Allahabad Bank restructuring Rs 125 cr loan in Uttar Pradesh

Allahabad Bank is restructuring and rescheduling loans worth almost Rs 125 crore in Uttar Pradesh as the repayment capacity of several individuals and companies has come under strain due to the current economic slowdown.

“We are taking steps such as restructuring and rescheduling of loans, and even giving concession on interest rate to help such customers tide over the economic downturn, whose repayment capacity has been adversely affected,” Allahabad Bank General Manager Shyam Ji Mehrotra told Business Standard.

The quantum of such loans is around Rs 125 crore and spans sectors such as housing, agriculture, small and medium enterprises, and other export-oriented units. Housing sector alone accounts for almost Rs 40 crore, he informed.