Corp Bank offers ATS to mining sector
PTI, PANAJI | 23 June 2014 20:42 IST
State-run Corporation Bank today said it is willing to restructure or offer a one-time settlement to the struggling miners in Goa to help them tide over the crisis arising from closure of mines.
The bank has an exposure of Rs 130 crore to the state's miners who are facing financial problems following the Supreme Court order to close mines to prevent rampant illegal mining in the iron-ore rich state.
"There may be some problem for the mining sector in the state but we have asked customers to opt for one-time settlement. We are also ready for restructuring the loans so as to prevent them from turning bad," Corporation Banks Chairman and Managing Director S R Bansal told reporters here.
He said the bank is not willing to term it as bad debt as it hopes the borrowers are willing to repay the money.
The Goa mining industry is in the doldrums since September 2012 after the apex court banned exports from the state citing rampant illegal mining.
The bank, which has 50 branches in Goa is planning to have 20 more branches this fiscal. Bansal said the bank is bogged down with the crisis in the mining industry and is looking at other sectors including tourism and NRIs to accelerate its growth in the state.
