A consortium of banks led by Bank of India would reportedly lend Rs 700 crore for the infrastructure project proposed to be carried out by Vijay Kalantri-promoted Dighi Port. The project, which is estimated to cost Rs 1,000 crore, includes setting up a new berth and road and rail infrastructure at the port. The remaining cost would be met by the promoters, reports indicate
Category: Infrastructure Finance
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Minister may hold meeting with PSUs to review investment
Between March 22 and April 22 Finance Minister P Chidambaram may hold a meeting with heads of public sector undertakings (PSUs) to review their capital expenditure plan, reports suggest. During the meeting, the minister may discuss capital expenditure plans of PSUs for the coming financial year and also to prod the private sector to invest more
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Delhi govt to spend Rs 374 bn in 2013-14
Delhi Chief Minister Sheila Dikshit presented the budget for 2013-14 which pegged the overall outlay for the financial year at Rs 37,450 crore. While the state government allocated Rs 16,000 crore for plan expenditure, the total non plan expenditure has been proposed at Rs 21,000 crore
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RBI suggests steps to increase returns from foreign investment
In order to increase the size of returns from huge investments made abroad by Indian firms, the Reserve Bank of India (RBI) some tax exemptions on such returns. RBI wants to increase the size of such returns, which form part of the current account of the Balance of Payment, in order to address the rising deficit in the acco
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Banks may not cut lending rates soon
Banks in the country may not be able to cut lending rates soon in response to the 25 basis point reduction in the policy repo rate by the Reserve Bank of India (RBI) in its monetary policy review on Mach 19. Banks may not be able to reduce lending rate because doing so would reduce their net interest margin when deposit rate is high. Banks cannot reduce deposit rate at a time when they are trying to attract more depo
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Finance ministry taking steps to boost foreign capital inflows
Union finance ministry is taking various steps to promote foreign investment, both foreign direct investment (FDI) and foreign institutional investment (FII) into the country. Among the various steps being taken is the review of the policy on foreign direct investment and look at the possibility of relaxing the sectoral caps, as well as removal or simplification of conditions identified for ever
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Banks taking efforts to spruce up deposits
In view of sluggish growth in deposit, banks are aggressively selling deposits during the last fortnight of the financial year 2012-13. Banks collectively raised about Rs 1 lakh crore in the fortnight ending March 8. To be specific, aggregate deposits, including demand and term deposits, rose Rs 99,1
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SBI gets Rs 30 bn capital infusion from govt
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
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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
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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