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September 17, 2014

Rajarhat Financial Hub gets a thumbs up in Chennai

Rajarhat Financial Hub gets a thumbs up in Chennai

Riding high on its successful investors'meet in Mumbai a fortnight ago, Housing Infrastructure Development Corporation(HIDCO) on Monday pitched for the New Town Financial Hub in Chennai.

Thumbs up from banks

It showcased the benefits of the clusterapproach of banking and financial activities in Chennai, considered the bastionof various non-banking finance corporations (NBFCs) and at least threeprominent government-run banks.

Canara Bank is already mulling setting upits cash-processing centre for the east at the financial hub. The bankexecutive director has decided to visit the New Town hub to expedite thematter.

Cluster banking is important. It allows forvarious economies of scale for various financial activities like banking,insurance, mutual funds, offshore banking, investments and debt, among others.Come to the new address of money at New Town.

Leaving no stones unturned

A team of HIDCO has left no stone unturnedto promote the hub.

Replying to investors' queries at the meetit was made clear that Bengal has changed. The government is there to ensurecommercial viability. Canara Bank has already done a recee at the plot. IndianOverseas Bank and reinsurance giant United India Assurance (UIA) has givenin-principle approval to consider our proposal.

Shriram Capital has already taken a plotworth Rs 2.5 crore on lease at the hub to set up their new headquarters forShriram Credit.

Land is no issue

HIDCO has proposed to give a 38-acre landand a big plug-n-play unit on lease to the representatives of as many as 25NBFCs, banks, mutual funds and foreign banks.