Indian Bank will increase credit offtake by 20 p c: CMD

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Tiruchirapalli, Jun 9(UNI) The nationalised Indian Bank will increase the credit offtake by 20 per cent within a year to reach the Rs 50,000 crore mark, Bank Chairman and Managing Director M S Sundararajan said.

Talking to newspersons after reviewing the performance of the Valadi branch of the bank near here yesterday, he said there was good scope for offering need-based credit to agriculture and MSME (Micro, Small and Medium Enterprises) sectors after proper appraisal.

Credit requirement for establishment of cement and iron and steel industries, composite sugar mills and infrastructure industry was on the rise, he said adding that a quick turnover time was vital for credit to grow.

The bank had extended one lakh educational loans to the tune of Rs 1,100 crore so far, he said and added that 100 new branches, including nearly 30 in Tamil Nadu, would be opened during this year.

Referring to the Centre's farm loan waiver scheme, he said the task of preparing the list of farmers under the Agricultural Debt Waiver and Debt Relief scheme would be completed by the end of this month.

The extent of loan waiver through the Bank was estimated around Rs 700 crore, covering 1.25 lakh farmers, he added.

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