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
Category: Infrastructure Finance
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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
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44% CEOs affirm increase in domestic investment: CII survey
In a survey conducted by the Confederation of Indian Industry (CII), over 44 per cent of the CEOs affirmed an increase in their domestic investment during the current financial year. 37 per cent of respondents in the survey did not see a decline in their investment level in the current year.While 50 per cent did not predict any change in their foreign investment, 37 per cent saw it increasing during the current financial year. The survey was cond
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Minister invites US firms to invest in India
Union Commerce and Industry Minister Anand Sharma requested US companies to look at India as a long-term business and investment opportunity. The minister said this at an investor meet organised by CII and the US India Business Council (USIBC) during his four-day visit to the world's largest economy
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India receives 25% more FDI in April
Data compiled by the Department of Industrial Policy and Promotion (DIPP) shows 25 per cent year-on-year growth in foreign direct investment (FDI) into India in April at $2.32 billion. In April 2012, the country received FDI worth $1.85 billion. FDI in April 2013 is said to be the highest level in the past six months. In September, 2012, foreign inflows were $4.67 billion
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Net profit rises 42% for IndusInd Bank in June quarter
Net profit of IndusInd Bank rose 42 percent to Rs 335 crore during Apr-Jun 2013 from Rs 236 crore in the year-earlier period. During the quarter, the bank witnessed 27 percent growth in loan portfolio, double the growth rate of the banking industry. The bank's net interest income rose 40 percent to Rs 679 crore from Rs 484 crore in the same period last year. Further, it witnessed 48 percent growth in non-interest income to Rs 471 crore, boosted by an increase in mark-to-m
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OBC reduces base rate by 0.25%
Following the meeting with Finance Minister P Chidambaram some of the public sector banks are reducing their base rates. The recent bank to join the club is Oriental Bank of Commerce (OBC), which trimmed its base rate by 25 basis points, or 0.25 percentage points, from 10.25 per cent to 10 per cent. The reduction in the interest rate woul
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Minister to woo investors, corporates in US
Finance Minister P Chidambaram went to USA to woo investors and corporates to invest in India. During his visit, the minister is scheduled to meet CEOs and other top executives of potential investors, including Microsoft Corp, Wal-Mart Stores Inc, Lockheed Martin International and Boeing International. In recent months, Chidambaram has been visiting foreign countries to invite investors and companies to inves
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ADB to form company for TAPI project
By end-September 2013, the four nations involved in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project agreed to form a company for implementing this purpose. All the four nations agreed to this at a recent meeting of the Steering Committee on the TAPI gas pipeline project in Ashgabat. The meeting was attended by Petroleum and Natural Gas Minister Veerappa Moily, Rashid Meredov, Depu