Punjab National Bank in Punjab(South) Zone disbursed Retail Loans to the tune of Rs.486 crore up to February 15, 2005 during the current year registering a growth of 81 per cent under Retail Segment when compared with corresponding period last year and Punjab Zone(South) has planned to disburse retail loans to the tune of Rs. 580 crore up to March, 2006. | |
| This was stated by I D Singh, general manager, Punjab National Bank while disbursing loans of Rs 35 crore to about 200 beneficiaries at a Retail Lending Function organised by Bank here today. |
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| Singh said major thrust areas of retail lending were housing and traders, under which bank has retail loans amounting to Rs.135 crore and Rs 126 crore respectively. |
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| There was also significant increase in education loan portfolio of Punjab(South) Zone under which bank has sanctioned loans of Rs 29.05 crore as compared to Rs 12.27 crore during the same period of last year, thus achieving 137 per cent growth in this portfolio. |
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| Singh said the bank was providing various Retail Lending Schemes specially designed to suit needs of all types of customers at attractive interest rates through all its branches and specialized cells popularly known as Tatkal Suvidha Kendras. |
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| He said PNB had started a new scheme for the customers of the bank who are paying excise duty and service tax. |
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| He said customers of the bank could now pay their excise duty/service tax from their premises without visiting the branch on the click of a mouse. The customers can register themselves for internet banking service of the bank by visiting CBS branch and can pay their Excise Duty/Service Tax & payments of Directorate General of Foreign Trade on line. |
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| Mr. Singh told that the bank had started marketing of mutual fund products of Principal PNB-AMC last year, with an aim to retain large customer base and to provide all financial products under one roof. |
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| During the current year, Punjab(South) Zone has got investments worth Rs.450 crore in the mutual fund products of Principal-PNB Asset Management Company upto 24.2.2006. Mr. Singh also told that a joint venture insurance broking company "� PNB-Principal Insurance Advisory Company(P) Limited has also been set up which has already commenced its activities with effect from April 18, 2005. |
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| A tie up with IFFCO-TOKIO General Insurance has been done so as to provide insurance to housing loan borrowers. The bank has also entered into a tie-up arrangement with New India Assurance Co. Limited for providing personal accident insurance cover to its retail-lending customers. |
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| Further, a tie up arrangement has been made with MetLife India Insurance Co. Limited for providing insurance cover to all saving and individual current account holders in the age group of 18 to 64, on payment of nominal premium. |
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