Financial Daily from THE HINDU group of publications
Tuesday, May 11, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 11, 2004 |
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Money & Banking
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Non-Performing Assets KSFC recovers Rs 560 crore in 2003-04 Our Bureau
Bangalore , May 10 THE state-owned Karnataka State Finance Corp (KSFC) recovered Rs 560.34 crore and disbursed loans to the tune of Rs 248.96 crore on the net basis in financial 2003-04, a company news release said. The corporation is expected to report operating profit close to Rs 15 crore for the last fiscal even as the release did not detail expected net profit or loss for the same period. A new non-performing asset management strategy was put in place last fiscal, which helped recovery officers to focus on recoveries based on the nature and categories of assets. Utmost importance was given to ensure that the standard assets were continued to be retained in the same category and that the threshold cases were closely monitored to prevent them from slipping into bad debts, the release said. The doubtful assets were carefully assessed for possible rehabilitation and where such actions were not possible, the assets were effectively recovered, the release added. During the last fiscal, the corporation assisted 1300 new enterprises from various sectors. The corporation plans joint financing with banks and other financial institutions to meet total financial needs of the small and medium enterprises, set up a subsidiary to undertake asset reconstruction, the release said.
More Stories on : Non-Performing Assets | Karnataka
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