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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.