[sbinews] SBI to fund diamond industry projects (Economic Times)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Fri, 24 Dec 2004 08:25:59 +0530
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SBI to fund diamond industry projects
(Economic Times)
PTI[ THURSDAY, DECEMBER 23, 2004 05:25:32 PM]
MUMBAI: The SBI is to finance project requirements of the diamond industry
through its branch and offshore units in Surat and SEEPZ, Mumbai.
"The bank is aiming at meeting the entire range of industry's needs through
various products specially designed for requirements of the diamond industry
in its integration towards jewellery exports", SBI Managing Director C
Bhattacharya told reporters here last night.
"During the year 2003-04, SBI's exposure to the diamond industry grew by
40.27 per cent. SBI will be maintaining the same growth rate in this fiscal
too", he said at the sidelines of a function to felicitate award winners of
Gems and Jewellery Export Promotion Council (GJEPC).
SBI Diamond Branch Deputy General Manager (Sales Hub) K B Rajagopalan said
the aggregate financing exposure of the bank to diamond industry has
increased to Rs 2,210 crore as on March, 2004, spread over 298 accounts.
"The aggregate exposure would end up around Rs 2,600 crore at the end of
this fiscal," he said.
"The bank is encouraged by two to three per cent of NPA rate in the diamond
industry, which is lowest in the banking sector," he said.
SBI would provide finance to set up jewellery manufacturing plant, machinery
financing, in addition to financing scheme for exporting loose diamonds", he
added.
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