Rebasing will strengthen kwacha- Indo Zambia
By Henry Sinyangwe
Tue 04 Sep. 2012, 19:07 CAT
INDO-ZAMBIA Bank managing director, Shankardas Gupta says the re-basing of the kwacha will also strengthen the currency and ensure tourists are not scared of the figures.
Gupta said that Statutory Instrument No 33 which only allows all products to be quoted in kwacha has affected deposits but is confident that the situation will normalise.
He said the policies put in place so far were good and the country would benefit in the long run.
Gupta said the government's policies in the financial sector were good for economic growth and sustainability.
He said this would instil confidence and strengthen the kwacha.
"And I do not see it depreciating any further but I see it appreciating," he said.
And Gupta said the bank is projecting 15 to 20 percent growth in all the sectors this year.
"Deposits have been a little slow because after the Statutory Instrument, there has been a little bit of confusion because foreign deposits are a little bit slow. But I think once the confusion is over, the people's minds will be added and we can pick up with the growth that we are projecting," Gupta said.
"We have about 60,000 customers. We are trying to grow a bank at about 15 to 20 per cent on all the fronts. Deposits, advances acquiring new customers for this current year".
Gupta said the bank was also offering housing loans at 17 per cent interest rate.
"On the lending side, yes, whatever businesses we are there. We have a very good scheme on the housing loan side. We have a project where we accommodate as many of our people so that we at least enable everybody to have a small house where they could have a decent living at about 17 per cent interest rate," He said.
Gupta said the cost of doing business in Zambia was higher compared to several other countries hence the lending rates were also on the higher side.
"Specifically, the cost of operations are higher here in Zambia than most of the places in the world because the cost of doing business here is high and that's the reason why the cost of the loans are also on the higher side," said Gupta.
Labels: INDO ZAMBIA BANK, KWACHA
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Thandiwe urges govt-private partnerships for development
Written by Margaret Habbuno
Friday, August 21, 2009 5:01:52
FIRST lady Thandiwe Banda has said the global economic crunch has severely affected the performance of many companies in Zambia.
During a donation of various items for charity works by Indo-Zambia Bank in Lusaka yesterday, Thandiwe said the multiplier effect of the state of affairs was that many people were struggling economically.
“The multiplier effect of this state of affairs is that most of our people especially in struggling economies like ours are going through untold suffering,” Thandiwe said.
She said companies like Indo Zambia Bank had chosen to identify themselves with the disadvantaged people in the country.
Thandiwe said corporate social responsibility initiatives such as giving back to the community were important.
“Such initiatives such as the one Indo Zambia has done must be encouraged because they supplement all our tireless efforts in addressing the plight of the less privileged in our society,” she said.
Thandiwe said it was prudent that other corporate entities endeavour to emerge as true partners of government by rendering support for the country’s development.
“Economic priorities for the sectors such as agriculture, manufacturing, tourism development and citizens’ empowerment are sectors that the corporting partners should always help,” said Thandiwe.
And Indo Zambia Bank managing director Satish Shukla said Indo-Zambia Bank was delighted to be associated with charity works as they were consistent with the values the bank promoted through its corporate social responsibility programme.
“I am happy to announce that Indo-Zambia is donating 200 blankets, 50 mattresses and 50 bed sheets.The total amount is valued at K40 million for dispensing to deserving causes identified,” said Shukla.
Labels: INDO ZAMBIA BANK, PPPs, THANDIWE BANDA
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INDO Bank hails govt over 'good' budget
By Ntalasha Mutale
Monday January 28, 2008 [03:00]
INDO Zambia Bank executive director Cyril Patro has commended the government for presenting a good budget this year saying it would improve the conditions of people in Zambia. And community development minister, Catherine Namugala, said there was need for the government to promote non-residential care for the aged and orphans.
Visiting Cheshire Homes in Chawama on Saturday, Patro said the budget this year was the greatest achievement that Zambia has made to improve the economy and the social sector.
“It is very satisfying to see the level of progress in Zambia. We as Indo- Zambia Bank want to assure the government of our willingness to continue partnering and supporting the government’s initiatives in uplifting the economy,” Patro said.
Patro also said government’s aim of uplifting the under-privileged and the vulnerable was yielding positive results and had presented greater impetus for the bank to come forward and partner with it.
The bank undertook an eye camp worth K20 million at Cheshire Homes for the aged and orphans, and donated groceries worth K10 million.
And Numugala said there was need for the government to promote non-residential care for the aged as most of them could not move to special homes because of the extended families they had to look after.
“Fifty per cent of the vulnerable children were being taken care of by grandparents who do not even have the capacity to feed them properly or take them to school,” Namugala said. “There is need to help them from their homes.”
She commended Indo for the eye camp and said it would enable the aged at the home access modern facilities and spectacles.
Labels: 2008 BUDGET, INDO ZAMBIA BANK
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