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L.N. Revathy

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Coimbatore Feb. 17 The Coonoor Tea Trade Association (CTTA) has been operating for ages without a settlement banker. Industry sources told Business Line that the Committee had at its last meeting appointed IndusInd Bank as its Settlement Banker.

IndusInd, CTTA sources said, was among the three contenders in this race, the others being Indian Bank (settlement banker in the Government mooted auction center - TeaServe) and ICICI Bank.

While ICICI Bank is said to have opted out even in the initial round of talks, the other two stuck on with the Committee deciding in favour of IndusInd Bank.

Bank sources were not available for comment but industry sources said the CTTA would have to frame the modalities.

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