Financial Daily from THE HINDU group of publications
Saturday, Feb 16, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 16, 2002 |
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Money & Banking
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NBFCs Corporate - Restructuring Peerless hopes to complete revamp by August Our Bureau
Mr Jayanta Roy (left), Group Corporate Co-ordinator, and Mr M. Mallik, General Manager, Marketing, Peerless General Finance & Investment, addressing presspersons in Hyderabad on Friday.
HYDERABAD, Feb. 15 THE Kolkata-based Peerless General Finance & Investment Company Ltd, residual non-banking company, expects to complete its revamp exercise in another six months. The General Manager, Marketing, Mr M. Mallik, told presspersons here on Friday that the three-pronged revamp strategy covered professional training of agents, expansion of its branch network and networking of its branches. He was speaking at the launch of its new financial product, Peerless Multi-Protector. Mr Mallik said the new fixed deposit product offered the twin benefits of free critical illness insurance cover and free accident death insurance cover. Under this scheme, the deposit would remain unaffected and continue to earn an yield till maturity, while the depositor would get the benefit of free insurance cover against critical illness and accidental death, he said. He said the professional training course designed for Peerless agents would equip its field force to reach out and exploit the opportunities in the competitive market place. Peerless, which reported deposits of Rs 350 crore during 1998-99, expects to complete the current fiscal year with a deposit collection of Rs 650 crore, Mr Mallik said. The company has so far disbursed a little over Rs 3,000-crore of matured deposits. As against the requirement to invest 80 per cent of its corpus in Government paper and Government guaranteed securities, Peerless has invested close to 90 per cent of its corpus, he said.
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