|Public sector lender, Punjab and Sind Bank (P&SB) has announced a new fast track loan sanctioning for business loans exceeding Rs. 25 crore. The scheme will be known as ‘tatkal'.
Under the new framework, prospective borrowers can SMS the bank with the details and the proposal in concise, and the bank would get back to the customer within a fortnight.
Mr. Divinder Pal Singh, Chairman and MD, P&SB was positive about the loan demands despite the last week status quo by the RBI on policy rates and CRR.
plans to focus on tendering advances to infrastructure, tourism and hospitality sector. "Though there has been some concern, I still think there is some scope for lending even to real estate,'' Mr.Singh added.
The bank also plans to add 300 branches and hire 1000 probationary officers (PO) in the current year. "We are targeting at 25 per cent growth in the total business this year. The net interest margin might reach 3 per cent by end of December quarter,'' Mr Singh said.
Vehicle loans and Home loans would also be covered under the fast tracking scheme, added Mr. Singh