Indian Bank keen to invest Rs 5,000 crore in AP

 andhrapradesh | Written by : Suryaa Desk Updated: Fri, Feb 10, 2017, 05:45 PM

VIJAYAWADA: Indian Bank managing director Mahesh Kumar Jain met Chief Minister N Chandrababu Naidu here on Thursday. The bank proposed Rs 5,000 crore investment in infrastructure, education, tourism and hospitality sectors in the State.

Jain explained to the Chief Minister that the Indian Bank is the best performing bank in entire Asia and agreed to the request of the Chief Minister for setting up the bank’s zonal in the capital city of Amaravati. At present it has three zonal offices in Vijayawada, Visakhapatnam and Tirupati.

The bank's managing director explained that over 50 per cent of the loans issued by the bank are agriculture loans. He said they extended loans to Kapu Corporation, Brahmin Corporation, SC, BC and Minority corporations. Mahesh Jain explained that in Krishna district alone, they have 100 banking correspondents and another 145 in Guntur and Prakasam districts.