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ITPO sitting on cash pile

New Delhi, May 20 (KNN)  ITPO, the agency under the Commerce Ministry charged with the responsibility of developing infrastructure for trade exhibitions and fairs is sitting on a cash pile of Rs 4,100 crore even as the industry wants it to be more active in promoting brand India.
“ITPO (India Trade Promotion Organisation) intends to empanel Banks/Financial Institutions for ascertaining interest rates for placement of its surplus funds in term/fixed deposits from time to time,” an official notice.
The criteria for empanelment of nationalised banks are minimum net worth of Rs 100 crore and Capital Adequacy Ratio (CAR) of 9 per cent.  For private scheduled commercial banks the criteria is minimum net worth of Rs 2,000 crore and CAR of 9 per cent.  As far as financial institutions are concerned, it is minimum net worth of Rs 2,000 crore and the instrument which has attained the highest credit rating from an established credit rating agency, official data said.
ITPO, the premier trade promotion agency of the Government of India for organizing trade fairs, is committed to showcase excellence achieved by the country in diverse fields especially trade and commerce.
As the nodal trade promotion agency of the country, it has had a pioneering role in the national trade growth dynamics since its inception.
Apart from its role in bringing the Indian businesses, particularly those in the MSMEs sector, closer to global markets, it was first to popularize trade fairs as a tool of trade promotion within the country.
For nearly three and a half decades, it has been managing India's world class exhibition complex that is constantly upgraded to keep it in a high standard of readiness.