Financial Daily from THE HINDU group of publications
Thursday, Apr 15, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 15, 2004 |
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Money & Banking
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Financial Institutions KSFC loan sanctions touch Rs 301 crore Our Bureau
Mangalore , April 14 THE Karnataka State Financial Corporation (KSFC) assisted 1,300 new enterprises from various sectors during 2003-04, according to the Managing Director of KSFC, Mr V. Umesh. A KSFC press release said here that it extended assistance to 640 manufacturing units, 250 hotels and restaurants, and 175 commercial and residential complexes during 2003-04. Apart from this, 75 textile and readymade garment units, 73 hospitals and nursing homes, 25 pharmaceutical industries, 12 educational institutions and 50 printing and publishing units also got financial assistance from KSFC during the period. During 2003-04, the corporation sanctioned loans to the tune of Rs 301.56 crore. The net disbursement of loans stood at Rs 248.96 crore. The overall recovery worked out to Rs 560.34 crore. ``The corporation is likely to register an operating profit of Rs 15 crore for 2003-04,'' Mr Umesh said. The release said that the new NPA management strategy of KSFC had enabled the recovery officers to focus on recoveries based on nature and category of assets. The debt-restructuring package extended to KSFC by SIDBI gave comfort in the operation of corporation's funds and repayments, the release said, adding that the State Government, KSFC, and SIDBI had signed an agreement in this regard. The future plan of KSFC includes joint financing with banks and financial institutions to meet the requirements of small and medium entrepreneurs. Apart from this, KSFC is planning to set up a subsidiary to undertake asset reconstruction activities. KSFC has assisted over 1,63,000 small and medium entrepreneurs to the tune of Rs 7,185 crore in the past 45 years.
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