KFC loan assets cross Rs 5,000 crore
Thiruvananthapuram, February 23 (IANS) The Kerala Financial Corporation (KFC) crossed Rs 5,000 crore in loan assets as of December 31, 2020, compared to the previous year’s figure of Rs 2,838 crore.
“KFC has achieved the strongest growth among government-owned State Financial Corporations (SFCs) in India. This important achievement has been facilitated by new loan penalties of Rs 3,385 crore so far in the current fiscal year, ”said KFC CMD Tomin J. Thachankari.
“This was achieved at a time when other banks and financial institutions were reluctant to sanction loans due to the pandemic,” the CMD added.
One of the first decisions that the CMD took after being invited to lead this financial organization was to toughen up the collection procedures, which saw immediate results, after deciding to transfer the defaults’ information to the CIBIL.
This gave instant results when loan repayments also fell from Rs 968 crore in the previous period to Rs 1,871 crore for this fiscal year, which led to a drop in non-performing assets to 3.4%. .
This time, another KFC initiative was to provide loans to 1,700 people without any collateral as part of the Chief Minister’s newly launched entrepreneurship development program.
The company has also set up loan programs for converting buses to CNG and also for purchasing electric vehicles without any collateral.
KFC has also developed a program to revive the tourism sector, through which special loans of up to Rs 50 lakh are allowed to hotels without any collateral, on a daily repayment basis, which has received a positive response.
sg / kr