'Loan factories' planned in 11 centres

Public sector Corportion Bank has planned to open exclusive 'loan factories' in 11 centres in the country, in order to improve quality and reduce the time in providing loans, a top bank executive said today.

As a pilot project, the bank had started the concept in Bangalore in housing loan segment, which would be extended to 11 major centres, including four metros, by December, bank Chairman and Managing Director B Sambamurthy told reporters here.

With an aim to achieve Rs one lakh crore business within 30 months, the bank, with 840 branches at present, had plans to open 55 more branches during the current financial year, he said, adding that it has also plans to increase its ATMs from 925 to 1,000 by March 2007.

Pointing out that the bank would start demat service in 55 branches by the middle of November, Sambamurthy said it was in the process of finalising the service provider for its global credit card, which would be brought out by the middle of October.

As part of assisting the industries, particularly small an medium enterprises, the bank had earmarked Rs 500 crore for the proposed Hi-tech weaving park in Komarapalayam in Erode district in Tamil Nadu, he said.

Similarly, the bank is also opening an hi-tech agricultural branch in Coimbatore to handle agri loans, Sambamurthy said, adding a pilot project is going on in Hassan in Karnataka as part of the proposed Centralised processing Agriculture centre to handle the credit related matters of farmers.

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