• HOME
  • ABOUT US
  • SUBSCRIBE
  • ADVERTISE
  • FEEDBACK
  • E-NEWSLETTER
  • CONTACT US
91-22-24193000
Subscriber@ASAPPinfoGlobal.com
Infrastructre Today
Advertise Here [728px W x 90px H pixels]
  • BEST STORIES
  • INTERVIEWS
  • SPECIAL
  • POLICY UPDATES
  • EVENTS
  • FINDEX
  • ARCHIVES
  • Covid-19 Updates
Infrastructure Today Magazine | Maharashtra to set up NBFC

Maharashtra to set up NBFC

Web Exclusive  /  Jun 17, 2015

The proposed NBFC will give loans at cheaper interest rates.

The mounting debt of Rs 3 lakh crore reeling over Maharashtra is a cause of concern for its finance minister. Further, an interest payment of Rs 26 crore per day is a worry factor too. Hence, to partially ease out this situation, the Maharashtra government is likely to set up a non-banking financial corporation (NBFC) which will bring down its per day interest payment to a comfortable level.

"The proposed NBFC will be a replica model of what the Gujarat government had implemented a few year ago", Sudhir Mungantiwar, Minister of Finance, Planning and Forest, Government of Maharashtra, told Infrastructure Today in an exclusive interview.

When asked about the total corpus of this proposed NBFC, Mungantiwar suggested that since most of the state-owned units have stacked their cash in nationalised banks in the form of fixed deposits, the same will be utilised as a primary corpus of the proposed NBFC.

According to him, a sum of Rs 50,000 crore has been maintained in the form of fixed deposits by state-owned companies. But, the entire amout will not be accounted as a corpus. However, he refused to divulge the names of these companies.

Meanwhile, it is expected that through NBFC, the state government will transfer some amount of the debt, mounted on them to the proposed NBFC at much lower interest rates, bringing down the rising interest payment per day.

In addition, the proposed NBFC will give loans to the statebased schemes or programmes at much cheaper rate of interests as compared to nationalised banks. It is also expected that this NBFC, in due course of time, will also fund necessary infrastructure projects in the state.

-Rahul Kamat

Tags Cloud
  • NBFC
  • Gujarat Government
  • Sudhir Mungantiwar
  • Government Of Maharashtra
  • Infrastructure Projects
  • Finance
  • Banks
Advertise Here [468 W x 60 H pixels]
YOU MIGHT ALSO LIKE

Comments (0)

Leave a comment

Name *
E-mail *
Message *
Verification Code *
  Change Image

Loading ...
Subscribe to our Magazine | Newsletter
Social
Become a fan
Like
Follow us
Follow
RSS
Subscribers
Most commented
1Our contribution to IRE has doubled in 2 years
1'Lenders' concern - risky execution in highway concessions
1About 1.3 per cent of land in India gets converted into wasteland every year
Latest Comments
1
Three Lines Shipping says:
Agree. Developing a domestic transshipment port is a good idea if we talk about seaports, there are several countries and commercial centers around the world that don’t have a seaport and these countries have to use the seaports of other countries in order to import or export their cargo, which will give a competitive advantage.
2
kishore tamidela says:
Adhering to international best business practices with niche boutique firms could open doors to easily tap financing from institutional investors both debt and equity.
Advertise Here [300px W x 600px H pixels]

Posts Categories

  • BEST STORIES
  • INTERVIEWS
  • SPECIAL
  • POLICY UPDATES
  • SECTORS
  • EVENTS
  • FINDEX
  • ARCHIVES

Twitter Feeds

Tweets by @InfraToday

Contact Us

ASAPP Info Global Services Pvt Ltd.

A-303, Navbharat Estates,
Zakaria Bunder Road,
Sewri (West),
Mumbai - 400 015,
Maharashtra, India


Tel : 91-22-24193000, Fax : 91-22-24175734
Email : Subscriber@ASAPPinfoGlobal.com
Website: www.ASAPPInfoGlobal.com
  • HOME
  • ABOUT US
  • SUBSCRIBE
  • ADVERTISE
  • FEEDBACK
  • E-NEWSLETTER
  • PARTNERS
  • PRESS
  • CONTACT US

© COPYRIGHT 2019 ASAPP Info Global Services Pvt Ltd. All Right Reserved.

Infrastructure Today

India's Premier Magazine for Nation Builders