Close on the heels of the Orissa Cabinet giving its nod to give Grid Corporation of Orissa (Gridco) a financial guarantee of Rs 1000 crore, the Orissa State Cooperative Bank (OSCB) has offered to provide the loan amount to the corporation.
"The financial position of the OSCB has improved considerably and the bank is now prepared to give aRs 1000-crore loan to Gridco. We are going to write to the state Chief Minister as well as Chairman of Gridco, indicating our intent to provide the loan to Gridco”, said Jagneswar, president of OSCB.
"The Reserve Bank of India has given us the license to offer loans in the commercial sector. There is no need for Gridco to approach commercial banks for the loan when the OSCB is capable of doing so”, he added.
