No colleteral security for loans upto 5Lakhs.
No need to insist a colletaral security for a loan of Five lakhs.
The Nationalised public sector Banks and the Private Banks are instructed by RBI in this regard.
Branch heads failing to honour this committment may be questioned by CBI,andCVC.
This is how our Hon'ble Finance Minister P.Chidambaram said while delivering a speach in Chennai two days back at a function organised by Tamiland small and Tiny Industries association.
Let us hope!
This message reaches the inactive Branch heads of various Banks in the country.
Take my own case!
I borrowed a loan of five lakhs against a agricultural investment of rupees fifteen lakhs duly valued by the Bank's Valuers and documented legally last feb.
Now, the Branch head is insisting a collateral security and he does not stop there.He wants three blank Cheques which is vulnerable and need to be condemned.
while this is the real picture in this country, our Politicians simply talk on issues without implementing a policy for small and Tiny sectors to sustain.
Bhadrinath.
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