Haryana State Industrial Development Corporation (HSIDC) will advance term loans to entrepreneur borrowers at floating rate of interest, a concept introduced for the first time by any state level financial institution. HSIDC managing director Y S Malik said in Chandigarh on Monday that the decision was not only in tune with the market trend but was also aimed at bringing down the rate of interest substantially compared to fixed rate of interest charged by the corporation. The corporation has linked the floating rate of interest to its cost of funds raised at variable rate. Malik said that this would help the corporation in two ways, lowering in the rate of interest and reducing interest rate risk.

Assocham seeks action in cases of dishonoured cheques:

The Associated Chambers of Commerce and Industry of India (Assocham) has called for immediate creation of a special court for time-bound disposal of of dishonoured cheques worth crores byamending the Negotiable Instrument Act. Expressing concern over the rampant increase in bouncing of cheques, Assocham president K P Singh said such offences should be put on summary trial across the bar and be completed within three months of filing the case. In a communication addressed to law, justice and company affairs minister Thambi Durai, the Assocham chief said bank accounts of drawers of cheques whose three cheques during two months are dishonoured should be closed and no new account should be allowed to be opened.

Koyenco steel factory resumes production:

Production at the private sector Koyenco steel factory, which came to a halt a few months ago following a powerful explosion at the unit, resumed in Kozhikode. "As scheduled, the factory resumed its operations and production has started in all the units," a top official of the Koyenco told PTI. The factory closed down following a major explosion, damaging several houses in its vicinity. The local people forced closure of the companyinsisting that fool-proof security arrangements be ensured before resuming operations.

Steps to solve textile industry problems in offing:

The Union government has assured to take necessary measures to solve the problems faced by the textile sector, BJP local MP, C P Radhakrishnan, said. Radhakrishnan told reporters in Coimbatore that the assurance was given to him by commerce minister Ramakrishna Hegde and textile minister Kashiram Rana when he took up the issues relating to the industry during his recent stay at Delhi. The ministers had promised to address the problems, including technology upgradation fund, ban on cotton waste exports and import levy, anti-dumping duty on grey ghada and garment export quota, he said.