Profile of OSFC
The Orissa State Financial Corporation(OSFC) was established in 1956 under the State Financial Corporations Act,1951 with the main object of providing loan assistance to the tiny, small and medium scale industrial concerns.
PURPOSE OF ASSISTANCE
Loan assistance is provided for construction of factory building, purchase of plant and machinery, to meet electrification and installation expenses, and for renovation and modernisation of existing units.
INDUSTRIAL CONCERNS ELIGIBLE FOR ASSISTANCE
Industrial concerns engaged or proposed to be engaged in any of the following activities are eligible to avail of financial assistance from the Corporation.
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Manufacture, Preservation or processing of goods, assembling, repairing or packing of any article, |
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Mining, providing drilling facilities, heavy material handling equipment, cranes, earth moving equipment, road construction equipment, |
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Transport, weigh bridge facilities, industrial estates, |
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Power generation, providing telex/tele-communication facilities, photocopying, computer, |
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Hotel, community centres, amusement parks and other tourism related activities, |
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Hospitals/nursing homes, |
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Providing special or technical knowledge, or other services for the promotion of industrial growth etc., and |
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Such other activity as may be approved by the Industrial Development Bank of India(IDBI). |
CONSTITUTION OF INDUSTRIAL CONCERNS
An industrial concern with any of the following constitution is eligible to avail of financial assistance from the corporation.
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Companies (both Public & Private Ltd.). |
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Cooperative Societies. |
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Partnership firms. |
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Proprietorship concerns. |
LIMIT OF ACCOMMODATION
The maximum loan that can be advanced to Companies and Cooperative Societies is limited to Rs.150.00 lakh while for proprietorship and partnership concerns the limit is Rs.90.00 lakh. But, in consortium with IPICOL and Commercial banks, loans above Rs.150.00 lakh can be sanctioned to a concern provided the project cost is upto Rs.10.00 crore.
The Corporation, however, has prescribed a floor level of Rs.2.00 lakh for availing of loan.
MANAGEMENT:
The general superintendence, directions and management of affairs and business of the Financial Corporation vests in the Board of Directors and the Board of Directors may exercise all powers and do all such acts and things as may be exercised or done by the Financial Corporation and are not by this Act expressly directed or required to be done by the Financial Corporation in general meeting.
The Board in discharging its functions under this Act shall act on business principles, due regard being heard by it to the interest of industry, commerce and the general public.
The business which the Financial Corporation may transact are provided in Sec-25 and the business which the Corporation can not transact are provided in Sec-28 of the SFCs Act, 1951. The Corporation can provide assistance to Industrial Concerns as defined under clause (C) of section 2 of the said Act. |
