Hudco Unveils Public Deposit Scheme

Housing & Urban Develo-pment Corporation Ltd (Hudco), which mobilised resources of over Rs 1958 crore in 1996-97, including mobilisation of Rs 250 crore through the first ever public issue of infrastructure bonds, launched a public deposit scheme here yesterday to further boost its mobilisation efforts.

Inaugurating the scheme, West Bengal finance minister Ashim Dasgupta said, having seen the rise and fall of many deposit schemes, the question of security and guarantee is uppermost in the public's mind. This scheme is expected to fulfil the above requirements.

The fixed deposit scheme offered are Hudco Regular Plus, a non-cumulative scheme, a cumulative scheme Hudco Multiplier Plus and a another cumulative scheme Hudco Cash Certificate.

 

Dasgupta urged the need for a positive attitude in extending credit, especially for rural and urban infrastructure development. He said the budget for the current year has earmarked Rs 850 crore for rural infrastructure development and another Rs 550 crore for urban infrastructure development.

Hudco CMD said that Rs 250 crore will be disbursed for rural and urban development in West Bengal during the current year. Around Rs 150 crore will be for financing rural and urban infrastructure projects like roads, transport, water, sewerage etc while Rs 100 crore will be for housing development.

Of which, Rs 75 crore will account for direct investment and Rs 25 crore for land aquisition. The disbursal plan in based on built in cross subsidy.

Cumulatively till March, 1997, Hudco had sanctioned a total of 12,605 schemes involving a total project cost of Rs 23,531 crore with Hudco's loan component of Rs 13,975 crore and loan disbursement of Rs 10,124 crore. Hudco Vision 2002 plan envisages financial sanction and releases of the order of Rs 14,746 crore and Rs 12,534 crore respectively.