Punjab & Sind Bank launches ‘tatkal’ scheme to sanction loans for corporates

Punjab and Sind Bank has launched a ‘tatkal’ scheme for sanctioning loans above Rs 25 crore for businesses.

“Everybody has a request for quick disposal of their loan applications and there is good demand especially from the corporates in this regard,’’ Mr Divinder Pal Singh, Chairman and Managing Director, Punjab and Sind Bank, told Business Line .

The loan can be applied for at any branch through a SMS with the details of company’s name, gist of proposal and the bank would get back to the customer.

“We will convey the expression of interest within 15 days from the time of first application,” Mr Singh said.

When asked on the nature of demand for loans post–RBI’s policy last week, the CMD said although key rates were not cut, the demand for corporate loans was still there.

Punjab and Sind Bank would also be fast-tracking housing and car loans, he added.

The bank would primarily focus on lending to infrastructure (roads, ports etc), tourism and hospitality industry. “Though there has been some concern, I still think there is some scope for lending even to real estate,’’ Mr Singh said.

EXPANSION

“We have been strong in Delhi and Punjab but see a need to expand in Andhra Pradesh, Tamil Nadu, Karnataka besides Maharashtra and Madhya Pradesh this year,’’ he said.

About 300 branches will be added to the existing network of over 1,000 branches. The recruitment of 1,000 probationary officers would also be taken up, he added.

“We are targeting at 25 per cent growth in the total business this year. The net interest margin might reach 3 per cent by end of December quarter,’’ Mr Singh said.

As of of March 31, 2012, the bank had a net interest margin of 2 per cent.

nagsridhu@thehindu.co.in