MP Rana
Infosys, on Tuesday provided details on the avenues where it has put its excess cash into. The strategy being followed is a ‘conservative’ one as a major chunk has been parked in state-run banks.
By the end of 2008, the company had Rs.7419 crore allotted to deposit funds, out of which about two-thirds were in state-run banks. The report says that about Rs.2000 crore have been put into SBI, Rs.535 crore with PNB and Rs. 500 crore with IDBI, Syndicate, Bank of Baroda and Bank of Mysore each.
The group has informed that such a break-up of deposits will be regularly declared, now onwards. The act would definitely add to the transparency of the operations. Such a decision might be in reaction to the unfortunate Satyam saga; which took the whole corporate world by surprise.
|