India's economy may grow at 5 to 5.5 percent rate in 2013-14, Reserve Bank of India Governor Raghuram Rajan said. In an article written on Project Syndicate, the governor said this rate of growth is "not great, but certainly not bad for what is likely to be a low point in econ
Category: Infrastructure Finance
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FIIs permitted to hike holding in IDFC
With immediate effect, Reserve Bank of India (RBI) removed the restrictions placed on the purchase of shares of IDFC by foreign investors. The central bank removed the restriction because foreign investors' shareholding in IDFC fell below the prescribed limit. In August, the company reduced the limit that foreign investors c
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Nod to SKS Microfinance to postpone its AGM
For postponing its Annual General Meeting (AGM), scheduled to be held on September 30, 2013, SKS Microfinance has obtained approval from the Registrar of Companies. The postponement is significant as the company has rejected a nomination of its founder and ex-chairman, Vikram Akula, as the representative of SKS Trusts, the largest shareholder in the company with a stake of 12.6 per cent.
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Mandya may get state’s first branch of Mahila Bank: MP
While the Bharatiya Mahila Bank's first branch at national-level is likely to be opened in Mumbai's Nariman Point in November, newly elected Mandya MP and Kannada actress Ramya has said that she has requested the Union Finance Ministry to set up a branch of the all women's bank in Mandya district of Karnataka. To facilitate womenÂ’s empowerment, the young MP has urged the Union government to open the proposed public sector all-woman bank branch in her constituency.
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Govt plans bond buy for $4.3 bn World Bank loans
The Union Finance Ministry has proposed to the government allow the country to borrow an additional $4.3 billion from the World Bank by investing in special bonds. The Union Cabinet is to consider the proposal on September 12.
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Banks want easier implementation of SARFAESI Act
Some bankers suggest Reserve Bank of India (RBI) to bring about enabling framework for effective implementation of SARFAESI Act. Bankers argue that despite the existence of this act, they face difficulties at the field level in taking physical possession of mortgaged properties from defau
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PFC to issue tax free bonds
State-run Power Finance Corp is in the process of issuing around Rs 150 crore ($23 million) worth of tax-free bonds across different maturities. While the firm would issue 10-year tax-free bonds at 8.04 percent, 15-year bonds at 8.41 percent, and 20-year bonds at 8.40
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PNB’s total outstanding deposit stands at Rs 4 trillion
KR Kamath, Chairman and Managing Director of Punjab National Bank said the bank's total deposits stood close to Rs 4 lakh crore, while its total credit remained above Rs 3 lakh crore as at end June 2013. He said this while addressing bank officials of Dharamshala circle at the Managers' Meetings.
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RBI targets to open 800 new bank branches in Himachal
To provide banking services to localities with 2000 or less population in Himachal Pradesh, the Reserve Bank of India (RBI) has set a target of opening 800 new bank branches in the state by 2014-15. General Manager of RBI, Shimla, RS Negi said that the RBI had achieved target of financial inclusion after opening bank branches in these having more than 2000 population in 2012.
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Banks borrow Rs 55,278 cr from RBI
Media reports say that banks borrowed Rs 55,278 crore ($8.6 billion) from the Reserve Bank of India's marginal standing facility (MSF) window on September 6 for four days, higher than the Rs 24,531 crore on Sept 5 for one day. Markets were closed on September 9 for a local holiday.