Indian industries are accustomed to Chinese imports, but a call to Indian investors to "come to Shenzhen"-a leitmotif at a recently held seminar in Mumbai-reminded them of the power of market forces. With a GDP of $200 billion and a per capita GDP of $20,000, the city of Shenzhen offers a dream-come-true story of growth and success.
Category: Infrastructure Finance
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Cabinet for large project approvals
Union cabinet may consider approval for several large¡-sized infrastructure projects, costing at least Rs 1,000 crore, to ensure expeditious clearances. Union finance ministry is learnt to have sought specific comments from the concerned ministries on pending approvals.
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Fund for Uttarakhand
The Ministry of Road Transport and Highways released an additional amount of Rs 58.77 crore for immediate restoration of damaged national highways (roads or bridges) in Uttarakhand.
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DoT to seek tax sops for telecom infra sector
The Department of Telecom (DoT) is planning to seek a tax holiday for 10 years without a sunset clause from the Finance Ministry and make viability gap funding available for the telecom infrastructure sector, according to reports.
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Indian Overseas Bank asks govt for Rs 2,100 cr infusion
For enhancing its capital base, Indian Oversea Bank (IOB) has sought capital support of Rs 2,100 crore from the government. The bank's total capital funds stood at Rs 18,366 crore as of March 2013, due to allotment of preferential shares to the government of India. It got Rs 1,000 crore from the government last fiscal as part of recapitalisation package.
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Adopt humane approach towards genuine defaulters: FM
Union Finance Minister P Chidambaram on August 29 said that banks must ensure flow of credit to every sector of industry. He said that bankers have been told to be sympathetic and have humane approach towards genuine defaulters. He said that this is the time for hand holding of borrowers who are facing difficulties, especially industry.
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Continuous licensing may boost competition in banking sector
In order to ensure competitiveness in the banking sector, there is a need to adopt a 'continuous authorisation' policy, Reserve Bank of India (RBI) said in a research paper. The paper calls for reviewing the current 'Stop and Go' licensing policy and adopt a 'continuous authorisation' policy as continuous authorisation keeps the competitive pres
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Srei Infra hikes base lending rate to 18%
Considering the rise in the cost of funds for the infrastructure sector, Srei Infrastructure Finance raised benchmark lending rate by 50 basis points. Thus, the new benchmark rate stands at 18 percent per annum effective from Sept. 1, 2013 compared to the earlier rate of 17.50 percent
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Jharkhand gets RBI license for co-op bank
The Reserve Bank of India (RBI) has permitted Jharkhand government to have its cooperative bank, 'Jharkhand State Co-operative Bank' after the State's 12 year struggle. RBI handed over the license for setting up the cooperative bank to the State Cooperative Minister Haji Hussain on August 26 in Ranchi, the state's capital.
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Kotak Mahindra Bank to open 100 more branches
In this fiscal, Kotak Mahindra Bank (KMB) will add 100 branches in the country to its already functioning 450 branches, said Virat Diwanji, Executive vice-president and Head, Branch Banking of KMB. He was launching the bank's specially designed savings bank account for children, 'Kotak Junior', in Coimbatore on August 28. The SB account is meant to encourage children to save smartly from an early age, he added.