The move by the Planning Commission to initiate the mid-term appraisal process for the Twelfth Five-Year Plan at a time when the plan document is not even fully printed has irked central and state government departments. While the Twelfth Five-Year Plan period began in April 2012, the strategy document was finalised and approved by National Development Council only in late December 2012 and Prime Minister Manmohan Singh prepared the foreword for the Plan document only
Category: Infrastructure Finance
Post
Post
Minister invites French investment in infrastructure
Commerce and Industry Minister Anand Sharma welcomed French government and companies to invest in infrastructure, transport, high technology, energy and other sectors in India. He discussed mutual cooperation in the field of economy and business during his meeting with French Minister for Foreign Trade Nicole Bricq in Paris. Sharma also requested the French Minister to enco
Post
OMCs oppose finance ministry proposal on pricing method
Public sector oil marketing companies (OMCs) like Indian Oil (IOC) opposed the proposal of the finance ministry to adopt export pricing method for calculating under-recoveries on cooking gas and diesel. State-run OMCs argue that if the finance ministry's proposed formula for subsidy sharing is accepted, they stand to lose out on compensation and it will also impact their investment and expansion plans
Post
State-run banks take efforts to recover bad loans
In order to recover bad loans from borrowers, some public sector banks are putting pressure on the guarantors of wilful loan defaulters. One such incidence happened when Allahabad Bank published a public notice exposing the guarantor of a borrower who defaulted on his loan. The state-run bank published the photographs of two guarantors as well in the newspapers as part of a publi
Post
RBI tightens trading norms to curb volatility in currency mkt
In a bid to curb volatility in the currency market, Reserve Bank of India (RBI) prohibited banks from taking proprietary position in the currency futures and exchange-traded currency options market. This effectively restricts them to transact only on behalf of clients. Banks carry out currency trading on behalf of their clients while they have a separate desk to trade in the foreign exchange market of their own. The latter is
Post
KKR to invest substantial amount in Indian ventures
A large portion of the $6 billion raised by Kohlberg Kravis Roberts & Co (KKR) in its Asian II Fund could be deployed in Indian business ventures, reports suggest. It may be learnt that the American private equity (PE) fund KKR raised $6 billion through Asian II Fund and this became the largest pan-Asian PE fund raised so far. KKR invested over 25 percent of its first Asian fund in India, picking up stakes in half-a-dozen companies for $1.1
Post
RBI permits ECB facility for NBFC-AFCs
Reserve Bank of India (RBI) allowed Non-banking finance companies (NBFCs) categorised as Asset Finance Companies (AFCs) to avail of external commercial borrowing (ECB). But the central bank imposed certain conditions for such NBFCs to access ECB window. One of the condition is that they would avail ECB under the automatic route with minimum average maturity of five years. Further, the funds raised through the ECB route must
Post
CGTMSE may rationalise guarantee fee
Media reports indicate that the Credit Guarantee Fund Trust for Medium and Small Enterprises (CGTMSE) plans to rationalise the annual guarantee fee payable by banks for insuring their loan to small business units. Presently, CGTMSE collects guarantee fee at 1 per cent of the loan limit per annum throughout the tenure of the loan
Post
Indian economy may grow 6% in FY14: Deutsche Bank
A report by Deutsche Bank says the Indian economy may grow at a rate of 6 percent in 2013-14, compared to 5 percent in the previous financial year. The foreign brokerage expects the current account deficit (CAD), which touched a record high of 4.8 per cent in 2012-13, to decline to 3.8 per cent in the current financial year on the back of softening commodity prices
Post
Yes Bank to raise capital for business development
Media reports indicate that YES Bank may raise capital by issuing shares through qualified institutional placement (QIP) or any other route in order to fund its expansion plan. The company may also consider Global Depository Receipts, American Depositary Receipts, follow-on public issue or by any other appropriate mode as decided by the Capital Raising Committee, the bank informed the Bom