NEW SECURITIZATION LAW TO TACKLE BANKING NPAs
The Union Minister
of Law, Justice and Company Affairs, Shri Arun Jaitley has said
that with a new law on securitization of banks against loans Non
Performing Assets (NPAs) of this sector, which had crossed Rs.
100,000 crore mark would be tackled. Inaugurating the seventh
branch of Lord Krishna Bank at Lajpat Nagar in Delhi and the 94th
branch in the country, Shri Jaitley said that the Cabinet has
already cleared the Bill, which would be introduced in the current
Budget Session of Parliament. With the enactment of the securitization
law the creditors would not have to chase debtors anymore, the
Minister added.
The Law Minister
said that during the last three decades the banking sector has
undergone phenomenal changes with the entry of private sector
banking in a big way. Now the rules were competitiveness, credibility
and customer care, wherein customer was the king and banks cared
for liquidity and reliability in this age of high-tech solution
and relationship marketing. The Minister said that the new branch
of Lord Krishna Bank was another initiative of the bank to reach
out to the consumer. He hoped that the bank would continue to
grow and work towards bringing world class banking solutions to
the customers.
The Lajpat Nagar
branch of the bank would provide 24 hours ATM and seven days banking
service apart from providing complete range of corporate and retail
banking products and services.
Presently,
Lord Krishna Bank in the private sector, which is headquartered
at Kochi (Kerala), is spread over 10 States with a 2.5 lakh strong
customer network. It has a perspective plan for a customer base
of 7.5 lakh by the end of 2002-2003 and a business volume of Rs.
10,000 crore by the end of 2004.
