Mumbai: State-owned Export-Import Bank of India plans to raise Rs17,000 crore in fiscal year 2008-09, chairman and managing director T.C. Venkat Subramanian said on Monday.
“We plan to raise $1.6 billion from foreign currency and the balance in Indian rupees,” he said. It raised Rs14,040 crore through borrowings in fiscal year 2007-08 that ended on 31 March from both overseas and Indian markets. It posted a net profit of Rs333 crore in 2007-08 against Rs299 crore a year ago.
Exim Bank, which lends mainly to exporters and importers, said it disbursed loans worth Rs27,159 crore during the year to March, against Rs22,076 crore a year ago. Its non-performing assets have decreased to 0.29% of net loan assets on 31 March, against 0.50% in the previous year.
India’s merchandise exports stood at $155 billion during 2007-08 and imports stood at $245 billion, according to government data.