Online edition of India's National Newspaper
Monday, Aug 17, 2009
ePaper | Mobile/PDA Version
Google



Andhra Pradesh
News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary |

Andhra Pradesh - Vijayawada Printer Friendly Page   Send this Article to a Friend

Tax relief withdrawal will not impact home loans business, says Indian Bank chief

Customers of other banks are welcome to use IB ATMs any number of times, he says

— PHOTO: RAJU. V

growth path: Indian Bank Chairman and Managing Director M.S. Sundara Rajan in a cheerful mood during the inauguration of Gurunanak Nagar branch of the bank in Vijayawada on Sunday.

VIJAYAWADA: The withdrawal of tax relief on home loans proposed in the draft Direct Taxes Code Bill, 2009 will not make any difference to the banks’ home loan business, asserted Indian Bank Chairman and Managing Director M.S. Sundara Rajan here on Sunday.

“It may at best have an impact on the home loans that are taken as investments. We will concentrate on actual users of these loans and I don’t see any problem in doing business as usual,” said Mr. Sundara Rajan, answering a query on the issue during his interaction with reporters on the sidelines of inauguration of Gurunanak Nagar branch of the bank.

The Gurunanak Nagar branch, which was opened about four month ago on the temporary premises, now moved into the new premises in the same building on Fun Times Club road, becoming the 60th branch in Vijayawada circle. Branch Manager K.V.V. Prasada Rao said that an ATM would also be provided soon.

Mr. Sundara Rajan pointed out that the demand for home loans of more than Rs.30 lakh was actually coming down over the years, which was an indication of the decline of the trend of taking loans to make investments on property. “In the same manner, the demand for loans of an amount up to Rs.30 lakh is on the increase. This indicates that we have nothing to worry,” he said, adding there was nothing wrong in the Finance Ministry thinking that the time had come for reassessing the existing tax concessions.

Mr. Sundara Rajan strongly disagreed with the view that a limit should be imposed on the number of transactions that a customer could make in the ATMs of other banks, in view of the sharp increase in the number of such transactions after the RBI made the use of any ATM of any bank a charge-free affair. “As CMD of the Indian Bank, I wholeheartedly welcome customers of other banks to use my ATMs any number of times, as it would help me arrive at a correct picture of how my ATMs are functioning,” he said. Mr. Sundara Rajan expressed confidence that the economy in general and the banking industry in particular would start growing rapidly from October.

Krishna ZP Chairperson Kukkala Nageswara Rao and Vijayawada Circle Deputy General Manager M. Ramachandra Naik were present.

Printer friendly page  
Send this article to Friends by E-Mail



Andhra Pradesh

News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary | Updates: Breaking News |


News Update



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | Publications | eBooks | Images | Ergo | Home |

Copyright 2009, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu