Bank credit to infrastructure sector rose over 100 times to Rs 786,045 crore in 2012-13 from Rs 7,243 crore in 1999-2000, Reserve Bank of India (RBI) said in its annual report. The report shows that credit exposure of banks to infrastructure sector has been deteriorating since 2011 owing to the economic slowdown and the emergence of sector-specific issues amid structural bottlenecks in the econ
Category: Infrastructure Finance
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Govt to take steps to protect investors
With regard to the National Spot Exchange (NSEL) crisis, the government is planning to introduce all possible measures to ensure investors, particularly the small ones, get back their money. The government plans to disband the NSEL board, appoint an administrator and attach the exchange's prop
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Banks borrow Rs 473.1 bn through MSF window
From the Reserve Bank of India's marginal standing facility (MSF) window, the banks in India have borrowed Rs 473.10 billion ($7.4 billion). on August 19, higher than the Rs 458.65 billion on August 16.
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Govt okays 18 single brand retail FDI proposals till May
Between April 2010 and May 2013, the Union government approved a total of 18 foreign direct investment proposals worth $173 million in the single brand retail sector, the Union Commerce and Industry Minister Anand Sharma told the Lok Sabha on August 20. Of these proposals, the government approved five proposals in the sector worth $137.68 million during the first two months of the current fiscal, the Minister added.
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Andhra Bank hikes base rate
Andhra Bank raised the benchmark lending rate by 25 basis points to 10.25 per cent from 10 per cent. Further, the state-run bank raised BPLR to 14.50 per cent from 14.25 per cent. In a communication to stock exchange, the bank said the rate hike would effectively raise lending rates for auto, corp
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RBI, govt must introduce more steps to meet deficit
Analysts opine that the government and the Reserve Bank of India (RBI) may require more effective measures to fight the current account deficit or balance of payments and fiscal problems. Though outward foreign investments have increased over the past few years, RBI's curbs will not mean much in actu
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Financial strength ratings of banks downgraded
International ratings agency Moody's downgraded the bank financial strength ratings or BFSRs and the issuer ratings of some state-run banks viz. Bank of Baroda, Canara Bank and Union Bank. Moody's also downgraded by one notch their local currency deposit ratings. While it affirmed the ratings of Union Bank of India, it changed the outlook on its BFSR to n
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WB to implement LPG direct cash trasfer from Jan
In West Bengal, the Direct Benefit Transfer (DBT) scheme for LPG consumers will be implemented from January 1st by transferring the subsidy directly to consumers' bank account in three districts - Kolkata, Howrah and Cooch Behar.
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Birla ready with Rs 750 cr for its banking biz entry
If the Aditya Birla Group gets license from the Reserve Bank of India (RBI) to set up banking business, the Group is ready to pump in Rs 750 crore more into its financial business in 2014 fiscal. The company's officials said the funds would be used to expand its financial services business in rural India where the group would be opening more branches.
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RBI bans import of gold coins, medallions without licence
The Reserve Bank of India has further restricted the import of gold into the country by prohibiting inward shipment of gold coins, medallions and dores without license. From now onwards, import of gold in the form of coins and medallions is prohibited and henceforth all import of gold in any form or purity shall be subject to a licence issued by Directorate General of Foreign Trade (DGFT) prescribing 20-80 scheme, Economic Affairs Secretary Arvind Mayaram said in Delhi.