IFCI to opt for universal banking
By Our Banking Bureau | 13 Nov 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 months time. IFCI is also working on ways to improve its operational parameters by the end of the current fiscal.