Public sector Indian Bank on Thursday announced the launch of two tailor-made credit products for the benefit of the textile sector.
The products -- Corporate Loan and Ind Surya Shakthi/ Indian Bank Solar -- would be available for all textile units across the country, Indian Bank Managing Director and CEO Padmaja Khunduru told reporters here.
The Corporate Loan, to be offered at 'affordable' interest rates, will help industries meet their working capital requirements while Surya shakthi is a Term Loan for setting up roof-top solar power plants for captive consumption which will give a thrust to the renewable energy utilisation culture in the textile sector, she said.
Khunduru was speaking on the sidelines of an interactive meeting with captains of the textile industry under the Indian Texpreneurs Federation (ITF), in association with the FICCI.
On merger of Allahabad Bank with the Indian Bank, she said the process was progressing and it would effective from April 1.
Consequent to the merger, the Indian Bank will become the seventh largest PSU banks in the country with a pan-India presence through 6,200 branches and a total business of over Rs.8.50 lakh crore, she added.
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ITF Convenor Prabu Dhamodharan said the interaction was essentially to understand the needs of textile sector and to explore the opportunities for collaboration.
Members of the ITF expressed their happiness that the bank has right understanding of the issues faced by textile entrepreneurs and expressed confidence that the new products would address their constraints, Prabu said.
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