PNB organises meet with Punjab industrialists

The Punjab National Bank (Northern Zone) today organised a "customer meet" of leading industrialists of the area to have their views on the industrial scenario and banking requirements in Chandigarh. The meeting was chaired by B P Chopra, general manager.

Chopra said the Reserve Bank of India had recently issued a gold card scheme for exporters and suugested that exporters be issued export gold cards, subject to certain conditions.

He said the bank had issued 25 gold cards to companies in Chandigarh and other parts of Haryana, and the approval of many others was in the pipeline. Under this, the exporters are charged an interest rate of 7.5 per cent, and a LIBOR-linked rate for foreign currency credit.

Chopra said cement, steel, paper, and textiles had shown tremendous growth over the past one and a half years. The banks have fallen in line with the trends and have become liberal in meeting credit requirements of different industries.

This has resulted in a substantial credit offtake in this quarter in the banking industry. The bank has opened two large corporate branches and eight mid-corporate branches, including one in Chandigarh

Talking to Business Standard, the vice-president of Bhushan Industries, D R Ahuja, said this would help them in reducing the cost of production and make their exports more competitive in the global market.