The orissa State Financial Corporation is the primary state financing institution incorporated in the year 1956 under the Financial Corporation Act 1951. The assets like land, building, plant and machinery, equipment and margin money for working capital for setting up of industries. The Corporation also provides working capital assistance under single window scheme. Priority is given to small and tiny sector industrial units in backward areas.
OSFC is fully computerized. The Head Office and the Branch Offices are interconnected. In this way timely and adequate credit and follow up of accounts is ensured. OSFC conducts joint review meetings with the banks and District Industries Centre (DIc) for timely and adequate flow of working capital credit to the industry. Follow-up the assisted projects, both at the implementation and after start of commercial production level are under taken by the Loan Administration cell (LAC) OF OSFC. LACs look after the implementation of the projects having a term loan component of Rs. 30.00 Lakh after the implementation of the projects having a term loan component of Rs. 30.00 Lakh and above. The branch offices look after the cases below Rs. 30.00 Lakh and above. The branch offices look after the cases below Rs. 30.00 Lakh apart from conducting follow-up inspections of the commissioned projects irrespective of the loans involved.
Follow-up assisted project, both at the stage of implementation and after start of commercial production, is an area on which the corporation has decided to streamline its functions. To start with, a Loan Administration Cell has been created at the Head Office to look after the implementation of the project having a term loan component of Rs. 30.00 lakh and above. The branch offices have been advised to look after the cases bellow rs. 30.00 lakh apart from conducting follow-up inspections of the Commissioned Projects irrespective of the loans involved. The system will be improved further after examining the recommendations of the CRISIL and establishing a proper MIS system in the regard.
Board of Directors (as on 01.08.2000)
MEMBERS OF THE EXECUTIVE COMMITTEE AS ON 1.8.2000
S. N. Tripathy, IAS
Shri P. Gupta, IAS
Shri S. Rastogi, IAS
Shri. P.P. Ramakrishnan
R. C. Das