is on the cusp of a new industrial development surge”, he added.
A sanction letter for Rs.200 crores for re-financing the debt of KSRTC as part of a State Bank led consortium was also handed over to K M Sreekumar, Executive Director of KSRTC by the MD of SBT. This refinancing of debt aggregating to Rs. 1,300 crores will enable KSRTC to save Rs. 30 crores by way of interest every year. SBT is the first Bank in the consortium to disburse the loan.
Kerala Biz News