Chhattisgarh Chief Minister Raman Singh informed that the state government earmarked Rs 1,900 crore as budget outlay for the urban development department. Singh remarked that money would not be a matter when it came to take up development works in the urban localities and provide better civic amenities to the people
Category: Infrastructure Finance
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NPAs of state-run banks rise to Rs 1.43 trillion
The non-performing assets (NPAs) of state-run banks rose to Rs 143,765 crore as at end September, 2012 from Rs 112,489 crore at the end of March, 2012, Minister of State for Finance Namo Narain Meena informed the Rajya Sabha. Of the total gross NPAs of state-run banks, 31.9 per cent belon
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Japan to announce more loan for corridor project
Japan Prime Minister Yoshihiko Noda informed that the country would announce the second round of loans under Overseas Development Assistance (ODA) for the second phase of the Dedicated Freight Corridor and a third infrastructural project in South India, reports suggest. Noda has reportedly informed this to Prime Minister Manmohan Singh when the two leaders met on the sideli
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Banks admin offices allowed in Tier-I cities sans RBI nod
The Reserve Bank of India has stated on November 20 that banks need not seek permission from it to open administrative offices in large cities (Tier-I).
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Chidambaram predicts high growth in a year or two
Indian economy will be back in high-growth trajectory in a couple of years, Union Finance Minister P Chidambaram expressed confidence on November 20.
He said that there was no scope for gloom or despair.
Chidambaram said that the world economy slowed down in 2008 and the crisis continues and it is not clear if it would pick up in 2013.
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RBI tells banks to restrict financing of gold purchases
The Reserve Bank of India has asked banks in the country to restrict financing of purchases of gold in the form of bullion, jewellery and coins or units of exchange traded funds, in the latest of the measure to restrict gold imports to counter ballooning fiscal deficit.
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Ministry mulls steps to develop corporate bond mkt
In order to develop a vibrant corporate bond market, the union finance ministry is reportedly planning some steps in collaboration with Reserve Bank of India (RBI) and the ministry of corporate affairs (MCA). Media reports suggest that the ministry plans to give statutory liquidity ratio (SLR) status to corporate bonds in order to encourage banks to
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Air India to repay part of debt by raising funds
In order to reduce its interest outgo on the current dues, Air India plans to repay some of its debt that carry high interest rate. As part of this initiative, the airline plans to borrow Rs 900 crore from banks through issue of bonds. The amount would be used to repay a part of its debt. Air India is said to owe around Rs
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Srei Infrastructure sees IDF in 2 months
Having received approval from the Sebi for setting up an infra debt fund (IDF) through the mutual fund route, Srei Infrastructure Finance would begin the process now and hopes to launch it in January 2013. This information was given by Hemant Kanoria, Chairman and Managing Director of Srei to a leading media agency
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Finance dept kept in the dark while clearing projects
Jharkhand state cabinet is accused of approving two mega projects in road and power transmission sectors without engaging the finance department of the state government. The cabinet is said to have cleared a proposal from the road department for construction of the Rs 3,000 crore Ranchi-Bokaro Expressway. Also, it is said to have appr