Financial Daily from THE HINDU group of publications
Saturday, Apr 08, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 08, 2006 |
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Agri-Biz & Commodities
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Tea Money & Banking - Public Sector Banks SBI strike hits tea auctions P.S. Sundar
Coonoor , April 7 Tea trade sources in Coonoor contend that nearly Rs 6 crore worth of instrument transactions remain blocked in various banks because of the strike of the employees of State Bank of India.
For the auctions that took place on Friday, the prompt for payment has been fixed on April 19. If the strike prolongs, there would be heavy cash crunch which would hit the tea trade beyond the accepted norms of credits. Traders said considering the retail prices that were recoverable from the consumers, the instrument transactions blocked in the clearance process could be worth upwards of Rs 10 crore.
More Stories on : Tea | Public Sector Banks
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