SBI signs a tri-partite deal with HPGCL
By Vaibhav Aggarwal
Jan 16, 2009
Print    Email    RSS   

State Bank of India (SBI) has entered into tri-partite deal with the Haryana Power Generation Corporation Ltd (HPGCL) with a view to facilitate e-payment service to make freight payment for coal supplied to its thermal power stations.

An official with HPGCL informed that under this agreement, Indian Railways will be ensured timely payment of advance coal freight. This would make certain that loading of coal rakes for HPGCL Power Stations would not be affected because of the unavailability of funds with the Railway department.

The e-payment agreement will facilitate HPGCL to make the advance payment through the letter of credit only 5 days in advance against the earlier15-day advance freight deposited by the corporation. This 10-day gap in the advance payment would help HPGCL to save around Rs 6 crore per year and bring down the cost of generation.

The official added that a similar agreement has also been inked with East Central Railways and South Eastern Railways. Presently the corporation is paying a monthly freight of nearly Rs 52 crore to East Central Railways and Rs 11 crore to South Eastern Railways in order to supply coal to Panipat Thermal Power Station.

Also similar deals are soon expected to be signed with Central Railways and South Eastern Central Railways.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

A chronicle of excesses by loan recovery...
How good are floating rate car loans?
Loans against Cars: A Quick Solution for...
Used Car Loan Melas in India
Bank loans that could glitter for you

Hello I am looking to renew my car insurance and I...
my loan no

SBH bank extended its Car and gold loan campaign till 31st March, 2015. Feb 11, 2015
KVGB bank signed MOU with TATA Motors Feb 10, 2015
SBH bank extended its scheme offering concession to loan defaulters Feb 2, 2015
Karnataka Bank tied up with TVS motors to Assist Auto rickshaw buyers Jan 27, 2015
RBI extended the Directions issued to Amanath Co-operative Bank for a period of six months Jan 22, 2015
News Archive