The Kolkata-based Peerless General Finance and Investment company, has seen a good response to two of its new products in Tamil Nadu (TN) and Andhra Pradesh (AP).
Peerless, which is one of the oldest non-banking companies in India, has in recent years looking at achieving a 62 per cent growth in revenues in the next financial year.
The southern operations of the company, TN and AP are expected to contribute about Rs 150 crore to the total turnover of Rs 650 crore for the year ending March 31, 2002.
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The company, which is expected to close this year with revenues of Rs 650 crore, has seen the Tamil Nadu market respond favourably to its daily deposit scheme (DDS) and the Peerless multi-protector. Peerless is offering insurance benefits to its depositors as a value added benefit and the multi-protector insurance plan is being offered in conjunction with Iffco-Tokyo.
The daily deposit scheme offered by the company has seen the company collect over Rs 1 crore per month in Tamil Nadu alone, a company spokesperson said. The multi protector scheme comes as a package with free critical illness insurance cover of up to Rs 1 lakh plus free accidental death insurance cover of up to Rs 50,000. The scheme with four options is open to those between the ages of three and 62 years and no medical examination or hospitalisation is necessary.
The company which has about 4 crore depositors has a fund base of about Rs 8,000 crore and has disbursed nearly Rs 3,000 crore of the deposit amount to nearly one crore certificate holders. Peerless is also understood to be in talks with the HDFC group for marketing its products and is also investing in expanding its existing network, with special focus in rural areas, the spokesperson said.
"The company has a majority portion, 80 per cent of its funds invested in government securities, while 10 per cent has been invested in PSU bonds," the spokesperson said.