Reserve Bank of India (RBI) received request from some banks to give concessions on the prudential guidelines owing to unfavourable liquidity condition in the banking system. One of the concessions sought by banks is the waiver of the additional 75 basis points provisioning on restr
Category: Infrastructure Finance
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Cabinet clears proposal to widen scope of “control” in FDI policy
The union cabinet approved the alignment of the definition of "control" under the foreign direct investment (FDI) policy with the definitions under the guidelines of Securities and Exchange Board of India and Companies Bill 2012. Accordingly, under the FDI policy, 'control' would be defined as "the right to appoint a majority of the directors or to control the management or policy dec
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Kotak Mahindra to open 100 new banks
In the current fiscal year, Kotak Mahindra Bank is planning to open 100 new branches across India. The bank has all India network of 450 branches and 969 ATMs. With the opening of 100 more branches the bank will cross 550 mark before March, 31 2014, said Kotak Mahindra Bank Executive vice-president Virat Diwanji.
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RBI says liquidity curbs to stay till rupee stabilises
Liquidity tightening measures initiated by Reserve Bank of India (RBI) would remain in force till stability is achieved in the foreign exchange market, the RBI said on August 1. It did not give any timeframe for rollback of the measures. RBI is as anxious as everyone to roll back the cash tightening steps sooner than later. However, the measures taken will be in place until volatility in the foreign exchange market is controlled, RBI Governor Duvvuri Subbarao said. He added that he does not want
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Govt relaxes policy on FDI in multi-branded retail trade
The Union government on August 1 approved the amendment or relaxation of the foreign direct investment (FDI) policy on multi-brand retail trading (MBRT), by easing main contentious riders on such money. These three riders, added as conditions to last yearÂ’s decision to open FDI in this segment, were on a mandatory 30 per cent sourcing from small domestic industries, 50 per cent of the investment to be in back-end infrastructure and outlets to be opened only in cities with population of more than
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Banks borrow Rs 26.5 bn from RBI
Banks in India borrowed Rs 26.5 billion ($435 million) from the Reserve Bank of India's marginal standing facility window on July 30. The RBI had raised the marginal standing facility (MSF) rate by 200 basis points to 10.25 per cent and also imposed restrictions on daily borrowings by banks under its repo window.
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Shriram City Union Finance to raise Rs 1,000 cr for growth
To achieve a growth of around 25-30 per cent over the next couple of years, non-banking finance company (NBFC) Shriram City Union Finance plans to raise around Rs 1,000 crore issuing debentures and through other debt this fiscal, the company said on July 31. The fund raising is expected to happen sometime this year to support the company's target. The company will continue to grow its non-corporate book size in a focused manner, GS Sundararajan, Managing Director of the company said in Chennai.
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Rupee pulled off lows by RBI intervention
Media reports say that the Reserve Bank of India sold dollars via State-run banks in early trades on August 1 after the currency weakened tracking the dollar's strength in Asia. The Reserve Bank of India was seen selling dollars from Rs 60.75 levels, say dealers.
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Net profit of Karnataka Bank rises 12.9%
Net profit of Karnataka Bank rose 12.87 per cent to Rs 94.17 crore during Apr-Jun 2013 compared to Rs 83.43 crore in the year-ago period. Growth in operating profits to Rs 257.51 crore during the quarter from Rs 168.94 crore in the year-ago period enabled the firm post strong net profit. Other income of the bank rose 116 per cent to Rs 205.95 crore from Rs 95.33 crore in the corresponding prev
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Banks refinance Hindalco’s Rs 47 bn debt
State Bank of India and Axis Bank are learnt to have refinanced Rs 4,700 crore debt of Hindalco for the Utkal alumina project. The flagship company of the Aditya Birla Group managed to refinance the debt at an interest rate of 10.15 percent payable over an eight-year