IFCI to opt for universal banking
Our Banking
Bureau
13 November 2001
 Mumbai:
Industrial
Finance Corporation of India (IFCI) CMD V P Singh has said the
corporation may opt for a merger with a bank to convert itself
into a universal bank.
IFCI, however, sought
time from the government to plan out its future course of action.
Singh said a lot of basic work had to be completed before planning
for the next stage.
At present, IFCI is
engaged with its recapitalisation plan, for which the government
has contributed Rs 400 crore, and an amount of Rs 600 crore will
have to be brought in  by
IDBI, SBI and LIC, the three major shareholders of the
corporation.
Singh said this exercise
is likely to be completed in a month’s time. IFCI is also
working on ways to improve its operational parameters by the end
of the current fiscal.
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