Peerless looks at Rs 1100 crore mop-up

Residuary non-banking company Peerless General Finance & Investment Co Ltd (PGFICL) has targeted a Rs 1,100 crore deposit mobilisation figure in 2003-04 against Rs 919 crore, achieved in the previous year.

"We have already mopped up Rs 700 crore till date, and hope to surpass our target in the current fiscal," said managing director S K Roy at the sidelines of a press conference to announce its new scheme "" Swarojgar Yojna.

He also said that PGFICL has lined up a couple of savings related products which would be launched in the next couple of months. He however declined to give away the details of the products that were being worked out.

Meanwhile, under the Swarojgar Yojna, which would be initially launched as models in four to five districts in West Bengal will be launched on a wide scale next year.

"We hope to provide employment to 10,000 youth in the next one year if the scheme turns out to be success in the areas where we will launch it initially," he explained.

The scheme would be in phases launched at Malda, Dhanbad, Jamshedpur, Kalyani, Sonarpur, Mumbai, Bhopal, Bangalore, Kochi, Hyderabad, Lucknow, Ghaziabad, Faridabad and Delhi.

Under the scheme agents would be provided a weeks training on completion of which they will be eligible for a stipend ranging between Rs 1000 and Rs 3000 on a monthly basis on fulfilment of targets. Agents under the scheme will also be eligible for commissions on products they sell.

Roy said the company, with a view to promoting self-employment, has entered into a joint venture agreement with the Department of Self-employment, government of West Bengal by setting up an Assistance Centre at State Youth Centre in Kolkata.