EDC records Rs50 crore profit in 2018-19

By on October 22, 2019
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EDC records Rs50 crore profit in 2018-19

The Economic Development Corporation (EDC) Ltd, premier financial institution in Goa, registered a profit of `50 crore during the financial year 2018-19, a drop of `6 crore from last year announced the newly-appointed chairman of EDC Ltd Sadanand Tanavde.

The disbursement of loans in 

2018-19 was `190 cores as against `197 crore during the previous year. However, the organisation registered growth in the recovery of loans, with `283 crore recovered in 2018-19 as against `263 crore in 2017-18. 

There was also a rise in the number of loans – 539 cases were sanctioned over 2018-19 as against 366 during the previous year. 

The Chief Minister Rojgar Yojana (CMRY), EDC’s flagship scheme, performed well during 2018-19. Under the scheme, the number of sanctioned loans increased from 320 in 2017-18 to 487 in 2018-19. The amount sanctioned in 2018-19 was `28.57 crore as against `13.26 crore during 2017-18. 

The loans disbursed in 2018-19 was `25.79 crore compared to `13.81 crore in 2017-18. The loans recovered under this scheme during 2018-19 was `13.01 crore as against `11.98 crore in 2017-18.

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