Allahabad bank plans to launch reverse mortgage scheme soon

Kolkata, May 06 (UNI) Allahabad bank is planning to launch a reverse mortgage scheme soon subject to RBI approval.

Speaking at a press conference here today, Allahabad Managing Director A C Mahajan said the bank's scheme is ready and the bank would launch it as soon as it gets approval from the RBI.

RBI had put some restrictions as there had been some restrictions on real estate sector advances.

'' So we can go ahead with the scheme only after the RBI approval,'' he said.

The bank had already floated a wholly owned subsidiary, All Bank Finance Ltd, last year and registered with SEBI as a Category I merchant bankers and underwriters.

The subsidiary offers a host of emerging opportunities like investment banking, insurance broking, wealth management and portfolio advisory and underwriting.

UNI