The Hindu Business Line : Banks urged to improve priority sector lending

PUBLIC sector banks in the country need to pay more attention to the agricultural and SSI sectors, according to the Secretary (Banking and Insurance) to the Union Ministry of Finance, Ms Vineeta Rai. Ms Rai was addressing the executives of Corporation Bank here.

According to Ms Rai, priority sector lending is a "good option before banks to expand their business," especially due to the low percentage of NPAs in the agricultural sector. The SSI sector, too, was another area with "great potential," Ms Rai said.

Ms Rai also said that the "unregulated interest regime," the Securitisation Act, the new proposals in the Budget and various policies of the Government had opened up "ample opportunities."

Ms Rai also gave away prizes to the winners of an essay contest conducted by Corporation Bank.

On his part, the Chairman and Managing Director of the bank, Mr K. Cherian Varghese, said that Corporation Bank had opened up "a wide array of delivery channels" to make customers more "comfortable," according to a bank press release.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Re-fixing of commissions — Brokers upset over IRDA fiat

Murugappa group to get Rs 33 cr from Mitsui

ICICI Bank withdrawals overshoot by Rs 150 cr

Syndicate to drop StanChart — Plans tie-up with Visa for own cards

Banks urged to improve priority sector lending

IFCI to be split into two — Plan entails segregating good and bad assets