Allahabad Bank's grain storage focus

Allahabad Bank on Tuesday said it would focus on financing setting up of foodgrains storage godowns and silos throughout the country, especially in Punjab and Haryana.

Bank’s Chairman and Managing Director J P Dua said here the bank had already advanced to over 100 customers for building foodgrain storage capacities in the northern region. He was here to inaugurate a zonal office. Dua said bank would not hesitate to allocate more funds for godowns as it saves foodgrain from going waste.

Dua said the bank had kept low interest rate for funding retail banking, especially for housing and car loans at the base rate of 10.5 per cent, which is very competitive.

 

He asserted the Allahabad Bank would continue to meet all their targets in agriculture finance and would act as a catalyst for the progress in the farming sector.

He said bank has plans to expand its branch network in Punjab by opening 40 more branches to improve its reach in the state. Executive director of the bank Arun Tewari said the bank has crossed Rs 5,500 crore of total business in Punjab and hope to increase it manifolds in coming years.