Exim Bank to repay high cost debts
28 Apr 2004
The bank proposes to redeem Rs 600 crore of loans with an interest rate of 10-12 per cent during this fiscal. Last year, it had redeemed Rs 700 crore, T.C. Venkat Subramanian, chairman & managing director, Exim Bank, said.
The bank proposes to tap the overseas market immediately to raise ECB of $300 million and the Reserve Bank of India has accorded approval, he said.
Exim Bank ended the year with a net profit of Rs 229 crore against Rs 207 crore in the earlier year, registering a growth of 11 per cent. The bank would pay Rs 47 crore as dividend to the Government.