Exim Bank readies Rs 11 K cr warchest

Mumbai, April 28 | Updated: Apr 29 2006, 05:30am hrs
As part of a resource mobilisation programme, Export and Import Bank of India (Exim Bank) plans to raise Rs 7,500 crore in the domestic market and additional Rs 3,500 crore by way of foreign currency in the current financial year, said TC Venkat Subramanian, chairman and managing director, Exim Bank. "We also plan to raise one billion dollars in foreign currency in the next 5-year period," he added while announcing annual results of the bank. The bank has recently received a share capital of Rs 100 crore from the government of India, taking its paid-up capital to Rs 950 crore as on March 31, 2006.

Mr Subramanian said further that in the current financial year Exim Bank is working in tandem with self-help groups and NGOs on a host of initiatives to take rural enterprises to international market. On the expected growth, he said: "We aim to grow by 25% in the current financial year in loan assets and would allot 20% of our total portfolio to small and medium enterprises."Meanwhile, Exim Bank has reported a 5% rise in net profit for the year 2005-06. The net profit has increased to Rs 271 crore as against Rs 258 crore the previous year.