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IDBI to set up panel for film-financing norms

Industrial Development Bank of India in association with Bank of India and other financial institutions, has set up a joint institutional committee to study and suggest various norms for financing film and entertainment industry.

Announcing this, IDBI chairman P P Vora said that the committee would create an 'analytical evaluating' structure for the financial institutions and banks to help identify the bankable project and their success.

Last year, IDBI had fixed an exposure limit of Rs 1 billion for the film industry which is likely to go up manifold in coming years as the industry under the broking of Federation of India Chambers of Commerce and Industry joined hands with the National Association for Software and Services Companies to develop software for the entertainment industry. So far nine film projects have been financed.

Vora was speaking to newspersons at the sidelines of a global convention on business of entertainment in Mumbai on Friday.

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