Introduces new product of short term loan up tp 1 year
IFCI announced that :1. The Board has given its approval for sale of remaining 3.05% (13,72,750 equity shares) of the equity stake held by IFCI in NSE.
2. IFCI has introduced a new product of short term loan for tenure upto 1 year for which the IFCI Benchmark Rate upto one year (IBR-ST) shall be applicable. The current IBR-ST is fixed at 9.40% p.a. with monthly rests. The rate comes into force w.e.f. May 01, 2016. The IBR-ST is exclusive of risk premium to be charged to the borrowers based on credit rating and tenor premium.
3. Sale of Assets of Blue Coast Hotels for recovery of IFCI's dues.
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