Industry bodies like Assocham and Confederation of Indian Industry (CII) welcomed the government's move to attract more foreign direct investment (FDI) in certain sectors. The government recently allowed 100 per cent FDI in telecom, hiked FDI limit in insurance sector to 49 per cent and took steps to promote foreign capital inflow in defen
Category: Infrastructure Finance
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Banks may not raise rates despite RBI move
Even as some analysts are reading the recent steps by the Reserve Bank of India (RBI) to stem depreciation of rupee as monetary tightening, several banks are thinking otherwise. In order to curb speculative position in foreign exchange market and also to promote investment in rupee debt instruments, RBI hiked the rate on borrowing from marg
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RBI opens repo window with Rs 25k cr for mutual funds
The Reserve Bank of India on July 17 created a special Rs 25,000-crore borrowing facility for mutual funds (MFs) to meet their liquidity requirements. This is being done to manage the heavy redemptions that are expected due to sudden losses in debt funds following the tightening of liquidity and the hike in overnight lending rates. This is the second time the central bank has opened such a window for MFs.
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HDFC Bank profit up by 30% at Rs 1,843 cr
Private sector lender HDFC Bank on July 17 reported 30 per cent growth in net profit at Rs 1,843.86 crore for the first quarter ended June, 2013. The bank had earned net profit of Rs 1,417.39 crore in the April-June quarter of the 2012-13, HDFC Bank informed the Bombay Stock Exchange (BSE).
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SpiceJet phases out expats on rupee falling
By phasing out expat pilots, SpiceJet is planning to save Rs 90 crore per annum. Foreign pilots employed by Indian airlines are paid in dollors. Not jut, SpiceJet, the falling rupee has made airlines in India to act in an area where they have dragged their feet for years - phasing out expat pilots. Now the low cost carrier SpiceJet has brought down its number of expat pilots, all of whom are commanders, from over 100 a year ago to just 25 now.
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Tata Capital gets Azim Premji’s investment
Azim Premji has invested Rs 75 crore in Tata Capital. The investment was made into non-voting preference shares of the company through PremjiÂ’s private investment arm PremjiInvest and the Azim Premji Trust. Azim Hasham Premji and Azim Premji Trust jointly own 24.2 per cent of the preference shares of Tata Capital as on March 31.
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Himachal to get 800 new rural banks by 2016
Under a comprehensive Financial Inclusion Plan, the
Himachal Pradesh government proposes to open about 800 new bank branches in rural belts and remote corners of the State by 2016. The State Chief Secretary Sudripta Roy said banks will provide fresh loans amounting to Rs 11,548 crore during the current financial year in Himachal Pradesh. In the last financial year, a record number of 31 new branches were opened during the last quarter till March, 2013 out of which 25 were located in rural areas
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Minister clarifies on RBI steps to contain rupee weakness
Finance Minister P Chidambaram clarified that the recent measures of Reserve Bank of India (RBI) to contain depreciation of rupee has nothing to do with upcoming monetary policy review on July 30. The central bank would release the first quarter monetary policy review 2013-14 on July 30. His clarification comes after analysts interpreted the RBI's recent move to raise interest rate on loan throu
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Economic growth may take a hit from RBI steps; experts
Several brokerages and economists expect the Indian economy to grow at a lower pace in 2013-14 than what was anticipated earlier because of the recent measures by Reserve Bank of India (RBI) to combat depreciation of rupee. Economists and brokerages feel that RBI's recent measures to control rupee weakness may impede growth
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Centre clears Rs 961 cr investments in electronics sector
The Union Minister for Communications & IT and Law and Justice Kapil Sibal has said that the Union government has approved investment proposals worth Rs 961 crore from Samsung, Bosch and Sahasra for setting up of electronic systems design and manufacturing (ESDM) facilities in the country. The proposals were received under the Department of Electronics and Information TechnologyÂ’s Modified Special Incentive Package Scheme (M-SIPS), in which the government will provide up to Rs 10,000 crore in fi