The United Bank of India is going to launch a new loan scheme, for helping the tea growers. The tea credit card is similar to the Kisan credit card, with a 7 % rate of interest, up to 50,000 Rupees. At present, the UBI is concentrating on the Northeast region, especially, on the small tea grower. They produce 30% of the tea and they are struggling to develop their trade. Now, the bank has decided to lend 300 crore Rupees, exclusively for the tea growers.
The bank is going to expand its outlets up to 500, with two hundred ultra branches, hundred normal branches and hundred ATMs. Ms Archana Bhargava, the Chairperson and the Managing Director said that the bank is going to issue 1000 tea credit cards, in the initial stage. In addition, the bank will be hiring 500 clerks for its projects in the Northeast region. She was in Gauhathi and was talking to the Economic Times.