Business Line 21.10.2010
Corp Bank in pact with Bangalore Development Authority
Our Bureau
Mangalore, Oct. 20
Corporation Bank has signed a memorandum of understanding (MoU) with the Bangalore Development Authority (BDA) to extend various banking services to BDA.
According to the MoU, Corporation Bank will be one of the preferred financiers for the development activities of BDA.
A bank release said here that the MoU was signed in Bangalore on Tuesday by BDA and Corporation Bank, in the presence of Ms Vatsala Vatsa, Chairperson of BDA, Mr Bharat Lal Meena, Commissioner of BDA, and Mr Ramnath Pradeep, Chairman and Managing Director of Corporation Bank.
According to the MoU, Corporation Bank will extend credit limits to BDA for its project to allot 25,000 economically weaker sections/ middle income group houses and sites and also for BDA's projects to the citizens of Karnataka.
The bank will sanction loans to the applicants for purchase of sites and houses from BDA at attractive interest rates according to bank's norms, the release said.
Corporation Bank will meet various retail loan requirements of employees of BDA, according to eligibility.
The MoU also envisages extending loans by Corporation Bank to the persons displaced on account of land acquisition by BDA.
The bank shall develop suitable IT solutions for online collection of application fee, property taxes and rents, online payments, e-auctions, etc.
The release said that the bank will set up kiosks and service counter at BDA to facilitate BDA-related banking services.
