[sbinews] SBI hopes to disburse Rs 6,000-cr agri loans (Businessline)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Sun, 18 Jul 2004 20:12:11 -0700 (PDT)
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SBI hopes to disburse Rs 6,000-cr agri loans
(Businessline)
Our Bureau
Chennai , July 18
STATE Bank of India expects its agricultural loans to
be Rs 6,000 crore (gross disbursements) in the current
financial year, around 30 per cent more than last
year.
Net of repayments, the bank's agricultural loans are
expected to increase this year by Rs 3,000 crore, Mr
A.K. Purwar, Chairman of the bank, said.
He said that SBI's agri loans suffered a 8 per cent
gross default. He said that the agri loan portfolio
was more attractive than loans to some of the `AAA'
rated companies.
Mr Purwar was here in connection with the launch of a
loan product for broiler (chicken) rearing in
Tiruvallur, near Chennai. The bank intends to open
1,000 agri cells and 600 self-help group cells across
the country, he said.
Mr Purwar ruled out tying up with other institutions
for delivery of rural credit, saying that the SBI was
capable of doing it on its own.
Asked about credit offtake in the first quarter, Mr
Purwar said that it was up 18 per cent over the same
period last year, but total outstandings were at about
the same level as at the end of March last year. He
said he expected a "double digit growth" in business
in the first quarter of 2004-05.
Mr Purwar said that SBI was likely to acquire two
banks "in Asia and Africa". He said that the bank's
operations in Australia, Russia and Oman commenced in
the last three months ? the $ 250 million the bank
raised in May was primarily to funds its overseas
operations, Mr Purwar said.
He said that the bank would in the future look to
acquiring loan portfolios from other banks. Asked if
the bank had a sum of money in mind for buying
portfolio, Mr Purwar said, "we first want to gain some
experience."
He said that SBI had sold shaky loans worth about Rs
500 crore to asset reconstruction companies. "We were
able to realise about 30 per cent of the money," he
said.
=====
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