The Union Finance Minister Arun Jaitley has been appointed as IndiaÂ’s Governor on the Board of Governors of the Asian Development Bank (ADB) with effect from 27th May, 2014 in place of P. Chidambaram.
Category: Infrastructure Finance
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We will soon set up a Project Development Company in Africa
The formation of PDCs will look at large projects that will be built across two to three countries in Africa. Yaduvendra Mathur, Chairman and Managing Director, Export Import Bank of India,
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Fundamentals revisited
Most banks have shown resilience, preventing further deterioration in asset quality in the fourth quarter. The same quarter also proved to be healthy in terms of recovery for most PSU banks
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Bank Guarantees: Encashment and remedies on encashment
Bank guarantees are an integral part of a contract, but these have been encashed under dubious circumstances in a number of cases. Prachi Manekar examines the legal recourse available to aggrieved parties.
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OIJIF to raise $350 million
The Oman India Joint Investment Fund (OIJIF) will be raising about $350 million for a new fund, according to a source. An equal joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF), OIJIF will start raising money from December. SGRF is Oman´s sovereign wealth fund.
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IFCI seeks development financial institution status
IFCI Ltd is seeking to become a development financial institution as it would lower its cost of funds. The company will place a proposal with the government seeking the tag of a 'developmental financial institution' which could raise its credit rating and make its securities attractive to investors.
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More coordination on global monetary policy sought
RBI Governor Raghuram Rajan made a case for more coordination in monetary policies by different central banks to deal with the spillover effect on emerging markets. He said that central banks should reinterpret their domestic mandate to take into account other country reactions over time, and thus become more sensitive to spillovers.
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ADB may fund Chennai-Vizag corridor
Asian Development Bank (ADB) has shown interest to back an industrial corridor along the coast of Andhra Pradesh, giving a confidence boost to the state as it prepares for a new life without Telangana and Hyderabad.
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Fresh RBI norms for bank licences
According to the Finance Ministry, more players will soon get bank licences as the Reserve Bank of India (RBI) will come out with fresh norms on new bank licences in the next four months. In April, RBI had issued bank licences to IDFC and Bandhan Financial Services, out of 25 applications.
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Over 100 large projects await bank funding
Over 100 projects, including from Tata Steel and Hindalco, sought financial assistance from public sector banks during January-March 2014. The industrial houses are pinning hope on the new government to boost sentiments, especially in manufacturing and capital goods sectors.