Financial Daily from THE HINDU group of publications
Wednesday, Aug 25, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 25, 2004 |
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Money & Banking
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Financial Institutions APSFC, APIDC not to be closed Our Bureau
Hyderabad , Aug. 24 THE Andhra Pradesh State Financial Corporation (APSFC) and the Andhra Pradesh Industrial Development Corporation (APIDC) have been removed from the list of State enterprises proposed to be closed, owing to substantially improved performances. A decision to this effect was taken by the Chief Minister, Dr Y.S. Rajasekhara Reddy, at a review meeting of the performance of the State Industries Department and the various Corporations on Tuesday. The previous Telugu Desam Government had as part of its disinvestment policy placed nearly 40 State enterprises on the list of closure. The State Minister for industries, Mr B. Satyanarayana, told newspersons that it was not right to close APSFC and APIDC since they have been making profits. The APSFC has been asked to work out a plan to reduce the lending rates to small and medium enterprises to less than 10 per cent from the present lending rates of 10-13 per cent, he said.
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