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.
Category: Infrastructure Finance
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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.
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13 govt firms allowed to raise Rs 48,00 cr via bonds
To facilitate infrastructure needs of public sector institutions the Union government has permitted 13 such institutions to raise Rs 48,000 crore via tax free bonds in 2013-14. With this the government, for the first time, has allowed sovereign wealth funds (SWFs) in the private placement segment of these bonds.
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13 govt firms allowed to raise Rs 48,00 cr via bonds
To facilitate infrastructure needs of public sector institutions the Union government has permitted 13 such institutions to raise Rs 48,000 crore via tax free bonds in 2013-14. With this the government, for the first time, has allowed sovereign wealth funds (SWFs) in the private placement segment of these bonds.
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Corporation Bank to open 9 more loan centres for SMEs
By the end of this current financial year, Corporation Bank will open nine more small and medium enterprise (SME) loan centres. The bank currently has 16 SME loan centres across the country. The bank's aim is to take the total number of such centres to 25 by March 2014.
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Indiabulls Housing to raise capital
Indiabulls Housing Finance may mop up 40 per cent of the Rs 10,500 crore capital that it plans to raise in 2013-14, through banks, agency report indicates. The company would issue bonds to raise another 40 percent of the amount, while the portfolio sell down or securitisation will account to 20 per
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Ministry allows sovereign funds to invest in tax free bonds
Media reports indicate that the finance ministry allowed sovereign wealth funds to invest in debt instruments floated by state-run companies. It may be noted that the government allowed 13 state-run firms to raise around Rs 48,000 crore by selling tax- free bonds in 2013-14. The fund would be used for infrastructure such as roads, ports and power plants
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Gumla DPC in Jharkhand clears development works
In Jharkhand's Gumla district, the District Planning Committee (DPC) has cleared various schemes worth Rs 66 crore for the annual action plan under the Backward Region Grant Fund on August 10. Several development projects came up for discussion at the meeting, presided over by Gumla MLA Kamlesh Oraon. The project discussed include road connectivity, bridges and irrigation projects and 32 urban expansion plans around PCC road.
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RBI to issue final norms on subsidiarisation
Media reports indicate that the final norms on subsidiarisation of foreign banks may be issued by Reserve Bank of India soon. RBI Deputy Governor Anand Sinha hinted that the central bank wants foreign banks to operate as wholly-owned subsidiaries of their global parent instead of being run
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MMRDA mulls betterment tax to fund infra projects
In order to raise funds for key transport projects in city, Mumbai Metropolitan Region Development Authority (MMRDA) proposed a new cess, known as betterment tax, to be imposed on citizens residing along or in the vicinity of the upcoming projects. The idea is at the proposal stage and it awaits the approval of the state government. The state urban development department would finalise a blueprint for this