The private sector investment arm of World Bank, International Finance Corporation (IFC) is looking out to partner with aspirants for new bank licences, as it increases its investment in India to $2 billion this year.
Category: Infrastructure Finance
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Economic Growth Recovery Later in FY14
In its Annual Report 2012-13, Reserve Bank of India (RBI) said the economic growth may recover later in 2013-14 if government delivers better administration, eases supply constraints and maintain stability.
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Nabard Fund for Gujarat 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.
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Free Zone Lures Indian Investors
As Middle Eastern ports vie for Indian transhipment trade, UAE-based Ajman Free Zone (AFZ) has recently expanded its footprint into India in alliance with AFZA International Pvt Ltd. Free Zones in the UAE and the neighbouring region have been luring Indian companies to establish trade hubs in their tax-free economic zones attached to ports.
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China wants India to invest in Shenzhen
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.
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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.