 "Corporation Bank expects gold loans to touch Rs 185 cr in Hyderabad zone")
The Hyderabad zone of Corporation Bank expects to increase its gold loan portfolio to Rs 185 crore in the current financial year as compared with around Rs 40 crore last fiscal. The zone consists of all the ten Telangana districts, including Hyderabad,
Bank's zonal head D Purnachandra Rao said the sanction of gold loans had gone up after the bank started focusing on this segment. Gold loans given by the bank's 68 branches in this region currently stand at Rs 160 crore and would go up to Rs 185 crore by March end.
In terms of advances to priority sectors, the bank is focusing on the SME loan portfolio by promising to sanction loan within 15 days from the date of application at interest rates ranging from 11 per cent to 12.5 per cent, he said. It has also advanced about Rs 100 crore to agriculture allied activities, including rural godowns, cold storage units, dairy and poultry farms in the Telangana region. The zone accounts for Rs 3,800 crore deposits and Rs 4,000 crore advances.
Bank's zonal head D Purnachandra Rao said the sanction of gold loans had gone up after the bank started focusing on this segment. Gold loans given by the bank's 68 branches in this region currently stand at Rs 160 crore and would go up to Rs 185 crore by March end.
In terms of advances to priority sectors, the bank is focusing on the SME loan portfolio by promising to sanction loan within 15 days from the date of application at interest rates ranging from 11 per cent to 12.5 per cent, he said. It has also advanced about Rs 100 crore to agriculture allied activities, including rural godowns, cold storage units, dairy and poultry farms in the Telangana region. The zone accounts for Rs 3,800 crore deposits and Rs 4,000 crore advances.