Largest independent factor targets low-cost import factoring
Canbank Factors, India’s largest independent factor by market share, is planning to offer import factoring in the country, as a cheaper alternative to letters of credit (L/C).
Canbank Factors, India’s largest independent factor by market share, is planning to offer import factoring in the country, as a cheaper alternative to letters of credit (L/C).
The Bank of Maharashtra is set to enter the factoring and forfeiting segment, which is a new concept in India, according to S.C. Basu, chairman and managing director.
After insuring the receivables of India’s exporters in the global market, the state-run Export Credit Guarantee Corporation (ECGC) is planning to launch trade credit insurance service in the domestic market.
Exim Bank of India will raise its stake in Global Trade Finance (GTF) from 35 per cent to 40 per cent.
Dishman Pharmaceuticals and Chemicals on June 22, 2004, announced closure of its estimated $22 million debt issue programme.
Canara Bank, the Indian finance house which provides overdraft finance, factoring, and mortgages, has posted a 31.3 per cent increase in net profit of Rs1,338 crore for March 31 2003-2004.
The Confederation of Indian Industry (CII) plans to set up four industrial clusters for small- and medium-sized enterprises (SMEs) with turnover of less than Rs15 crore.
SBI Factors and Commercial Services Pvt Ltd has called for a separate legislation for factoring services.
The Export-Import Bank of India has appointed Citigroup and Deutsche Bank to sell its five-year bonds in the overseas market.
The Standard Chartered Bank (StanChart) plans to focus on the SME sector in the next couple of years after gaining a strong base in the personal banking segment and has even lined up a few innovative products.