Sources from the Reserve Bank of India (RBI) informed that some entities raised queries on the guidelines for new bank licences and the central bank would issue clarification on this by the early part of May. It may be recalled that in February 2013, the central bank released guidelines for new bank licences and a
Category: Infrastructure Finance
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RPTL receives Rs 30 bn fund infusion from RIL
Reliance Ports & Terminals (RPTL) is learnt to have received Rs 3,000 crore equity infusion from its Reliance Industries (RIL) in 2012-13. Also, the Mukesh Ambani-led firm infused Rs 1,575 crore of equity in Reliance Gas & Transportation Infrastructure (RGTIL) last year. RGTIL is also said to have
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FM hopes Indian economy would get back to 8% growth
Finance Minister P Chidambaram remarked that the Indian economy is poised for a potential growth rate of 8 per cent and the country has not fixed the limit to foreign investments. While attracting investors from Canada and the USA, he said the Indian economic downturn is a temporary phenomenon. Between 2004 and 2012, India had a growth rate of 8 per cent for six years and four
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Govt plans to pass Finance Bill by end of budget session
The government plans to pass the Finance Bill 2013 by the end of the second half of the budget session, which starts on April 22 and ends on May 10. The parliamentary affairs ministry, headed by Kamal Nath proposed the window of May 6 and 7 for discussion and passage of the finance
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Govt plans to pass Finance Bill by end of budget session
The government plans to pass the Finance Bill 2013 by the end of the second half of the budget session, which starts on April 22 and ends on May 10. The parliamentary affairs ministry, headed by Kamal Nath proposed the window of May 6 and 7 for discussion and passage of the finance
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Growth in corporate sales falls sharply in Dec quarter
Growth in the sales of 2,745 non-financial private sector companies declined sharply to 9.2 per cent at Rs 7.5 lakh crore in Oct-Dec 2012 from 19.2 per cent in the year-ago period. Data released by Reserve Bank of India (RBI) on these companies shows. During Jul-Sep 2012, sales of these firms expanded 11.3 per cent. The sales growth in Oct-Dec 2012 quar
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Banks increase presence in rural areas
Data from Reserve Bank of India (RBI) shows that as of December 2012 211,000 villages in the country have bank connectivity compared to about 67,000 villages in March 2010. It may be noted that there are about 600,000 villages in the country. Bank connectivity is said to have risen mainly through business correspondents (BCs) and other
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MFIs improve access to financial services in Bihar, UP
Reports suggest that some microfinance institutions (MFIs) like Cashpor and Utkarsh are successfully meeting the financial service needs of rural areas in north India, especially Bihar and Uttar Pradesh. Some reports suggest that in the next few years, people in Eastern Uttar Pradesh and Northern Bihar will have
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Financial crisis breaks consensus on 3 issues
Reserve Bank of India (RBI) Governor D Subbarao said pre-crisis consensus is broken on three macroeconomic issues - capital account convertibility, central bank intervention in exchange rate market and
capital controls. He said this while speaking at the IMF conference on Rethinking Macro Policy II in Washington
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Financial services arm of Piramal Grp aims Rs 150 bn asset
The proposed financial services business of the Piramal Group would achieve an asset size of Rs 15,000 crore in the next five years, Ajay Piramal, Chairman of the group informed. The company, which would be set up by the group, will conduct three-four big-ticket structured transactions every year and strengthen the NBFC business