PICUP to start lending again
AFTER a five-year hiatus, PICUP will resume lending for service, commercial and infrastructure sector projects.india Updated: Apr 02, 2006 01:18 IST
AFTER a five-year hiatus, PICUP will resume lending for service, commercial and infrastructure sector projects.
This decision was taken recently at a meeting of PICUP Board of directors under the chairmanship of chief secretary R Ramani, who is also holding charge of chairman, PICUP.
PICUP MD Deepak Singhal said on Saturday the corporation would resume its lending activities in collaboration with HUDCO.
PICUP, which was until now termed as a sick entity, had made a profit of Rs 35 crore during 2005-06. The corporation during 2005-06 recovered a sum of Rs 68 crore from various defaulters compared to Rs 54 crore recovered in the corresponding part of the previous year. The recoveries made by the corporation had, therefore, been exceeded by 24 per cent in comparison to those made during 2004-05, he said.