BoI CMD visits branch to oversee loan waiver scheme implementation

Chennai, Jun 7 (UNI) Bank of India (BoI) Chairman and Managing Director T S Narayanasami today visited the Bank's Arambakkam branch in Tiruvallur district to oversee the smooth implementation of the Debt Relief and Loan Waiver scheme to farmers.

This initiative was undertaken pursuant to Finance Minister P Chidamabaram's exhortation to the Chief Executives of Public Sector Banks to ensure that the time frame for comprehensive implementation of the Scheme are adhered to.

Other senior executives of the Bank have also been visiting the rural, semi-urban and other branches to ensure that the scheme is being implemented in letter and spirit.

Bank of India, the second largest nationalised Bank, posted a business mix of Rs 264,807 crore and earned a net profit of Rs 2009 crore during 2007-2008, a bank release here said.

Under the present initiative, the Bank would provide relief to 5,63,000 farmers all over India, and would result in waiver/relief of loans to the extent of approximately Rs 1,298 crores.

The share of Tamil Nadu under the Debt Relief scheme would be to the tune of Rs 142.67 crore covering 31,649 agriculturists.

At Arambakkam, the Bank would waive Rs 56.73 lakh bringing relief to 191 agriculturists covering five Panchayats and 13 villages, it added.

UNI WS ROY 1632