NEWS & ADVICE : HOME LOANS
UBI to set Rs 500 cr for financial inclusion in AP
By Joseph Samson
Nov 26, 2010
Print    Email    RSS   

Public sector lender, Union Bank of India has decided to keep aside Rs 500 crore as a part of the first phase of financial inclusion in Andhra Pradesh.

According to MV Nair, Chairman and Managing Director of the bank, the bank has decided to utilise this amount for funding 650 primary agricultural cooperative societies (PACs).

The funds would be disbursed according to the credit record data which is being prepared by CoOptions Technologies. So far 2700 PACs have been revived by the state government and others have been closed.

Use of biometric smart cards have also been started by the bank for fund disbursal under different schemes of the government. 2 million cards have already been launched so far which according to Nair is quite a big number considering only 200 branches of the bank in Andhra.

Speaking about the microfinance business of UBI in AP, Nair said that the bank has lent lent Rs 291 crore to 45 MFIs across the country, of which 15 MFIs were in AP.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Mortgage insurance’s relevance in India
Home Loan or Own Funds: A Classic Dilemma
Make your home loan repayment easier
Are you ready to file your taxes? Please...
What should you do if interest rates are...


PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive