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NEDFi in the pink of health; gross income rises 20%
Kolkata: The Guwahati-based North Eastern Development
Finance Corporation (NEDFi) has managed to generate profits
despite operating in India's most backward region. For
the year ended 31 March 2003, NEDFi registered a healthy
20 per cent increase in gross income but net profit dropped
by 10 per cent on account of sizeable provisioning.
The
corporation has signed a memorandum of understanding with
the Dhaka-based South Asia Enterprise Development Facility
(SEDF) for increasing and improving its loan exposure
in the medium and small-scale sectors. SEDF is promoted
by the Washington-based International Finance Corporation
and it is managed by the SME (small and medium enterprise)
Department of the World Bank Group.
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Canbank
Factors net profit rises 14.5%
Bangalore: CanBank Factors Ltd, a subsidiary of
Canara Bank, has recorded a net profit of Rs 5.2 crore
for the quarter ended September 30, 2003, up 14.54 per
cent over the corresponding period in the previous year.
Its performance comes at the back of improvement in the
volume of factoring at Rs 733 crore for the September
quarter as against Rs 568 crore for the same period in
2002.
The
funds deployed in the business have also risen sharply
to Rs 237 crore as against Rs 171 crore in the previous
period, registering a growth of 39 per cent. The average
deployment also witnessed a growth of 41 per cent at Rs
226 crore as against Rs 161 crore in the previous year.
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Syndicate
Bank board meet
Mangalore: The meeting of the board of directors
of Syndicate Bank will be held at Manipal on 20 October
to take on record the unaudited results for half-year
ended 30 September 2003.
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IDBI
Bank, Visa unveil gift card
Mumbai: IDBI Bank along with Visa International
has launched a gift card, perhaps the first one of its
kind. The pre-paid card with a minimum limit of Rs 1,000
and up to a maximum of Rs 20,000 is valid for a period
of one year from the date of issue and can be swiped at
50,000 merchant establishments across the country.
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RBI
auction today for Rs 11,000 crore
Mumbai: The Reserve Bank of India will mop up Rs
11,000 crore from the bond markets on 10 October as part
of its open market operations. The RBI has decided to
suck out the excess liquidity in the system, by offering
the 5.48 per cent 2009 paper, for Rs 5,000 crore and the
6.17 per cent 2023 paper for Rs 6,000 crore, for sale
by using the multiple price auction method.
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