With financial assistance of the World Bank, a total of 130 cyclone shelters are being built in Andhra Pradesh, 17 of them in Visakhapatnam district. The National Disaster Management Authority (NDMA) announced this in Visakhapatnam on October 17 after visiting the cyclone-hit areas in the state.
Category: Infrastructure Finance
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Muthoot to raise Rs 1,200 cr via listed NCDs
Through public non-convertible debentures (NCDs) Muthoot Finance will be raising around Rs 1,200 crore this year. The company will be issuing listed NCDs every month till the end of the financial year. The company's move follows the Reserve Bank of India restrictions on privately placed NCDs.
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India’s housing finance sector looks for growth
With an increase in the demand and supply of housing projects in the country, the housing finance sector is set to see higher growth in the next few years. As on last June 30, 2013 the total housing credit outstanding in India was over Rs 7.99 lakh crore, against Rs 7.59 lakh crore on March 31, 2013.
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Hyd Metro Rail expects Rs 1,000 cr ECBs
By the end of this October the L&T Hyderabad Metro Rail is expecting to get Rs 1,000 crore External Commercial Borrowings (ECBs) from Indian Infrastructure Finance Company (IIFCL) The company's objective for looking at ECBs is to save on interest besides securing long-term debt.
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NHB to get Rs 500 cr UK loan for low-cost homes
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.
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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.