9 February 2001

Centurion Bank to enter factoring services
Hyderabad: Centurion Bank is embarking upon massive expansion plan setting up as many as 15 branches and is planning a foray into factoring services.

The bank proposes to enter the factoring business by purchasing and selling debt receivables and claims including invoice discounting, rendering bill collection, debt collection, and other factoring services.

The bank is coming out with a rights issue to the tune of Rs 128.08 crore fore the purpose.

7 February 2001

CII pegs 9 percent growth target in financial sector
New Delhi: The Confederation of Indian Industry (CII) has expressed the view that the financial sector has to be made vibrant in order to finance infrastructure projects and thereby attain a 9-per cent growth rate. Mr. Arun Bharat Ram, CII president has said that the present state of the financial sector is a serious constraint on nine-per cent economic growth. He has called for measures to quickly create a vibrant market for trading in medium to long-term debt instruments for financing infrastructure projects. Expressing his concern over the sustainability of nine-per cent growth, Mr. Arun Bharat Ram has said for the growth trend to persist, there was need for higher and sustained investment in physical and social infrastructure.
The CII president has said the economy cannot afford the quantum jump in the infrastructure investment, unless it stepped up the savings rate that had been stagnating around 19 per cent.
Stressing the need to introduce new financial instruments to increase household and corporate sector savings for channeling these savings into infrastructure projects, Mr. Arun Bharat Ram said that government must actively encourage foreign direct investment in infrastructure.