CUB reaches out to small traders in Tier III, IV towns
City Union Bank (CUB), in association with City Credit, launched a new programme to reach out to the economically weaker sections of the society, such as small traders, street vendors, mini kiosks and others, especially located in Tier III and IV towns.
Named as 'Micro LAP' (Micro Loan Against Property), the programme was formally launched here on Wednesday by the bank's executive director Vijay Anandh. Expressing delight at the product's maiden launch in Andhra Pradesh, Mr. Anandh said that it would cover small traders and less salaried people not under the Income Tax bracket.
Ravi Kondeti, chief executive officer of City Credit, which serves as the outreach arm taking care of the promotion, marketing, clearance and collection activities, explained the need to create awareness among the prospective customers living in remote villages and towns not covered by the banking sector. 'This comes under priority sector lending, as it includes mortgage loans and home loans in the ₹10-₹50 lakh segment,' he added.
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CUB reaches out to small traders in Tier III, IV towns
City Union Bank (CUB), in association with City Credit, launched a new programme to reach out to the economically weaker sections of the society, such as small traders, street vendors, mini kiosks and others, especially located in Tier III and IV towns. Named as 'Micro LAP' (Micro Loan Against Property), the programme was formally launched here on Wednesday by the bank's executive director Vijay Anandh. Expressing delight at the product's maiden launch in Andhra Pradesh, Mr. Anandh said that it would cover small traders and less salaried people not under the Income Tax bracket. Ravi Kondeti, chief executive officer of City Credit, which serves as the outreach arm taking care of the promotion, marketing, clearance and collection activities, explained the need to create awareness among the prospective customers living in remote villages and towns not covered by the banking sector. 'This comes under priority sector lending, as it includes mortgage loans and home loans in the ₹10-₹50 lakh segment,' he added.
