Bank of India implements tailor-made schemes
Bank of India implements tailor-made schemes Bank of India has implemented cluster financing schemes as per the needs of various local groups. Under these schemes,easy loans are made available for members of traders/merchants` associations, private bus operators’ association and pineapple growers’ association, reports Business Line. K.R. Kamath, bank executive director informed that the bank introduced financing schemes for members of the Houseboat Owners’ Association of Alappuzha, mini dairy units and tailors in association with various government bodies. >The bank is growing at a very fast pace. It has opened a branch in Kochi and will open branches at Thiruvananthapuram, Chengannur, Kottakkal and Thalasserry. It is also strengthening its presence across the world, wherein the bank has taken over a private bank in Indonesia. Further, the bank is planning to establish itself in Pakistan, T anzania, South Africa, Canada, and Nepal. The bank ventured in insurance sector in association with National Insurance company, Oriental Insurance company, ICICI Prudential Life Insurance company and a Japanese insurance company. Mr. Kamath said there was a slowdown in home loan sector, however the response to the gold coin sale was good. The bank has tied up with UTI Mutual Fund, Kotak Mutual Fund, HDFC Mutual Fund, ING Mutual Fund and Franklin Templeton Investments. The bank also provides education loans.
Bank of India has obtained licences for opening branches in Dhaka and Dubai. It also has branches at Vietnam.
Shares of the company closed down Rs 8.30, or 3.32%, at Rs 241.85. The total volume of shares traded at BSE was 244,636.( Friday )
