The Hindu 20.10.2010
BDA ties up with Corporation Bank
Staff Reporter
| Bank will be a preferred financier for the utility's development activities |
SEALING A DEAL:BDA Commissioner Bharat Lal Meena and Managing Director of Corporation Bank Ramnath Pradeep exchanging files after signing an MoU in Bangalore on Tuesday.
Bangalore: The Bangalore Development Authority (BDA) entered into a memorandum of understanding (MoU) with Corporation Bank on Tuesday for extension of various banking services, including extension of credit limits to BDA for its project to allot 25,000 houses and sites to people from the economically weaker sections.
According to the MoU, the bank will be one of the preferred financiers for all development activities taken up by the BDA. Besides, the Bank will sanction loans to applicants for purchase of sites/houses from BDA and also to those who are displaced due to land acquisition by the authority.
The MoU was signed by the Bank's Chief General Manager C.K. Pinto and BDA's Finance Member R. Maheshwarappa in the presence of BDA Chairperson Vatsala Vatsa, Commissioner Bharat Lal Meena, and Chairman and Managing Director of Corporation Bank Ramnath Pradeep.
Employees too
The bank will also meet various retail loan requirements of BDA employees as per their eligibility. Suitable IT solutions would be developed to integrate with BDA's server for all financial activities such as online collection of application fee, property tax and rents and all other payments apart from e-auction. Kiosks will be set up at BDA to facilitate the banking services.
Mr. Meena told reporters that BDA had not yet availed itself of any loans from the bank.
“But, if required, we will take financial assistance from the bank for our future projects. The MoU will create a synergy between the two organisations and will come into effect shortly,” he said.
