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.
Category: Infrastructure Finance
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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.
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Muthoot to set up 250 white label ATMs
In the next three months, Muthoot Finance is to set up 250 white label ATMs in the country. The company is a leading gold financing company. The Reserve Bank of India (RBI), last year, allowed non-banking entities to set up white label ATMs without carrying any brand label of any bank. These ATMs could be used by any bank customers without paying any charge.
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Sadbhav gets Rs 6,329.0 mn securitisation for ARRIL
Sadbhav Engineering has stated that step down subsidiary of the company Ahmedabad Ring Road Infrastructure (ARRIL), the Special Purpose Vehicle incorporated for undertaking of improvement and widening of then existing 2 Lane Sardar Patel Ring Road around Ahmedabad City to 4 lane carriageway, has received sanction of Rs 6,329.0 mn (FACILIY) including existing debt of Rs 3,799.0 mn towards securitisation of the project.
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Govt shelves plan to infuse Rs 14K cr into State-run banks
The Union government is to wait for some more time to infuse Rs 14,000 crore into State-run banks, at least till the next quarter. The Union Finance Ministry has deferred the as it wants to assess the banks' needs after the second quarter results before pumping the cash to shore up their capital adequacy ratio (CAR).
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Adani told to set up Rs 200 cr green restoration fund
Acting on a recommendation of a committee of environmentalists, the Union Environment Ministry has asked Adani group to create a green restoration fund of Rs 200 crore for repairing the environmental damage done to Mundra in Gujarat. Adani's port and SEZ projects are coming up in Mundra.