BoB to waive Rs1,000 crore farm loans

BoB to waive Rs1,000 crore farm loans
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First Published: Fri, Mar 07 2008. 04 02 PM IST
Updated: Fri, Mar 07 2008. 04 02 PM IST
PTI
Kolkata: Public sector lender Bank of Baroda (BoB) expects to waive Rs1,000 crore farm loan in pursuance of the loan waiver scheme announced by the Finance Minister P Chidambaram in the budget.
“We expect to waive loan of about Rs1,000 crore,” BoB chairman and managing director, Anil Khandelwal, told reporters at the inauguration of ‘Baroda Tower’ here.
The finance minister in his budget speech promised to waive Rs60,000 crore of agriculture loans to give relief to the farmers.
Speaking about joint ventures for AMC and life insurance, Khandelwal said, “We expect the AMC to be operational by September and the life insurance venture in March 2009 after receiving all approvals.”
The AMC venture would be with Pioneer Global Investment, part of the Italy’s biggest bank, Unicredit.
The foreign partner for life insurance would be UK-based Legal & General.
The bank was aiming for credit growth of 22-24% in the next three years at the current level of GDP growth, Khandelwal said.
“This fiscal we are expecting loan growth of 20%,” he said.
The bank was aiming to double the total business in the next three years. The total business as on December was Rs2.32 lakh crore.
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First Published: Fri, Mar 07 2008. 04 02 PM IST