Kochi, Jul 8 (PTI): Union Bank of India has offered to extend credit support to Kochi Metro and agreed to lead the consortium for mobilising funds.
This was disclosed by the bank's Deputy General Manager, T C John, at the District Level Review Committee (DLRC) meeting of the banks here today. Inaugurating the meeting, P Rajeev, MP, said that banks should be liberal in lending Educational and Agricultural loans. Even though banks were faced with the issue of NPAs, compared to the defaults of big corporates, the NPAs under these sectors and other priority sectors were negligible, he said.
He urged for a meeting of elected representatives, District Collector and bank officials to discuss issues related to lending to priority sector. Ernakulam District collector, Sheik Pareeth, expressed concern over the reluctance of some banks in providing education loans. Certain banks were not complying with the decisions taken in adalats with mutual consent in presence of ministers and himself. He also announced that Union Bank of India will shortly be opening a Financial Literacy Centre in the Collectorate for the benefit of all.