In the 12 months to June 2013, growth of bank lending to non-banking finance companies (NBFCs) declined to 1.9 per cent compared to 44 per cent in the year-ago period. Banks are said to be wary of lending to NBFCs following stricter guidelines issued by Reserve Bank of India (RBI).
Category: Infrastructure Finance
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Ficci sees $906 bn Investment
Indian construction industry is expected to see investments of over $906 billion this Plan period, according to the Federation of Indian Chambers of Commerce and Industry (Ficci) Deputy Director Jasmeet Singh
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Srei Hikes Lending Rate
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 per cent per annum effective from September 1, 2013 compared to the earlier rate of 17.50 per cent.
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IFC Mulls new Bank Licence
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.
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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.