In a note to the Reserve Bank of India (RBI), Assocham said the central bank may consider giving out new bank licences in a staggered manner to few players in a specific time frame given the uncertainties or volatilities associated with current business environment. The note pointed out that the granting of banking license could be a process, and not an event. The indus
Category: Infrastructure Finance
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IBEF may get upto $25 mn equity capital from IFC
India Business Excellence Fund IIA (IBEF IIA), which caters to the capital requirement of Small and Medium Enterprises (SMEs), may get upto $25 million funding from the International Finance Corporation (IFC). The proposed investment by IFC may boost further equity funding to capital constrained SMEs looking for growth capital
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GOL Offshore may sell assets to repay loans
Media reports indicate that GOL Offshore may use its unencumbered assets to raise funds for repaying the FCCB, which was due for redemption in October. While the company was to repay the bond holders in October 2012, it sought extension of the repayment period till April, which the bondholders rejected
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Iron ore price expected to be weak
Some industry watchers expect the price of iron ore in the global market to remain weak in the coming months after rising during Jan-Mar 2013. Iron ore price is expected to be weak because of a combination of anticipated lower steel output and continuous supply growth from the major iron ore miners
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Growth in marine-hull insurance segment may slowdown
Weak financial position of shipping companies may slowdown growth in the marine-hull segment of the insurance industry, reports indicate. Marine-hull insurance is purchased by port authorities, shipowners, shipbuilders, oil- and energy-sector companies, bankers and financiers of ships or vessels who have insurable interest
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Govt demands dividend from banks
State-run banks received a directive from the union finance ministry to declare a minimum 20 percent of their capital or net profit, whichever is higher, as dividend for 2012-13. The move by the ministry has not gone down well with these banks, who are already facing strain on their balance sheet owing to the rise in the non performing asse
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India to invite bids for freight corridor project by May
By next May, the Railway Ministry will invite bids for the first phase of the 1,483-km western freight corridor. The move is part of a strategy to de-congest freight lines and accommodate the growing industrial traffic. The 640-km project-part of the 920 km Rewari-Vadodara stretch-is awaiting approval from Japan International Cooperation Agency (JICA), which is funding the project, to begin financial bidding.
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Govt optimistic on loan recovery by banks
Some finance ministry officials expressed confidence that the public sector banks (PSBs) would achieve remarkable improvement in reducing bad loans. Bad loans of state-run banks have been rising because of the slowdown in the economy and weak financial position of
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Companies show strong interest in banking venture
According to informed sources, over 100 entities have shown interest in venturing into banking business following the release of the final guidelines by the Reserve Bank of India (RBI). It may be recalled that in February 2013, the central bank released its guidelines for licensing of new banking operations and invited applications for licenses before July 1, 2013
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Finance ministry gives nod to RBI proposal
The union finance ministry officials gave in-principle approval to the proposal of the Reserve Bank of India (RBI) to do away with the cumbersome procedure of incorporating a company by non-residents and facilitate foreign direct investments (FDI). Reports indicate that the proposal may facilitate inward remittances to meet pre-incorporation expenses of a co