For financing construction of affordable houses in India, British government's Department for International Development will give India's National Housing Bank (NHB) Rs 500-crore loan. The project will begin with eight low-income states -- Rajasthan, Madhya Pradesh, Odisha, Uttar Pradesh, Bihar, West Bengal, Chhattisgarh and Jharkhand.
Category: Infrastructure Finance
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PSU banks to get capital infusion to spur economy
The Union government is planning to stimulate the country's economy through capital infusion into government-owned banks. Prior to this act, the Union Finance Minister P Chidambaram will hold a meeting with RBI, bank chairmen and top officials of his ministry soon after his return from the US on October 17. Currently Chidambaram is on his tour in the US.
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Visakha Co-op Bank to open 3 new branches
In Andhra Pradesh, Visakhapatnam Co-operative Bank has 32 branches and now it is set to open three more branches in the State. It plans to further expand operations by 2016, its centenary year.
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World Bank asks South Asia to reform for growth
The World Bank has said that growth in South Asian countries will dip in 2013-14 and countries must revitalise structural reforms to ensure their region returns to the ranks of the world's fastest-growing economies and cuts poverty.
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Indiabulls cuts home loan rates by 15 bps
Treading in the footsteps of State-run banks, Indiabulls Housing Finance on October 10 slashed home loan rates by 0.15 per cent to 10.25 per cent. To woo customers, the government banks have reduced lending rates during the ongoing festive season.
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Govt asks PSU banks to ramp up rural ATMs
The Union Finance Ministry has asked State-run banks to speed up installation of automated teller machines (ATMs) in rural areas, which is falling short of the budget target. Against the target to install 34,668 by the end of March 2014, the public sector banks have put up only 5,726 ATMs by end of August.
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Govt plans easing FDI rules for construction sector
To relax conditions on foreign direct investment (FDI) in the construction development sector of the country, the Union Department of Industrial Policy and promotion (DIPP) has moved a Cabinet note. The move is to bring foreign money into Indian real estate sector that is facing fiscal problems.
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CAD to be under control for time being: RBI
RBI Governor, Raghuram G Rajan has said that the current account deficit (CAD), which was going to take the country to crisis, is likely to be under control for the time being. He added that there has definitely been a positive change in the sentiment. He was addressing the Indian Institute of Management Raipur (IIM-R).
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Red Ford to invest Rs 1,000 cr in Lotus Green
Red Ford Capital, a Mumbai-based private Equity fund company, will buy a minority stake in Lotus Green's various real estate projects. Two townships have been planned by Lotus in Delhi. Lotus Greeen is also involved in the business of hotels, healthcare and education.
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Bimal Jalan committee to finalise bank licences
Former RBI governor Bimal Jalan headed committee will finalise the candidates who will be eligible to run a bank. The committee will also have former ICICI Bank executive director Nachiket Mor, former Securities and Exchange Board of India chairman CB Bhave and former Reserve Bank of India deputy governor Usha Thorat.