IndiaĂâs first all-women bank, Bharatiya Mahila Bank was inaugurated by Prime Minister Manmohan Singh and UPA Chairperson, Sonia Gandhi Jointly in Mumbai on November 19, on the occasion of birth anniversary of former Prime Minister Indira Gandhi.
Category: Infrastructure Finance
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ADB studies India’s east coast economic corridor
On the Indian East Coast economic corridor, the Asian Development Bank (ADB) is carrying out analytical work. The corridor presents a potential window for boosting economic relations between India and the Mekong countries as well as other South-East Asian countries.
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Govt clears Rs 916 cr worth FDI proposals
The Union Finance Ministry has said that the Foreign Investment Promotion Board (FIPB) has cleared 20 proposals worth Rs 915.83 crore. FIPB cleared the proposals on October 24, the Ministry said.
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Axis Bank to become foreign-owned firm with 62% FDI
With over Rs 6,200 crore, Axis Bank will become a foreign-owned lender, to be governed by FDI (foreign direct investment) policy. The development follows the go-ahead to its proposed increase in foreign investment holding to 62 per cent.
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Sidbi gets Rs 5,000 cr RBI loan
Small Industries Development Bank of India (Sidbi) has received Rs 5,000 crore of refinance from the Reserve Bank of India (RBI) for a year to ease liquidity stress in the micro and small enterprises sector.
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SBI to raise Rs 5,000 cr by March
Before next March, the State Bank of India (SBI) plans to raise Tier-II capital of about Rs 5,000 crore. The bank had announced earlier that it plans to raise over Rs 9,000 crore in Tier-I capital through the qualified institutional placement (QIP) route to strengthen its core capital.
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World Bank, ADB to give $313 mn to cyclone-hit Odisha
To take up restoration and rehabilitation activities in cyclone Phailin hit areas, the World Bank and the Asian Development Bank have assured a financial assistance of $313 million to Odisha government. Representatives of the two international funding agencies met the State Chief Minister Naveen Patnaik in the capital Bhubaneswar on November 13.
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World Bank to continue concessional aid to India
Though India is no longer eligible for concessional development funds, the World Bank is working on a special dispensation to the country to maintain financial support to India. India receives the bulk of funds from the World Bank through International Development Association (IDA), the development bank's fund for the poorest, and International Bank for Reconstruction and Development (IBRD).
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IIFCL confident to raise Rs 10,000-cr
India Infrastructure Finance Company (IIFCL) has expressed confidence that during the current financial year it would be able to achieve its target of raising Rs 10,000 crore. The government-owned company has so far raised about Rs 4,200 crore and expects to raise the remaining amount over two tranches, through bond issues of about Rs 2,500 to Rs 3,000 crore each.
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Karnataka asks banks to set up ATMs in all GPs
Regretting the delay in wage payments by banks to the beneficiaries under the Mahatma Gandhi National Rural Employment Guarantee Act, the Karnataka government has asked all nationalised banks in the state to set up automated teller machines (ATMs) in all gram panchayats (GPs).