Finance Sector Legislative Reforms Commission (FSLRC) recently submitted a draft Indian Financial Code Bill which contains 450 clauses and six schedules. The code was submitted to give effect to its recommendations on the financial architecture of the country. Among various recommendations of the panel, the prominent one is the setting up of a Unified Financial Agency (UFA) by merging several regulators such as Sebi,
Category: Infrastructure Finance
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RBI for steps to prevent money laundering
Reserve Bank Governor Duvvuri Subbarao on March 22 said some corrective steps will be taken to strengthen the banking system which according to him is largely safe. Subbarao's statement come amid allegations of money laundering in leading private sector banks.
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‘Direct benefit transfer,’ focal point at bankers meet in Kerala
At a State-level bankersÂ’ committee meeting held in Thiruvananthapuram on March 26 Direct benefit transfer (DBT) shared limelight along with financial inclusion, and education-MSME-farm sector loans. RK Dubey, Chairman and Managing Director, Canara Bank, set the ball rolling at the 109th meeting of the SLBC by saying banks needed to speed up rollout of DBT in the State.
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TN’s bank deposits touch Rs 4.11 lakh crore
In Tamil Nadu, the total deposits of the banks has touched Rs 4,11,478.29 crore with a year-on-year increase of 14.27 per cent by December, 2012. The credit portfolio has experienced an increase of 21.67 per cent during the same period and reached Rs 5,01,143.48 crore, according to the State Level Bankers' Committee (SLBC).
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Barclays Capital expects RBI to cut rates by 50 bps
Barclays Capital feels that Reserve Bank of India (RBI) may reduce policy repo rate by another 50 basis points by mid 2013 in order to support economic growth. The brokerage interpreted RBI's policy statement on March 19 as being "balanced", and not the hawkish tone that markets have interpreted
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Rs 1.14 trillion budget passed in Gujarat Assembly
The Rs 114,450 crore budget of Gujarat government for the year 2013-14 was recently passed at the state assembly with majority voice vote. The budget levies new taxes of Rs 289 crore, while it gives tax relief of Rs 245 crore in different sectors. The budget proposes to generate surplus of Rs 840.45 crore. The state government presented the budget on February 12, 2013. The budget focuses on development of so
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Loan book of SKS may double in 2013-14
Some analysts expect the loan book of SKS Microfinance to double to Rs 3,000 crore by the end of 2013-14 from Rs 1,500 crore levels in 2012-13 even in the absence of fresh lending in Andhra Pradesh. The loan book of the company is expected to double on the back of its geographical expansion. The company has increased its presence in states such as UP, Rajasthan, Gujarat, amongst others and this may drive growth
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Loan book of SKS may double in 2013-14
Some analysts expect the loan book of SKS Microfinance to double to Rs 3,000 crore by the end of 2013-14 from Rs 1,500 crore levels in 2012-13 even in the absence of fresh lending in Andhra Pradesh. The loan book of the company is expected to double on the back of its geographical expansion. The company has increased its presence in states such as UP, Rajasthan, Gujarat, amongst others and this may drive growth
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OMCs to get Rs 25K cr additional cash subsidy
The Union government will pay Rs 25,000 crore additional cash subsidy to the government-owned fuel retailers to cover for the revenue they lost on selling auto and cooking fuel below cost this fiscal. The Finance Ministry has so far provided Rs 55,000 crore to Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) to cover for part of the revenue they lost on selling diesel, domestic LPG and kerosene at government controlled rates which are below the cost.
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Goa govt prepares draft investment policy
Goa government prepared a draft investment-cum-industrial polic, which laid a special thrust on development of Special Investment Regions (SIRs). The SIRs will attract large investments, economies of scale and world class infrastructure arrangements. SIRs involves special areas demarcated for development with their own industrial, social and urban infras