With effect from August 3, India's leading private sector lender HDFC Bank raised the base lending rate to 9.80 per cent from 9.60 per cent. The bank has reportedly raised interest rate on the back of RBI measures to contain volatility in rupee exchange rate and increase in short term deposit
Category: Infrastructure Finance
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IRDA revises lending norms of insurance firms
The Insurance Regulatory and Development Authority (IRDA) decided to exclude lending by insurance firms to housing finance companies as exposure to the finance sector. In a statement, the insurance regulatory body said these loans would be henceforth treated as funding to the hous
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State-run banks asked to do due diligence themselves
State-run banks have been asked to conduct due diligence of their own on the company or projects it intends to lend instead of the existing practice of relying on lead banks. Union finance ministry asked state-run banks that sanctions loan to sign on the dotted line only when they are satisfied with the appraisal.
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Indian rupee may trade in 58-62 range
Indranil Sen Gupta, India Economist at DSP Merrill Lynch (India) expects the Indian currency to trade in the range of 58-62 against the US dollar at the cost of 50 basis points of economic growth. This assumes that the July 23 measures are reversed before the busy October-March season, Gupta
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23.13 million tonne of cargo handled in the current financial year
Paradip Port Trust has handled 6.13 million tonne of cargo during July 2013 as compared to 4.45 million tonne handled during July 2012 reporting 37.66 per cent growth y-o-y basis.
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Central Bank of India to add 23 branches in coastal AP
During the current financial year, the Central Bank of India is to add 23 more branches in the coastal Andhra Pradesh, said Balakrishnan, the bank Field General Manager in charge of Karnataka and Andhra Pradesh. He added that the bank was competing with the new generation private banks in providing services to customers. Balakrishnan said this in Visakhapatnam on August 7 after opening the bankÂ’s 75th retail asset branch in the country.
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Govt to seek Parliament nod for Mahila Bank
To set up a women's bank, Bharatiya Bhartiya Mahila Bank, the Union government will seek the Parliament's consent for allocation of Rs 1,000 crore, the government said. The Centre has finalised the proposal to start Bhartiya Mahila Bank with 6 branches, one each in North, South, West, Central and North Eastern part of the country. The government wants to set up the bank with an initial capital of Rs 1,000 crore.
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AIAI welcomes the appointment of Mr. Raghuram Rajan as Governor of RBI
The appointment of Mr. Raghuram Rajan as the Governor of the Reserve Bank of India has come at the most appropriate time. Considered the right man for the job, Mr. Rajan is well known and respected for his extensive experience and deep knowledge of India's economic functioning as well as the global economy at large.
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Karnataka Bank aims to clock Rs 780 bn business in FY14
In 2013-14, Karnataka Bank expects to clock a total business turnover of Rs 78,000 crore, which includes Rs 45,500 crore of deposit and Rs 32,500 crore of advances, the bank said in an official statement. The private sector lender, which completed 90 years of operation, also informed that it would widen its branch netw
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SIDBI chief expects consolidation in MFI sector
Speaking at a seminar organised by FICCI, Sushil Muhnot, CMD, of Small Industries Development Bank of India (SIDBI) said the margin cap imposed by Reserve Bank of India (RBI) for microfinance institutions (MFIs) would lead to consolidation in the sector. In order to prevent MFIs from charging usurious interest rates, the RBI earlier imposed a 12 per cent margin cap, which is the difference between cost of fund