TRICHY: State Bank of India chairman, Pratip Chaudhuri on Saturday said that rules for sanctioning loans up to an amount of Rs one crore for small businesses and services would be relaxed to facilitate business prospects in the central region of Trichy.
Senior SBI officials, who were here to give freebies to deserving institutions as part of the bank's corporate social responsibility said that once the Small Industrial Development Bank of India (SIDBI) gave the nod for a well-deserved, growth-oriented business proposition, the loan amount up to Rs one crore would be dished out by the bank without any collateral. This, Chaudhuri said, was being done to promote a number of small businesses, and warned that the loan facility would not be available for trading.
To a question on housing loans, which were being inordinately delayed despite the applicants submitting all the necessary documentation, Pratip said it could be due to the delay in the verification of documents. Pratip said that in the coming years, the bank would be concentrating on the textile industry as spinning and weaving produced a lot of job opportunities in addition to spurring growth rate. tnn The bank, which reserves 1% of its declared profit for the purpose of community service banking, presented an ambulance to the Hindu Mission Hospital and a Rs 2.5 lakh chapatti-making machine to Tiruchi Seva Sangam.
