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
Category: Infrastructure Finance
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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.
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SBI to merge one of its 5 associate banks soon
One of five subsidiaries of State Bank of India (SBI) will be merged with it in this fiscal, the leading Indian bank said on August 27. Firt, it merged with it its associate State Bank of Saurashtra in 2008. Two years later in 2010, State Bank of Indore was merged with SBI.
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Economic growth may recover later in FY14: RBI
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. Economic growth in the country slipped to a decade-low level of 5 percent in 2012-13 and this year the RBI expects growth to be
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Govt may hold capital infusion until market stabilises
Unconfirmed reports indicate that the government may wait for the stock market to stabilise before infusing capital into state-run banks. The government feels that the chances of losing huge amount of money is lower once the stock prices reach a stable
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RBI hopes for growth prospects, cautious on Re fall
The continuously falling rupee would bring pressure on the country's inflation, the Reserve Bank of India (RBI) has cautioned on August 22. However, the apex bank provided some hope on economic growth by stating that it expected the inflation to be more than the five per cent of last financial year.
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HDFC, ICICI banks up interest rates
Loan rates by Housing Development Finance Corporation (HDFC) and ICICI Bank have risen. On August 22, the two major private banks announced an increase in their lending rates. HDFC has decided to raise its retail prime lending rate, on which its adjustable rate home loans are benchmarked, by 25 basis points to 16.65 per cent from August 23.
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Odisha to get 2,361 banks in 2 years
The Union Minister of State for Finance Namo Narain Meena has stated that in Odisha, the domestic scheduled commercial banks are planning to open 2,361 brick and mortar branches during 2013-15. As per the Reserve Bank of India (RBI), the number of functioning branches of scheduled commercial banks in Odisha is 3,472.
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FIPB receives application from Axis Bank
Foreign Investment Promotion Board (FIPB) received an application from Axis Bank for hiking its foreign shareholding limit. As on June 30, 2013, the foreign shareholding in the bank stood at 48.96 percent. This includes inve