While addressing a session on ‘Strategies for Business Growth: A case of achievement’ during the Nafscob event held at Mumbai on Friday, Himachal Pradesh State Cooperative Bank MD Sharwan Manta stressed on embracing new technology and attracting young customers as a part of strategies for diversification.
“There is a need for diversification as the share in credit flow to agriculture declining and the increasing competition with the larger banks. The challenges before the cooperatives are the high level of Non-Performing Assets in non-agriculture sectors as well as the technological gap”, he added.
There are many avenues where business can be diversified. It included, Business loans, cash credit limit, student loans, renewable energy sector, consortium loans, insurance business, MSME Loans, government sponsored schemes and others, Manta added.
He further said, HPSC Bank diversified its business and introduced many new loan schemes which are becoming a hit among the borrowers. It included, ‘Sapno Ka Sanchay, Pickup/Mini Truck loan scheme, LAS for Workers on Fixed Emoluments, loan for purchase of agricultural land and others.
The other panellists in the team including Mallela Jhansi Rani, Person-in Charge, APCOB, R Sreenath Reddy, MD, APCOB and others also deliberated on the subject.
