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Thursday, September 12, 2013

Allahabad Bank to focus on retail segment

In a bid to focus on its retail credit business, Kolkata-headquartered Allahabad Bank has set up 40 centralised retail banking boutiques. These come in addition to the 59 retail banking boutiques that allow faster processing, appraisal and sanction of retail loans.

According to a press release issued by the bank, it has taken steps to speed up sanction of housing loans within six working days and car (vehicle) loans within 48 hours.

Financing of commercial vehicles (to transport operators) will be through its All Bank Fleet Finance Scheme; wherein, loans above Rs 2 crore are sanctioned.

Allahabad Bank, the release stated, has also entered into a tie-up with automobile manufacturers such as Piaggio Vehicles, Tata Motors, Ashok Leyland, Hindustan Motors, Bajaj Auto, Force Motors, amongst others for financing their vehicles.

Shares of Allahabad Bank closed at Rs 77.30, up by 1.51 per cent, at the BSE, on Thursday.

Source: thehindubusinessline


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