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Time of India

Lend to known people after knowing people, Fadnavis' tells co-op bank

Nagpur: Chief minister Devendra Fadnavis , while speaking at the silver jubilee function of Wardhaman Urban Co Operative Bank in Nagpur on Saturday, said co-op banks must exercise discretion while lending to 'known people' as there could still be a possibility of default. Fadnavis said just like the bank, he too is celebrating his silver jubilee as a MLA since he made his debut in 1999. "As rightly pointed out by former Rajya Sabha MP Ajay Sancheti, I too am celebrating a silver jubilee. It's my 25th year in in the legislature. I was elected on October 7 in 1999 and this bank started on October 11," said Fadnavis. While praising the bank's strong financial health, Fadnavis also gave a sound advice in the context of co-op banks. "Before lending to 'known people', ensure that you 'know people'," said Fadnavis, using a play of words which had the maximum impact in Hindi, the language he was addressing the audience in. "If you lend to the wrong person then there are chances of default," said Fadnavis. During his address, Fadnavis expressed happiness about the bank's impressive financial health. He highlighted the bank's net non-performing assets which are at zero, while the gross NPA is under one percent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Reimagining Modern Workspaces Starts With Smarter Monitors CRN UK Learn More Undo He praised the trust that people have in the bank, noting that many customers feel confident banking with the bank because they personally know the staff and management. Fadnavis pointed out that the bank has managed to perform well despite stiff competition from bigger banks that are aggressively expanding their operations. Nagpur: Chief minister Devendra Fadnavis, while speaking at the silver jubilee function of Wardhaman Urban Co Operative Bank in Nagpur on Saturday, said co-op banks must exercise discretion while lending to 'known people' as there could still be a possibility of default. Fadnavis said just like the bank, he too is celebrating his silver jubilee as a MLA since he made his debut in 1999. "As rightly pointed out by former Rajya Sabha MP Ajay Sancheti, I too am celebrating a silver jubilee. It's my 25th year in in the legislature. I was elected on October 7 in 1999 and this bank started on October 11," said Fadnavis. While praising the bank's strong financial health, Fadnavis also gave a sound advice in the context of co-op banks. "Before lending to 'known people', ensure that you 'know people'," said Fadnavis, using a play of words which had the maximum impact in Hindi, the language he was addressing the audience in. "If you lend to the wrong person then there are chances of default," said Fadnavis. During his address, Fadnavis expressed happiness about the bank's impressive financial health. He highlighted the bank's net non-performing assets which are at zero, while the gross NPA is under one percent. He praised the trust that people have in the bank, noting that many customers feel confident banking with the bank because they personally know the staff and management. Fadnavis pointed out that the bank has managed to perform well despite stiff competition from bigger banks that are aggressively expanding their operations.