Chennai Oct. 30 Andhra Bank’s Tamil Nadu and Pondicherry zone states that export credit to Tirupur and Coimbatore is yet to witness a pick-up in growth.
Mr D. Jogiraju, General Manager, Andhra Bank, said that while the bank was bullish about retail lending for home loans, personal loans and education loans the financial crises in the western countries have caused the sluggishness in export credit which is yet to recover.
The zone has bad debts worth Rs 39 crore. He said although both the textile and steel segments contributed to bad debts, in case of the textile sector there was only delayed realisation of interest payments.
Even delayed interest payments are not being received from the steel sector. The zone has about 70 branches across Tamil Nadu while 44 branches are in Chennai city and are expected to add another eight more this year.
Source : Business Line