Kotak Bank suffers derivative burns

OUR special CORRESPONDENT

Kotak Mahindra Depository Financial Institution vice-chairman and managing manager Uday Kotak in Mumbai on Friday. (PTI)

Mumbai, May 9: After ICICI Depository Financial Institution and the State Depository Financial Institution of Republic Of India (SBI), it’s now the bend of Kotak Mahindra Depository Financial Institution to take a derivative hit.

The private depository financial institution today said it had made a provisioning of Rs 86 crore to cover the mark-to-market (MTM) losings of its clients on business relationship of forex derived function transactions.

The depository financial institution have got around 45 clients, having exposure to forex derivatives, who have suffered MTM losings of Rs 612 crore on business relationship of forex minutes as on May 8, 2008.

MTM is the pattern of assigning a value to a fiscal instrument based on its current marketplace price.

“We carry a proviso of Rs 86 crore toward stressed assets. In this respect (exposure to forex derivatives), the depository financial institution have no exposure to SME clients,” Uday Kotak, the bank’s vice-chairman and managing director, told newsmen here today.

A host of lenders, including the SBI and ICICI Bank, have made commissariat on business relationship of losings of their clients in forex transactions.

The SBI have made a proviso of $10 million (around Rs 40 crore) to cover forex losings of its clients, which is in the scope of Rs 600-700 crore, while ICICI Depository Financial Institution have made provisioning of around $170 million (around Rs 680 crore).

On a amalgamate basis, Kotak Mahindra Depository Financial Institution posted a net income growing charge per unit of 41 per cent for the 4th one-fourth ended March 31, 2008. Net net income grew to Rs 240 crore from Rs 170 crore in the same time period last year.

Net net income for the full twelvemonth rose 84 per cent to Rs 991 crore (Rs 538 crore). The standalone Numbers for the one-fourth showed a net income growing of 86 per cent to Rs 69 crore.

Kotak Mahindra Depository Financial Institution said amalgamate fee income was up 59 per cent to Rs 1,676 crore in 2007-08 from Rs 1,053 crore last year. For the 4th quarter, fee income was up 37 per cent to Rs 407 crore from Rs 297 crore in same time period last year.

Consolidated progresses was up 41 per cent year-on-year to Rs 21,985 crore as on March 31, 2008, with retail and commercial loans comprising 89 per cent of the portfolio. Consolidated network involvement border (NIM) for the twelvemonth was a strong 5.6 per cent.

Deposits of the depository financial institution grew 49 per cent to Rs 16,005 crore (excluding impermanent sedimentations held as aggregation bankers to IPOs) as on March 31, 2008 from Rs 10,251 crore last year. Current and economy business relationship sedimentations comprised 27 per cent of entire sedimentations (22 per cent) and entire Numbers of sedimentation business relationships have got more than than doubled at 749,000 as on March 31, 2008 (350,000), the depository financial institution reported.

Now There Is A Twist In The Tale

stock photo

Summary: Bad recognition personal loans are the up-to-the-minute inventions in the Indian loan market. Now, North American Indian bad recognition borrowers can help these loans against property.

Availing a loan is the most hard undertaking for people with bad recognition score. Actually it is an harmful state of affairs to be in, which will impact loan blessing by the lenders. This subdivision of borrowers is treated as 'most vulnerable' by the lenders. As recognition bank checks done before the loan blessing travel against them, loaners happen it hard to swear such as borrowers.

How about a loan program that makes not necessitate a recognition bank check and can assist the borrower in getting the needed money. There are certain loan programs available in the United Kingdom and United States fiscal marketplaces that let people with bad recognition evaluations to have got money for assortment of needs. These loans can be made available with or without pledging any residential place as security.

A bad recognition personal loan is available for all types of borrowers and the intent of adoption can be any thing that is right according to the law of the land. But it is a fact that determination a no recognition bank check loan is not that easy as the loaners claim. Generally,these loans come up with high involvement rates and many modern times necessitate a co-signer. These loans also usually come up with a short payback tenure. Lenders are ready to take the hazard with the premise of getting regular refund of the approved loan.

But makes Indian fiscal marketplace have personal loan proviso for such as vulnerable borrowers?

Unfortunately the reply is no. Typically loaners in North American Indian loan marketplace dainty it as a very hazardous matter to give to borrowers with bad recognition position without a recognition check. Out of which State Depository Financial Institution of India, and HDFC Depository Financial Institution are very clear about their base on the substance of offering loan programs to the bad recognition borrowers. These loaners make not see granting loans to borrowers having a leery recognition path record. From a lender's point of view, it may be a cautious measure as they happen it hard to swear such as borrowers who have got lost their creditworthiness.

It is correctly said that better late than never. Now,the similar HDFC and Citibank have got started loaning to Indian bad recognition borrowers. But, the primary status of loaning is security pledging. Now HDFC is offering up to 65% of the value of the pledged security as loan to the bad recognition borrower. As, the competition in the Indian banking system is growing, it can be expected that loan handiness to the mediocre recognition borrowers will not be a nightmare.

Author Bio: For more than tips on finance community for you and your family. Addi Vardhaman works as a concern author for Paisawaisa. To happen , ,

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SBI looking to sell products via e-gram

The Gujerat government-pioneered e-gram project, which takes to ease e-governance inaugurals in small towns through a cardinal information and communication theory engineering (ICT) system could soon also move as a concern facilitator for banking products.

State Depository Financial Institution of Republic Of India (SBI) is working on this project, which would see e-gram kiosks be able to ease checking of business relationship balance, deposits, loans, coverage and other banking services through the Internet in bicycle-built-for-two with the nighest SBI branch.

"This is for the first clip a undertaking like this would be taken up in the country. Through this service, people from rural countries who dwell far away from a depository financial institution subdivision will be able to help of banking merchandises without having to personally see the nighest branch," said HC Pattnaik, main full general manager, SBI (Gujarat).

He added that Vadodara and countries near the metropolis would in most likeliness acquire the nod for the airplane pilot execution of the project.

SBI's subdivisions are under the core banking system and modes are being worked out on whether the rural ICT booths would be compatible with the engineering or a new platform would have got to be created. The depository financial institution is looking at targeting more than than 5,000 rural ICT booths in the adjacent 1 twelvemonth to duplicate up as its banking facilitator.

Under the Modesty Depository Financial Institution of Republic Of India guidelines, Banks are permitted usage of services of non-governmental organisations/self-help groups, microfinance establishments and other civil society arrangements as mediators in providing fiscal and banking services through the usage of concern facilitator and letter writer models.

A concern facilitator can set about designation of borrowers, aggregation and preliminary processing of loan applications, selling merchandises and follow-up for recovery whereas a concern letter writer can set about activities such as as expense of little value credit, recovery of principal or aggregation of involvement and little value deposits.

The bank's other rural initiative, SBI Tiny account, could also come up to Gujerat this year. The enterprise will enable villagers to begin a depository financial institution business relationship with sedimentation amount as low as Rs 50. The business relationship can be maintained with zero balance.

Also, a concern letter writer for SBI can utilize his/her cellphone to enter minutes which, in turn, is connected to a cardinal waiter in Mumbai. The undertaking is currently being piloted at Arunachal Pradesh and Uttar Pradesh.

"We are looking at concern from facilitators and letter writers to travel up increasingly. In the adjacent two years, we could gain as much as Rs 1 crore per twelvemonth from each of the facilitator Centres we tie in with," said Pattnaik.

Under the concern facilitator model, SBI have already signed an MoU with Republic Of India Post to move as a facilitator for 50 station business offices in a airplane pilot undertaking at Surendranagar, Anand and Bharuch territories in Gujarat. It have also signed up with Gujerat Agro Industries Corporation to marketplace the bank's merchandises in 700 mercantile establishments of the 1,200 mercantile establishments in the state.

Further, SBI is looking at milk labor unions as facilitators. It have signed MoUs with Sabarkantha Dairy, Dudhsagar Dairy and Amul. The depository financial institution is looking to bind up with 7-8 more than co-operatives inch the adjacent 1 year.

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.

Friend of the elderly

The frequency modulation have won a few more than friends by declaring that money received from contrary mortgage will not be treated as 'income' by taxation authorities.

In the 2007-08 Budget, Finance Curate Phosphorus Chidambaram declared that the National Housing Depository Financial Institution would come up out with specific guidelines for contrary mortgage for the retired.

PRODUCT fact sheet
Individuals ABOVE 60 are eligible for the product Time Period of loan can be a upper limit of 15 YEARS The amount of loan will change between 40-60 PER cent of the ASSESSED value of the product Dewan Housing, Punjab National Bank, State Depository Financial Institution of India, Depository Financial Institution of Baroda, Allahabad Bank, North American Indian Bank, Axis Depository Financial Institution and LIC Housing Finance have got INTRODUCED THE merchandise so far Interest rates vary: establishments REVALUE place EVERY FIVE old age

THE CHANGES Payments received from Banks will not be TREATED arsenic income but as A LOAN senior citizens will have the place during the loan's term of office and there is no 'TRANSFER' to the loaner

Reverse mortgage, essentially, is a merchandise whereby a senior citizen over the age of 60 old age can unlock the value of their house by mortgaging it to a depository financial institution or lodging finance company.

The fiscal institution, in its part, pays a regular equated monthly episode (EMI) to the person, based on the evaluation of the home.

However, despite the fact that many Banks and lodging finance companies introduced this merchandise in the fiscal twelvemonth 2007-08, only 150 people have got actually opted for the product. The reason: the money that went to the people was considered as 'income' at the custody of the senior citizen. This major anomaly have been fixed in the Union Budget 2008-09.

By treating hard cash received from Banks and fiscal establishments as a loan, the finance curate have cleared the ambiguity surrounding the contrary mortgage loan product.

The basic thought of introducing such as a merchandise was to assist senior citizens, who happen it hard to ran into expenses. Also, in malice of owning a house, the fact that they remain in it, makes not let them to gain anything on it. In the absence of any societal security in India, it do great sense to have got a merchandise where the individual can gain a regular income.

Dewan Housing Finance, which was among the first off the block (in fact, even before the Budget proposal in 2007-08), with a contrary mortgage merchandise have so far generated about just about 500 queries, trusts that the current elucidation will travel a long manner in boosting this product.

Says Shivkumar Mani, head, marketing, Dewan Housing, "The elucidation that there will no taxation deductions at the custody of the borrower will assist do the strategy popular, as this was the cardinal ground for seniors not opting for the product."

The 2nd confusion on the merchandise was about the legal title. By stating that the contrary mortgage will not amount to transfer, the Budget have made clear that the senior citizen will go on to be the proprietor of his house till the term of office of the product.

Of a population of 80 million senior citizens, it is estimated that about 45 million are eligible for this product. Mani foretells that with this proposal Banks and fiscal establishments will be able to publish many more than contrary mortgage loans in the fiscal twelvemonth 2008-09.

Financial contrivers believe that the elucidations will assist kind out the doubts. However, the more than of import job that garlics contrary mortgage merchandises is the deficiency of consciousness and mediocre marketing.

"With more than establishments introducing the product, the figure of loans issued in this class should travel up," states one planner.

There are other issues as well that volition demand to be ironed out in the years to come. For instance, in states like the US, such as merchandises are bought for the full life of the individual and in many occasions, the full life of the partner as well. In India, this merchandise is only for 15 years, thereby raising fearfulnesses of 'what would happen, if the individual outlives the tenure'.

Further, there are issues with the evaluation of the property, which will be done every five years. This may take to fall in the valuation, if the place is not maintained well and Pb to fall in the EMI. There are clauses in the written document where the senior citizen have to do certain that the mortgaged place is well-maintained.

On the whole, while the frequency modulation have taken a few stairway in the right direction, a batch more necessitates to be done to do this merchandise really friendly for the elderly.

NBFCs' bourse activity worries RBI

The Modesty Depository Financial Institution of Republic Of India have told Parliamentarians that it is concerned over the stock marketplace exposure of assorted non-banking fiscal companies (NBFCs) promoted by leading Banks in the country.

At a meeting with the Parliamentary Standing Committee on Finance on February 12, the cardinal depository financial institution said some Banks were circumventing prudential norms for working capital marketplace exposure through these NBFCs.

On February 12, the Committee had met functionaries of the Modesty Depository Financial Institution of Republic Of Republic Of India and the State Depository Financial Institution of India, besides representatives of the investor and agent communities.

A member of the Standing Committee, who attended the meeting, said the run batted in officials, when questioned about the engagement of Banks in the stock market, told them that the cardinal depository financial institution was "worried".

Another Committee member said the run batted in had pointed out that most Banks were within the bounds put for working capital marketplace exposure, but said some may have got breached the norms. "The run batted in told us it is monitoring the state of affairs keenly," he said.

Earlier, on January 25, Business Standard had reported that the run batted in had sought information from the NBFCs on their investing and funding activities in the working capital marketplaces over the last two months.

Estimates nail down NBFC exposure to the working working capital marketplace at Rs 70,000 crore and it is believed that most NBFCs have got far exceeded the stipulated ceiling on capital marketplace exposure to single physical things or corporate groups. Sir Joseph Banks have got a bounds of 5 per cent of incremental sedimentations to be deployed in the working capital market, while NBFCs are not subject to an overall ceiling.

Meanwhile, the Committee, which met here again today, posed a figure of inquiries to senior finance ministry functionaries on the recent volatility in the stock market. Cutting across political party lines, the mononuclear phagocyte system demanded greater transparence and answerability in the working capital market.

"There is absolutely no transparence in the rating and pricing chemical mechanism of initial populace offerings (IPOs). The evaluation companies are paid by the initial public offering companies to make the ratings. We wanted to cognize from the finance ministry how more than transparence can be brought in this process," an military policeman said, adding that there were grounds to believe that large corporate participants were trying to flex regulations and pull strings the stock market.

"We desire the stock marketplace to go more than than crystalline and there should be more answerability in the stock market. Our study will take to supply suggestions in this regard," said Rupchand Pal, member of the Committee and main whip of the CPI(M) in the Lok Sabha.

Committee member Degree Centigrade Ramachandraiah of the Telegu Desam Party have written to Prime Curate Manmohan Singh today seeking contiguous policy intercession to forestall the Indian working capital marketplace from slipping into a meltdown.

"The larger inquiry is about the function of the stock marketplace regulator. Are it not prudent that Securities and Exchange Board of Republic Of India (Sebi) be entrusted with the duty to inform investors about the pricing of public issues," he said.

Committee members also asked the ministry functionaries whether the recent volatility in the stock marketplace was on business relationship of the issue of foreign institutional investors (FIIs).

The adjacent meeting of the commission is scheduled for February 28. The commission have asked the ministry to submit written answers to the queries, based on which it will set up its report.

The Standing Committee, which is headed by BJP military policeman Ananth Kumar, also queried functionaries about some of the proposals mooted by Sebi that are yet to acquire clearance from the corporate personal business ministry.

"There was a proposal to make investors protection monetary fund but the corporate personal business ministry is sitting on it. We wanted to cognize from the authorities what happened to these proposals," a member of the commission said.

SBI to add 5,00,000 point of sale terminals by 2010

MUMBAI: The figure of outlets
accepting plastic for payments is put to turn more than than 150%, with the State
Bank of Republic Of India (SBI) planning to add half-a-million point of sale (PoS) terminals
in the state in three years. The country’s biggest depository financial institution has
issued a engagement petition for a projected joint venture company that will
install these poloniums terminals. Royal Depository Financial Institution of Scotland, First Data Corporation of
the US, and a pool led by Financial Technologies are understood to be the
companies interested in partnering SBI for this venture. The three
potential spouses are expected to submit their commands this month. The depository financial institution is
looking at setting up a subsidiary, as this volition enable it to convey in a
technology spouse who have the expertness for the business. Royal
Bank of Scotland have a important share of the merchandiser acquisition concern in
Europe while First Data have one of the biggest merchandiser webs in the US. FTL
is ace specializer supplier of engineering intellectual place and domain
expertise for fiscal markets. It is also the booster of MCX. By
installing poloniums terminuses across the country, SBI takes to accomplish multiple
objectives. Firstly, it will better the use of its debit entry card game and generate
higher fee income for the depository financial institution as SBI will acquire paid for each transaction. SBI
has issued over 3.5 million debit entry cards, which do it the biggest card-issuer. In improver to debit entry cards, it is also the second-largest issuer of
credit cards. Secondly, the concerns that put in an SBI poloniums terminus volition be
encouraged to open up an SBI business relationship as this will let them to acquire their funds
from the depository financial institution immediately. The addition in the figure of current business relationships will
add to the bank’s low-cost ‘current and nest egg accounts’,
improving the bank’s balance sheet. Thirdly, this volition add to
the range of the depository financial institution by introducing one more than banking transmission channel in improver to
branches, ATMs and the internet. Sources said that the poloniums terminuses could be
used for the bringing of microfinance and also for reading smart cards. At present, the biggest issuer of poloniums terminuses in the state are
ICICI Depository Financial Institution and HDFC Bank. Sources added that SBI’s undertaking to install
half-a-million PoS terminuses will change the payment landscape in the country. As of now, there are close to four hundred thousand poloniums terminuses deployed by assorted banks. However, nearly one hundred thousand are inactive. SBI’s deployment and
the further terminuses installed by other Banks would take the figure to close
to one million by 2011. By that time, the figure of cardholders in the country
is also expected to billow as most Banks would have got completed their passage to
the core-banking platform.

Govt-owned banks go for core banking platform

MUMBAI:
More and more than government-owned banks are moving towards complete inclusion of
their subdivisions on the core-banking platform, which will enable their customers
to entree their business relationships from any location. State Depository Financial Institution of India, Union Depository Financial Institution of
India and Punjab National Depository Financial Institution have got made it clear they are looking at 100%
implementation of core-banking solutions (CBS) across the
country. Currently, SBI has
7,200, or 75%, of its sum subdivision web on the core-banking platform. A bank
official said that they were aiming at a 100% CBS-rollout by March adjacent twelvemonth as
well, though some of its distant subdivisions might have got to be included as and when
the connectivity jobs are resolved. The depository financial institution have got the regulating approval
to raise its 9,500-strong subdivision web to 10,000 by the end of this fiscal,
and further subdivisions will also be on the
CBS-platform. Union Depository Financial Institution of
India announced the rollout of its 1,501st subdivision under the core-banking network
on Thursday, and claims to have got added over 550 of those in the past three months
itself. It bes after to convey all its 2,300 subdivisions under the core-banking platform
by March 2008. Union Bank
chairman and managing manager millivolt Nair said that the remaining 800 branches
would be brought under the core-banking network by March 2008, even though
almost 300 of them are in rural countries and endure from connectivity issues. “Our connectivity solutions supplier VSNL have promised us the availability
of leased lines for these 300 branches. Even if that makes not happen, we will
make usage of V-Sat connections,” he
said. The depository financial institution have spent Rs 150
crore to revolve out its CBS-branches sol far, Mister Nair said. He added that Union
Bank would be disbursement Rs 250 crore on its technological trading operations this year,
including passes on data-warehousing, standard atmosphere web and its phone call centre. The bank
also announced the launch of its samariums banking services on Thursday. In its
initial stages, the clients will be offered balance inquiries, check status
inquiries, business relationship and payment alarms on the samariums service. Going forward, the
bank will look at offering mobile-payment solutions as well, said Mr
Nair. Meanwhile, Depository Financial Institution of India
claims it will attain the 1,500-mark for its core-banking enabled subdivisions by
March adjacent year. In the past, most public-sector Banks had maintained that
complete execution of CBS would be impossible owed to the big figure of
rural subdivisions they have. Other authorities owned Banks like Corporation Depository Financial Institution and
SBI’s associate Banks already have got all their subdivisions on the CBS
platform.

SBI, Coface in race for Global Fin stake

State Depository Financial Institution of Republic Of Republic Of India (SBI) and Coface, a planetary recognition coverage and factorization company headquartered in Paris, have got been shortlisted for purchasing the 52.5 per cent interest in India's prima factorization company, Global Trade Finance (GTF). The concluding bidder will be chosen in a week's clip and the trade is likely to fold by January end.

The boosters of GTF, Export-Import Depository Financial Institution of Republic Of India (Exim) and International Finance Corporation (Washington) had some calendar months back decided to sell their stake.

Exim Depository Financial Institution of Republic Of India and International Finance Corporation (Washington) currently throw 40 per cent and 12.5 per cent interest respectively. The other stockholders are FIM Depository Financial Institution Malta, with a 38.5 per cent stake, and Depository Financial Institution of Maharashtra (9 per cent).

A host of private equity players, foreign Banks and public sector Banks had evinced an involvement in purchasing into GTF. The investors who had submitted looks of involvements (EoIs) were JP Lewis Henry Morgan Financial, germanium Financial, Warbug Pincus, Actis (a private equity fund), Standard Chartered Bank, State Depository Financial Institution of Republic Of India and Coface.

The two boosters Exim Depository Financial Institution and International Finance Corporation American Capital will sell their interest to the concluding shortlisted participant between Rs 80 and Rs 110 a share. The trade will fold by the end of January, said an executive director stopping point to the development.

The sum equity of GTF is 7.7 crore shares. At a terms of Rs 110 a share, the trade is valued at Rs 900 crore.

Avinash paid Moon Rs 5 lakh on Valentine's Day

life INTERRUPTED: Moushumi
'Moon' Das

BHUBANESWAR:
Avinash Patnaik paid a brawny Rs 5 hundred thousand to Moushumi 'Moon' Hyrax from his ICICI
Bank account, according to a quarterly depository financial institution statement of the 22-year-old Orissa
businessman who allegedly shot and killed Moushumi's female parent Kanan and uncle
Vikas Chandra Sarkar on Thursday nighttime in Mumbai before killing himself. The payment was made this year
on February 14, Valentine's Day, when Moushumi and Avinash's human relationship would
have been a month-and-a-half old. Two sedimentations of Rs 3 hundred thousand and
Rs 2 hundred thousand were also made into Avinash's business relationship on the same day, just before the
Rs 5-lakh payment to Moushumi. The sedimentations came from funds
in State Depository Financial Institution of India. It is known that Avinash got a Rs 2-crore loan from a
nationalised depository financial institution for his business, but the beginning of the Rs 2 hundred thousand and Rs 3
lakh sedimentations could not be confirmed. Avinash's business relationship balance was
Rs 301.92 before the sedimentations and returned to that amount after the payment to
Moushumi. A quarterly statement of Avinash's nest egg business relationship shows that the Rs 5
lakh was transferred to Moushumi's ICICI business relationship through check figure 171975. Moushumi could not be contacted for comment. From January 1 to March 31,
Avinash made entire backdowns of Rs 8,28,103 against entire sedimentations of Rs
9,00,794. Avinash's father
Bhupen Patnaik have also alleged that his boy was taking a level in Moushumi's
name. "As much as we have
gathered, Avinash had paid Rs 1 hundred thousand to book a level for Moon in South Kolkata a
few calendar months ago,'' he said. Bhupen added, "I made some
inquiries about this miss through my friends in Kolkata just to happen out whether
there was more than to the relationship. Like any parent, I wanted to cognize about the
girl and her family. The thought was to cognize if there was anything serious between
the two. Had I known that it was serious, I would have got met Moon's family. I
would have got surely agreed to their marriage. But Avinash just dismissed Moon as a
friend and asked me not to bother. Hence, I took it as a simple friendship." The Patnaik household is inclined
to believe that Avinash was in Mumbai on Thursday to acquire back some money he had
"possibly invested" in some business. "Avinash perhaps had some
business golf course with person in Mumbai. It could well be Romesh Sharma," Bhupen
said. Romesh was a common friend of both Moushumi and Avinash. "People, who knew Avinash
closely, state me that my boy had possibly financed person dealing with Chinese
products in Mumbai. I believe it's Romesh. His figure was establish in Avinash's
cellphone. Moreover, some of Avinash's friends state they had seen Romesh in
Bhubaneswar," said Bhupen, a superintending applied scientist in an electrical company. While the Patnaiks doubt
Avinash was killed over money, Bhupen said, "Avinash had reportedly told some
friends that he would be returning (to Orissa) with Rs 30 lakh. I have got reasons
to believe this, because sometime ago, I had asked him about his preparedness
for the new kharif selling season. He said he would acquire back some money he had
invested elsewhere and things should be mulct by December." Avinash owned a rice
mill in Angul, Orissa. According to the father,
Avinash was fiercely independent. "I did not desire to cognize much from him and used
to just do questions once in a piece to check up on if everything was okay. I never
imagined things would take such as a turn," he said.