Financial Daily from THE HINDU group of publications
Wednesday, Apr 28, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 28, 2004 |
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Money & Banking
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Overseas Borrowings Exim Bank to retire high cost debts Our Bureau
Mr T.C.Venkat Subramanian, CMD, Exim Bank, flanked by Mr R.M.V. Raman, ED (left), and Mr S. Sridhar, ED, at a press conference in Mumbai on Tuesday. - - Paul Noronha
Mumbai , April 27 EXPORT-Import Bank of India on Tuesday announced plans to raise Rs 7,000 crore, including foreign exchange up to Rs 3,800 crore, to augment its forex reserves and help it to redeem some of the high-cost borrowings. The bank plans to redeem Rs 600 crore of loans with an interest rate of 10-12 per cent during this fiscal. Last year, it had redeemed Rs 700 crore, Mr T.C. Venkat Subramanian, Chairman & Managing Director, Exim Bank, said. Exim Bank plans to tap the overseas market immediately to raise ECB of $300 million and the Reserve Bank of India has accorded approval, he said. Exim Bank ended the year with a net profit of Rs 229 crore against Rs 207 crore in the earlier year, registering a growth of 11 per cent. The bank would pay Rs 47 crore as dividend to the Government. Loan sanctions aggregated to Rs 9,266 crore (Rs 7,828 crore) and disbursements Rs 6,957 crore (Rs 5,320 crore). Loan assets increased 23 per cent to Rs 10,775 crore. During the year, the bank extended 12 lines of credit amounting $168 million.
More Stories on : Overseas Borrowings | Financial Institutions | Exports & Imports
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