Financial Daily from THE HINDU group of publications
Tuesday, Mar 18, 2003
Financial Daily from THE HINDU group of publications Tuesday, Mar 18, 2003 |
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Money & Banking
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Public Sector Banks Industry & Economy - SSI Canara Bank's scheme for SSIs Our Bureau
BANGALORE, March 17 CANARA Bank has launched a new scheme for small-scale industries (SSIs) banking with it. The bank will sanction a stand-by credit up to Rs 5 lakh to SSIs at the time of regular sanction of working capital. However, the bank did not detail the rate of interest it would charge on such loans. The stand-by credit limit sanctioned would be in the form of a term loan with a repayment period up to six years and the units can avail off the limit within one year of its sanctioning. The scheme is a revolving facility which gets restored every year and the facilities under the scheme could be availed off on multiple occasions with a minimal disbursement of Rs 25,000.
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