Approaches RBI for approval
Rajahmundry, East Godavari, June 17, 2006The State Finance Corporation (SFC) is going to be restructured as Universal Bank within the next couple of years. Being so, it will move into a special category bank. The Reserve Bank of India (RBI) is already approached in regard to this.
Speaking at a press conference on Saturday, SFC Chairman, J Rambabu and Managing Director Ajeya Kallam said that they are facing intense competition from all types of banks and financial institutions in lending money to small and medium scale industries.
Rambabu said that they are going to lend Rs. 670 crores in the current year and also contemplating o further reduced the interest rate to improve its business.
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