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IBA accepts panel report on film financing framework

The managing committee of the Indian Banks Association, in a meeting 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 was 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 upto the banks to frame their respective norms regarding lending to the film industry.

''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'', the IBA chief executive M N Dandekar said.

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 of financing of films by the banking sector.

UNI

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