Published on 23/02/2021 4:15:04 PM | Source: IANS

Kerala: KFC loan assets cross Rs 5,000 crore

Posted in Economy News| #Economy #Government #Kerala

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

 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.