About Modern Impex
Founded in Kolkata, M/S Modern Impex has earned its name as one of India’s leading jewelry export house, celebrated for its craftsmanship, authenticity, and design innovations, offering everything from intricately designed gold ornaments to bespoke diamond and gemstone creations.
With an ever-growing presence across major Indian cities — including Mumbai, Delhi, Chennai, and Bangalore — and a strong export base across the Middle East, Southeast Asia, and Europe, Modern Impex has built a legacy of trust and excellence. Today, it continues to blend traditional artistry with digital modernization, keeping pace with global jewelry trends while staying true to its heritage.
Challenges
Even for a company as established as Modern Impex, managing complex foreign currency loans came with its own challenges. The firm availed a Packing Credit in Foreign Currency (PCFC) limit from Federal Bank and U.S. based bank, and even with a specialized finance team – managing these complex loans became increasingly difficult, and verifying the accuracy of interest rates and applied charges was an uphill task.
This created blind spots. Small miscalculations often went unnoticed — and as they say, “minor leaks can sink a mighty ship.” With multiple banking partners and foreign exchange exposures, the lack of a proper tool risked silent financial losses and higher borrowing costs over time.
Our Strategic Approach
BankKeeping stepped in to bring structure and clarity to the process. The sanction letters of the banks, various statements and details were uploaded into the product by an experienced team and then the system began by analysing sanction letters, advice copies, and account statements, and comparing applied interest rates with sanctioned terms, market benchmarks, and regulatory circulars. These happened all automatically without any manual interventions. The Product team created specific application to handle PCFC based limits.
The Product then uncovered that the bank had overcharged roughly ₹3 lakhs in interest. Every discrepancy was then backed by data, carefully documented, and presented to Federal Bank’s treasury and operations teams by Bankkeeping’s team along with regulatory justifications.
What followed were several rounds of discussions — technical, but decisive. BankKeeping’s experts demonstrated how and where the miscalculations occurred, resulting in the bank’s acknowledgment of the error and its assurance to correct the computation at both the account and system level.
Results Delivered
The outcome spoke for itself. Federal Bank refunded more than ₹3 lakhs in excess interest, restoring every rupee that was rightfully Modern Impex’s. The correction also ensured that similar overcharges would not recur, improving transparency across all credit operations.
As the saying goes, “A penny saved is a penny earned.” For Modern Impex, this wasn’t just about recovering funds — it was about reclaiming financial confidence. Every rupee recovered became a reminder that vigilance pays off.
Beyond the refund, the process gave the management newfound clarity and assurance. Their accounts were cleaner, rate applications more accurate, and working capital cycles far more predictable. Modern Impex is now also aware that where it stands in terms of industry with proper benchmarking and thus the new phase is to help it secure limits with better terms and conditions.
How Bankkeeping optimizes your banking cost
By recovering overcharged interest and improving rate monitoring, Modern Impex now enjoys greater confidence in its banking relationships and reduced financing costs on foreign currency borrowings. Though the immediate impact does not sound big, the company is now using all features of the product to help it secure better terms. The management team and Modern Impex is now talking in terms of saving lakhs over the next couple of years by using superior tool to not only monitor its loans but also to negotiate better terms with the Banks in future.
BankKeeping isn’t just a rate auditor—it’s a strategic partner in identifying hidden banking inefficiencies, ensuring accurate rate applications, and optimizing credit utilization for sustainable business growth.
→ Safeguard your financial efficiency — Talk to BankKeeping today.
