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
Category: Infrastructure Finance
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Himachal to get 800 new rural banks by 2016
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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
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Rate hike not a precursor to tight money policy: FM
Reserve Bank of India's measures to ease the rupee volatility should not be seen as tightening of policy rates, Union Finance Minister P Chidambaram has said. He was addressing a conclave of venture capitalists in Delhi on July 16. RBIÂ’s measures had a positive impact on the rupee on July 14, which ended at Rs 59.31 against the dollar, nearly one per cent higher than MondayÂ’s closing of Rs 59.81.
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RBI takes further steps to contain rupee weakness
In order to contain the depreciation of rupee against the dollar, the Reserve Bank of India (RBI) raised the cost of borrowing under the marginal standing facility by 200 basis points. Further, the central bank restricted the amount of money that banks can borrow from its LAF window to just 1 per cent of deposits at Rs 75,000 crore citing the need to "restore stability to the foreign exchange mar
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Karnataka govt to attract FDI
In order to attract Foreign Direct Investment (FDI) into the state, Karnataka government plans to set up four ‘Help Desks’ at Japan, Taiwan, United States of America and Germany. Through the proposed help desks, the government would take initial steps to showcase the state before attracting investments
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Delhi civic bodies to get Rs 50.9 bn from state govt
The three municipal corporations in Delhi received a cumulative allocation of Rs 5,095.25 crore from Delhi government to implement various civic amenities projects during 2013-14. This is a cumulative allocation under various forms such as grant-in-aid, basic tax assignment, compensation against parking fees, share in stamp dutie
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Bank of Maharashtra trims base rate by 25 bps
Some public sector banks are reducing their lending rates following the meeting of their chiefs with Finance Minister P Chidambaram. During a recent meeting with the chiefs of state-run banks,
Chidambaram has asked them to reduce lending rates to spur credit growth and thereby reverse investment cycle. Recently, Bank of Maharashtra reduced ‘base rate’ by 25 basis points from 10.25 percent to 10.00 percent on mon
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Banks must adopt system to comply with KYC norms
Reserve Bank Deputy Governor KC Chakrabarty said asked banks to adopt a system to identify violations in know your customer (KYC) norms and rectify it immediately. Chakrabarty said this in the context of the recent Cobrapost expose, which claimed that almost