KSFC sanctions loans of Rs 15 cr

The Karnataka State Financial Corporation (KSFC) on Saturday sanctioned Rs 15 crore to units in Mysore zone.

Switching over to an aggressive approach from its earlier bureaucratic methodology to match it with the growing dynamic activity of banking and financial institutions, the KSFC held its third district-wise business development meet in Mysore.

The units benefitting from the spot loan clearance are in the districts of Mysore, Mandya, Kodagu and Chamarajanagar. At the first business meet in Dharwad on August 18, eight proposals amounting to Rs 9 crore and on August 20 in Bangalore, 18 loan proposals of Rs 26.40 crore were cleared on the spot.

"We are continuing the aggressive competitive approach in more centres during September," KSFC, managing director, Jayachamaraje Urs told the Business Standard.

"Over the last 10 years, this is for the first time we are having such aggressive business meetings with our customers. We want to cut the red-tape, improve customer relations and go to his doorsteps, instead of making him come to Bangalore," he said.

"Besides approval of loans, we have taken up grievances redressal of customers also at these meetings," he said adding that divisional and zonal branches have more powers now delegated to thenm sanction loans up to Rs 20 lakh and Rs 75 lakh.

Proposals of over Rs 75 lakh only need to come to the head office. The loan sanction committee, now meeting every week, approves the proposals based on the new clearly-defined lending policy. PROs have been appointed in all the branches as well.

With these transparency has been brought about in the KSFC. The corporation's focus is now on improving operational efficiency with customer-centric approach.