The Union government has approved Rs 992.61 crore valued 17 proposals of Foreign Direct Investment (FDI). The approvals have been made based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on last July 29, 2013, the government reports said September 3.
Category: Infrastructure Finance
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HDFC wants to open 300 new branches, waits for RBI nod
Adding to its already existing branch network of 3,119, the Housing Development Finance Corporation (HDFC) Bank is to open 300 new branches across India despite the economic slowdown and a sluggish demand for credit. The bank said that the bank is waiting for the approval of the Reserve Bank of India over the new branches and is hoping to strengthen its presence in retail banking.
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RBI suggests reducing govt stake in PSU banks
In a discussion paper, Reserve Bank of India (RBI) suggested that the government may consider reducing its stake below 51 per cent in state-run banks. While reducing its stake, government may take certain protective rights by amending the statutes governing the PSU banks, the paper
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Banks raise interest on NRI deposits
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
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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 250–300 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