IBA panel accepts film package

MUMBAI, JUNE 18: The managing committee of the Indian Banks Association IBA in a meeting here today accepted the study report on financing of films by commercial banks prepared by the special committee set up by the association. The managing committee found that the report well codified and helpful for the commercial banks in identifying viable film related projects for lending.

However, the committee felt that the IBA is not empowered to impose guidelines and has left it to the banks to frame their respective norms regarding lending to the film industry. 8220;The report is a good study that will enable banks to rely on it while deciding on the general framework within which they can finance films. The study has gone into the functioning of this industry and will prove helpful to the industry,8221; IBA chief executive M N Dandekar told UNI.

The managing committee, in a meeting in May deferred its decision on the report as they needed more time to study the report and understand the full implications offinancing of films by the banking sector.