ManagementPeerless focus on new biz
In keeping with the Reserve Bank of India (RBI) guidelines for the Residuary Non-Banking Finance Company to exit deposit-taking business by March 2011, Kolkata-based Peerless General Finance & Investment Company scaling down its RBFC operations, while focusing on new business lines like asset and wealth management.
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The total deposits mobilised by the company last year stood at Rs 753 crore, about Rs 200 crore less than the previous year. The year-end figure of the outstanding deposits from the public declined to Rs 3,935 crore, from Rs 4,302 crore the previous year. At the 76 th annual general meeting of the company, Dipankar Basu, chairman of the company, said, “As the company"s deposit-taking business is scaled down over the current and the next years, and then ceases, its topline may take a temporary hit, until such time when income from its new business and increased income from subsidiaries gain in size.”