In a move that raised the shareholding of government in State Bank of India (SBI) to 62.31 per cent from 61.58 per cent, the centre infused Rs 3,004 crore capital into the bank. The countryÂ’s largest lender, in return, alloted 12.9 million preferential equity shares at Rs 2,312.78 a share to the government
Author: admin (Infratructure Today)
Post
Post
IDBI Bank issues long-term bonds worth $500 mn
Reports suggest that response for the latest long-term bond issue by the state-run IDBI Bank was robust with subscription five times the issue size. HSBC and Standard Chartered Bank were arrangers for the offering. Initially the indicative yield for bonds with tenure of five years and 10 months, was US treasury plus 315 basis points. Finally, it was fixed at T plus
Post
Performance indicators of banks deteriorate
A survey by industry body Confederation of Indian Industry (CII) shows that key performance indicators of banks like credit growth, net interest income deteriorated in 2012-13. The survey, in which 5 public sector banks (PSBs), 3 private sector banks and 7 foreign banks participated, showed that growth in profit after tax (PAT) and return on equity also deteriorated in the current financial
Post
Court allows SKS Microfin to resume business in AP
In an interim order, the Supreme Court allowed SKS Microfinance to resume microlending operations in Andhra Pradesh without securing a no-objection certificate from the state government. MFI operations in the state, by and large, came to a standstill after the state government introduced the Andhra Pradesh Micro Finance Institution (Regulation of Money Lending) Ordinance 2010
Post
Home loan borrowers shift lenders
Media reports indicate that several home loan borrowers have moved their loans to banks that are offering lower rates (especially SBI) owing to cost advantage. The movement of existing home loan borrowers from one bank to another is happening at a time when the overall growth for the industry is flat, some analysts opine. A sha
Post
Govt, RBI probe money laundering case
Department of Financial Services, Government of India and the Reserve Bank of India (RBI) are closely probing the alleged violation of anti-money laundering laws by the staffs of some private banks including Axis Bank. This information was given by Union Finance Minister P Chidambaram recently. The probe is in response to a sting operation conducted by the portal Cobr
Post
Govt to sell Rs 150 bn worth bonds every week
According to the government borrowing calendar for Apr-Sep 2013, the centre would issue Rs 150 billion worth bonds on an average every week during the six months. Thus, in the first six months of the next financial year, the government would borrow Rs 3.49 trillion or 60 percent of the full-year gross target. On a net basis, the g
Post
Nifty banking index rises considerably
The Nifty banking index has risen considerably in the last one year because of several factors even though the general financial health of several banks remain patchy, analysts said. The National Stock ExchangeÂ’s Nifty banking index, a barometer of banking company stocks, has risen 50 percent in the past one year, belying general economic performance and expectations from the banking busin
Post
Experts advocate private regulatory mechanism
While the debate on regulating large conglomerates of financial companies continues, some experts argue that private (or market-based) regulatory mechanisms may be more efficient in certain cases compared to government regulatory mechanism. These experts argue that government regulators could be captured by special interests—of both the corporate and populist kind. And there is good reason to believe that instances of this kind have occurred in India, expe
Post
KIOCL, SAIL in talks over rare-earth project in Kerala
KIOCL is reportedly in discussion with Steel Authority of India (SAIL) to set up a joint venture to explore rare earth minerals in Kerala. The joint venture project may also engage bodies like Kerala State Industrial Development Corporation and Kerala Mineral Development Corporation