Corporation Bank offer’s easy loans for farmers

9:06 AM, Saturday, August 8th, 2015
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Corporation BankMangaluru ; Corporation Bank, equipped with the latest e-initiatives, would concentrate more on Karnataka during the current fiscal. It has planned to add 88 more branches before next March to the existing network of 506 branches in the state.

Chairman and Managing Director S.R. Bansal told presspersons here on Friday that the Mangaluru-headquartered bank is pushing the e-lobby concept across the State so as to provide convenient banking experience to customers. The bank is planning to open in semi-urban areas initiatives similar to the e-lobbies that have been opened in urban areas. While one such lobby will be opened at the pilgrim centre of Dharmasthala on Saturday, another one will be opened in Sringeri next week, he said.

E-lobby offers multiple banking facilities to customers, including ATM, cash deposit machine, cheque deposit machine and self-service passbook printing machine. Such a facility would not only reduce the burden on bank branches, but also enable customers to get the facility at their convenient timing, the CMD said.

Mr. Bansal said there has been tremendous response from customers who have used the e-lobbies, including the one opened in Mysore. So far, it has opened 143 such facilities across the country. The Bank has a nation-wide network of 9,986 centres, including 2,318 branches, 2,983 ATMs and 4,685 branchless-banking units.

The bank declared the Q1 financial results ending June 2015, wherein it posted a net profit of Rs. 204.26 crore as against Rs. 231.47 crore registered during Q1 of 2014-15, a decline of 11.75 per cent. Mr. Bansal said the reduction in net profit was due to higher provision made towards non-performing assets.

The bank, which has launched Mudra cards for small businessmen, will launch pre-approved Kissan Credit Cards, facilitating easy loans (up to Rs. 50,000) to farmers, the CMD said.

At a time when farmers across the country are in distress, Corporation Bank has said it will offer them easy loans (farm or non-farm), including those towards repaying debts of moneylenders.

Bank Executive Director A.K. Srivastav told presspersons here that a farmer in need of the loan has to just approach any branch of the Bank and instant loan of up to Rs. 1 lakh would be offered. He said farmers are not wilful defaulters, except when there is a crop failure due to vagaries of climate.

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