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Broking houses put plans on ice
ENS ECONOMIC BUREAU
CHENNAI, January 3: Confused over the likely fallout of the Reserve Bank of India's (RBI) guidelines for non-banking finance companies (NBFCs) issued on Friday, leading broking houses are thinking twice about deposit mobilisation.Bajaj Capital Ltd which had mobilised Rs 1300 crore last year has put on hold collection of deposits. Anil Chopra, chief executive of the company, said most NBFCs could not renew existing deposits or go in for fresh borrowings as their deposit levels were well over the prescribed limits. He said further deposits would not be accepted until a formal communication was received from the companies.N Swaminathan, vice president of Integrated Enterprises India Ltd (IEIL), one of the leading brokers in the South with a 99-strong nationwide branch network said IEIL was ascertaining the deposit position of all the companies and a final decision would be taken by Monday.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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