CAG flays housing finance companies

Statesman News Service
NEW DELHI, March 10: At a clip the existent estate, particularly the lodging segment, is showing a rapid growth, the public sector lodging finance marketplace is on a downslide. The five cardinal lodging finance companies (HFCs) audited by the Comptoller and Hearer General (CAG) did not dwell up to their expected function in lodging finance, Deputy Accountant and Hearer General, Multiple Sclerosis Bharti Prasad, today said. This at a clip the Budget 2008-09 provided Rs 1,200 crore in the National Housing Depository Financial Institution to refinance trading operations in the rural lodging sector. The HFCs under reappraisal were HUDCO, Depository Financial Institution of Baroda Housing Finance Ltd, Central Depository Financial Institution Home Finance Ltd, IDBI Home Finance Ltd and PNB Housing Finance Ltd.
Housing loan expenses in the state rose from Rs 23,858 crore in 2001-02 to Rs 86,034 crore in 2005-06, recording a growing of 261 per cent. However, the cardinal populace sector Housing Finance Corporation (HFC) share of the marketplace decreased from 10.19 per cent to 2.63 per cent during this period, the CAG study on Housing Finance, tabled in Parliament on 28 February, said. Though most of the HFCs were their sister concerns, the scheduled commercial Banks increased their marketplace share from 35.90 per cent to 68.14 per cent, slowly driving the little HFCs out of the market, Multiple Sclerosis Prasad said.

SBI joins Chinese bank to touch 10,000 branches

PUDUVAYAL:
Public sector State Depository Financial Institution of Republic Of India on Lord'S Day became only the 2nd depository financial institution in the
world to have got 10,000 subdivisions when Union Finance Curate Phosphorus Chidambaram
inaugurated its up-to-the-minute subdivision here. Speaking on the occasion,
Chidambaram said China's ICBC Depository Financial Institution was the other depository financial institution to have got 10,000 branches. Opening 10,000 subdivisions was a
great feat. "It is not an easy milepost though the SBI was the depository financial institution of the
government and Indian people even before other Banks were nationalised," he
said. People all over the
world, including the Chinese, would now cognize about this little small town where the
10000th subdivision of the SBI had been opened, he said adding they would be amazed
by the bank's growth. The bank
should be proud of the accomplishment he said and wished that the depository financial institution opened one
lakh branches. "Chairman of
the 202-year old depository financial institution Omprakash Bhatt was indeed a more than powerful adult male than me
because he handled Rs nine hundred thousand crore (business) whereas my budget is only for
Rs eight hundred thousand crore," he said. The Curate said out of the
over 100 crore people, 70 75 per cent did not have got any type of insurance. Similarly, 50 per cent of the 11 crore husbandmen did not have got depository financial institution account. Banks
should travel to the people and inscribe them as business relationship holders. 'That is what
economists state is fiscal inclusion,' he said.