Kerala to set up body to woo NRK investments

Trivandrum - Board vice-chairman B Chandrashekhar said that the proposal for the AMC had received all required clearances, including that of the Securities Exchange Board of India (SEBI).

By T K Devasia

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Published: Wed 30 Sep 2015, 12:00 AM

Last updated: Wed 30 Sep 2015, 9:41 AM

With the bank deposits of non-resident Keralites (NRKs) in banks in Kerala crossing the Rs1 trillion mark, the state government has woken up to the need for a mechanism to channelise the idle funds into productive sectors.
According to the State Level Bankers Committee (SLBC), the total NRK deposits in scheduled commercial banks in the state stood at Rs1.17 trillion as at June 30, 2015. This marked a 25 per cent jump from Rs941 billion in June 2014.
The Congress-led United Democratic Front (UDF) government is trying to attract a chunk of these deposits by setting up an Asset Management Company (AMC) solely for infrastructure development. The government has entrusted the task with the State Planning Board.
Board vice-chairman B Chandrashekhar said that the proposal for the AMC had received all required clearances, including that of the Securities Exchange Board of India (SEBI). He said that the company would become operational soon. Chandrashekharan, a former cabinet secretary, said that the company would tap funds for long-term infrastructure projects.
The board has classified the infrastructure needs of the state into short, medium and long term. The AMC will concentrate on raising funds for major projects.
Chandrashekharan said investments in the company would be a worthwhile option for NRKs as it would ensure assured returns to them. Tuesday's decision of the Reserve Bank of India (RBI) to cut the key lending rates by 0.50 per cent may make matters easy for the new company.
news@khaleejtimes.com

patna - An FIR was lodged against BJP leader Sushil Kumar Modi on Tuesday for trying to allure voters by promising them free laptops, colour TVs and sarees during his public address ahead of the state assembly polls, police said.
"An FIR was lodged against Modi on the charge of alluring voters on Monday at his public meeting in Bhabhua, the district headquarters of Kaimur," a district police official said.
Modi, the state's former deputy chief minister, had reportedly promised the freebies during his public rally at Bhabhua.
Elections in Bihar to elect the 243-member assembly will be held in five stages between October 12 and November 5. Counting of votes will take place on November 8. - IANS


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