Date:31/07/2004 URL: http://www.thehindubusinessline.com/2004/07/31/stories/2004073100881900.htm

Back Indian Bank loans to strengthen school buildings

Our Correspondent

Madurai , July 30

THE Indian Bank has come forward to assist schools in the State in their endeavour to strengthen the buildings.

The Chairman and Managing Director, Mr M.B.N. Rao, told presspersons at Tiruchi said that the bank is willing to extend loans ranging between Rs 2 lakh and Rs 10 lakh, with one-year moratorium and seven-year repayment schedule.

He further said that the bank would be launching its medical insurance package by August. A memorandum of understanding is to be entered into shortly with United India Insurance as negotiations have been completed for the purpose.

A `Core Banking Package' for personalised banking by the customers is also to be launched to facilitate Internet, Mobile and Anyt6ime Anywhere Banking, he added.

Mr Rao hoped that the bank's net non-performing assets, which stood at 2.71 per cent in 2003-04, would be wiped out by 2007.

The capital adequacy ratio stood at 14 per cent as against the RBI norm of 8.5 per cent.