Financial Daily from THE HINDU group of publications
Tuesday, Dec 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Dec 07, 2004 |
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Money & Banking
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Public Sector Banks Agri-Biz & Commodities - Farm credit Andhra Bank to lend more to agri sector Our Bureau
Hyderabad , Dec. 6 ANDHRA Bank believes that agriculture is a profitable business proposition and plans to aggressively expand its exposure to agriculture, according to the Chairman and Managing Director, Mr T.S. Narayanasami. Speaking to newspersons on Monday on the eve of signing an agreement with Bajaj Tempo Ltd for financing the Tempo range of vehicles and tractors, Mr Narayanasami said that the bank has more than 60 per cent of its branches situated in the rural and semi-urban areas. "Since commercialisation of agriculture has started, we feel that there are greater opportunities for lending to emerging areas like contract farming, medicinal and aromatic plant cultivation, tree-borne oil seeds production, organic farming and export-oriented commercial crops," Stating that the bank's advances to agriculture currently stood at Rs 2,750 crore, constituting 18.78 per cent of the net bank credit, he said that Andhra Bank was one of the few banks that had achieved this distinction. It has also exceeded the Government stipulation of 30 per cent incremental disbursement target by November itself, he added. Mr Narayanasami also announced that the bank would sanction tractor loans of up to Rs 3.5 lakh to the farmers without insisting on collateral security at 9.5 per cent simple rate of interest.
More Stories on : Public Sector Banks | Farm credit
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