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Wednesday, July 24, 2013

Exim Bank expects 18% topline growth in FY14

Export Import Bank of India (Exim Bank) on Tuesday said it is expecting 17-18 per cent growth in topline and maintain the last fiscal’s profitability in the current financial year.

“The performance of the institution is so far good. It is in line with the RBI guidelines. We expect to have 17-18 per cent growth in topline and hope that the profitability would also remain consistent at what is was last year,” Exim Bank Chairman and Managing Director, T C A Ranganathan said on the sidelines of a conference here.

The Government-owned bank had posted topline growth of 18 per cent and profit showed 17 per cent expansion in FY13.

“We hope to maintain that,” Ranganathan said.

In the prevailing scenario of falling rupee and high current account deficit, our focus will be how to increase exports from the country, he said.

Exim Bank is now promoting the concept of financing foreign Governments by way of long-term buyer’s credit for Indian projects.

Commenting on new products, Ranganathan, “we are now providing long term finance to domestic drug makers to help them set up manufacturing plants compliant with standards specified by the US Food and Drug Administration (USFDA).

Export-oriented companies can avail of finance from the bank for a maximum repayment period of 10 years with a moratorium of up to three years on interest component. The financial institution is also talking to handloom cooperatives on how to promote exports from the sector, he said.

The handloom sector employs 65 lakh people directly or indirectly which is next only to agricultural sector in the country.

Source: thehindubusinessline


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