Social News XYZ     

Kerala: KFC loan assets cross Rs 5,000 crore

Kerala: KFC loan assets cross Rs 5,000 crore

Thiruvananthapuram, Feb 23 (SocialNews.XYZ) The Kerala Financial Corporation (KFC) has crossed Rs 5,000 crore in loan assets as on December 31, 2020, from the previous year's figure of Rs 2,838 crore.

"KFC has achieved the highest growth among the government-owned State Financial Corporations (SFCs) in India. This important achievement was facilitated by fresh loan sanctions of Rs 3,385 crore so far in the current financial year" said KFC CMD Tomin J. Thachankari.

 

"This was achieved at the point when other banks and financial institutions were reluctant to sanction loans due to the pandemic," added the CMD.

One of the first decisions that the CMD took after being asked to head this financial organisation was to tighten the recovery procedures, which saw instant results, after he decided to transfer the defaulters' information to CIBIL.

This yielded instant results when loan repayments also jumped from Rs 968 crore in the previous period to Rs 1,871 crore for the present fiscal, which led to the non-performing assets dipping to 3.4 per cent.

Another initiative of KFC this time was to provide loans to 1,700 people without any security under the newly-introduced Chief Minister's Entrepreneurship Development Programme.

The corporation has also introduced loan schemes for converting buses to CNG and also for purchasing electric vehicles without any security.

KFC has also come up with a scheme to revive the tourism sector, whereby special loans of up to Rs 50 lakh are allowed to hotels without any security, under a daily repayment basis, which received a positive response.

Source: IANS

Facebook Comments
Kerala: KFC loan assets cross Rs 5,000 crore

About Gopi

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.

When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

PHP Code Snippets Powered By : XYZScripts.com
%d bloggers like this: