Business Daily from THE HINDU group of publications
Wednesday, Jun 18, 2008
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Business Daily from THE HINDU group of publications Wednesday, Jun 18, 2008 ePaper | Mobile/PDA Version | Audio |
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NBFCs Money & Banking - RBI & Other Central Banks Sahara can accept deposits maturing before June 2011: RBI Our Bureau
Mumbai, June 17 Sahara India Financial Corporation (SIFCL) got a breather on Tuesday, with the Reserve Bank of India giving it the permission to accept new deposits which mature before June 30, 2011. The apex bank’s directive is to facilitate the non-disruptive exit of the existing depositors, a banking source said. “SIFCL is, hereby, directed not to accept any new deposit which matures beyond June 30, 2011 and to stop accepting instalments of the existing deposit accounts also with effect from that date.” The bank has also asked the para-banking outfit to reduce its aggregate liability to depositors to Rs 12,600 crore by June 30, 2010; Rs 9,000 crore as on June 30, 2011 and finally to zero by June 30, 2015. The company, currently, has a deposit base of around Rs 18,000 crore and 4.25 crore customers. The company will have to submit to the RBI a comprehensive business plan by August 16. RBI moves apex court against stay to Sahara Has Sahara India Fin obtained stay on ban? More Stories on : NBFCs | RBI & Other Central Banks
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