Indian Bank recovers Rs. 300 cr. of NPAs

By Our Corporate Reporter

CHENNAI, DEC. 28. Indian Bank has recovered around Rs. 300 crores of the non-performing assets (NPAs) so far during the year and the bank is taking every effort to recover the NPAs through conduct of recovery camps, compromise settlements, court decrees and other means, said Ms. Ranjana Kumar, Chairperson and Managing Director while addressing staff members.

The borrowal accounts are being monitored closely and accent is on maintaining the health of the standard assets, the MD said.

Additional focus and renewed efforts have been taken to improve the quality of the customer service. The bank is in the process of networking its ATM facility. Several savvy retail loan products have been launched and well received by the clientele.

The deposits of the bank has crossed the Rs. 20,000 crore mark as on September 2000.

The total business of the bank has crossed the Rs. 30,000 crore mark. Income has increased during the half year by Rs. 104 crores. It earned a operating profit of Rs. 18.37 crores after a gap of four years. The growth in saving deposits was Rs. 417 crores against Rs. 400 crores for the whole of 1999-2000.

Revises interest rates

The bank has revised the rates of interest on domestic term deposits with effect from December 27.

According to a release, the rates of interest on term deposits (below Rs. 15 lakhs) for 91-days - less than 1 year has been revised to 8 per cent, for 1-2 yeas to 9.25 per cent and for 2-3 years to 9.50 per cent. Interest rates for 15-45 days has been fixed at 5 per cent and 46-90 days 6.75 per cent. The rate for three years and above remains unchanged at 10 per cent.

Punjab & Sind Bank revises term deposit rates

NEW DELHI, DEC. 28 Punjab and Sind Bank (PSB) today revised interest rates on its domestic term deposits with effect from December 16.

For deposits of less than Rs. 15 lakhs for 15 to 30 days the interest rate would be 5.50 per cent per annum, while it will be 6.25 per cent for 31 to 45 days, 6.25 per cent for 46 to 90 days and 7.50 per cent for 91 to 179 days, according to a bank release.

For deposits of over 180 days but less than a year the rate will be 8 per cent, for one year to less than two years it will be 8.75 per cent and 9.50 per cent for two to three years while for three years and above it will be 10 per cent per annum, the release said.

The interest rates for deposits above Rs. 15 lakhs but less than Rs. 1 crore for 15 to 30 days will be 5.75 per cent, 6.50 per cent each for 31 to 45 days and 46 to 90 days while for 91 to 179 days it will be 7.75 per cent, it said.

For periods above 180 days to one year the rate will be 8.25 per cent, for one year to less than two years it will be 9 per cent, for two years to less than three years the interest rate will be 9.75 per cent and for deposits above three years it will be 10.25 per cent per annum, the release added.

- PTI

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