Some banks raised interest rate on non resident Indian (NRI) deposits in order to attract more dollar into the country. Earlier, Reserve Bank of India (RBI) allowed lenders to offer higher interest rates on NRI accounts to attract dollar and thereby reduce weakness in rupee exchange
Category: Infrastructure Finance
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RBI wams about inflationary pressures from food, fuel articles
In its Annual Report 2012-13, Reserve Bank of India (RBI) raised concern about rising food and fuel prices, which may put upward pressure on Wholesale Price Index (WPI) and Consumer Price Index (CPI). Owing to the rise in food and fuel inflation, WPI rose to 5.8 percent in July 2013
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RBI suggests structural reforms to boost economic growth
Economic growth may recover in 2013-14 if the government unleashes reforms to remove supply bottlenecks and maintain stability, Reserve Bank of India (RBI) said in its annual report. Economic growth may get a boost from institutional reforms like better regulation of natural resources, improved harnessing of water resources, investing more in skill form
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HMDA invites land owners for pooling scheme
Hyderabad Metropolitan Development Authority (HMDA) has invited expression of interest from land owners who are interested in providing their land for a pooling scheme. The authority launched land pooling scheme as a pilot project for an area of 250Ăâ300 acre near the Outer Ring Road and within one km belt on either side of the Growth Corr
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RBI working paper moots new banking structure
The Reserve Bank of India (RBI) released a discussion paper on the proposed structure of banking system in India. The paper calls for abandoning the present two-tier banking structure in favour of a four-tier banking structure, which would usher in more competition, and resilience in the
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Nabard sanctions Rs 176 cr to Gujarat for agri-infra
Under its Rural Infrastructure Development Fund-XIX (RIDF-XIX) the National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 175.74 crore to Gujarat. The funds would be used for construction of lift irrigation facility consisting of a 32.90-km pipeline for transmission of 200 cusecs of water in Mehsana district.
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SAIL plans to sell 1 mn t steel through dealerships
Through its dealers, state-run Steel Authority of India (SAIL) plans to sell 1 mn t of steel, SS Mohanty, Director (technical) of the firm said. He said this while addressing the Annual Dealer's Award ceremony. The event was conducted to award the company's outstanding dealers in the Eastern Region
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IFC mulls tie-ups with new bank licence aspirants in India
The private sector investment arm of World Bank, International Finance Corp is looking out to partner with aspirants for new bank licences, as it increases its investment in India to $2 billion this year. IFC is an investor in Kolkata-based microfinance institution Bandhan Financial Services, as well as in non-banking finance company Magma Fincorp, both of which have applied for a banking licence.
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RBI lends Rs 695.85 bn to banks via MSF
Under the Reserve Bank of India's (RBI) marginal standing facility (MSF) window, Indian banks borrowed Rs 695.85 billion ($10.35 billion) on Aug. 28, higher than the Rs 564.35 billion on Aug. 27.
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Concessional rate World bank loans to India till 2021
The Indian government is working out a transitional arrangement with the the World Bank to avail loans lower than the market. Now the World Bank would not lend India soft loans to India as the country has graduated into a middle-income country. But it lends loans, till 2021, at higher than its prevailing concessional rates but lower than the market rates.