A resolute Reserve Bank of India (RBI) refrained from reducing policy repo rate in its mid-quarter review of monetary policy on 17 June 2013 citing the persistently high food inflation even though general inflation has declined.
Category: Infrastructure Finance
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Dena Bank to strengthen in east
Ashwani Kumar, Chairman and Managing Director of Dena Bank said the bank decided to strengthen its footprint in the eastern part of the country especially in West Bengal and Bihar.
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Road concessionaires allowed to sell out projects
In the highway sector, the Union government paved the way for developers to exit projects in between by diluting equity in favour of an interested company.
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Bajaj Finserv mulls entry into banking business
Media reports indicate that Bajaj Finserv is one of the non-banking finance companies (NBFCs) that applied for a banking license with the Reserve Bank of India (RBI). Bajaj Finserv is the holding company for the financial services businesses of the Bajaj Group. After getting license, the holding firm plans to convert the assets of its subsidiary Bajaj Finance - also known as Bajaj Finserv Lending - into a bank, reports indicate
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World Bank gives $84 mn loan for Bihar project
An agreement for credit of $84 million (equivalent) from World Bank for the Bihar Panchayat Strengthening Project was signed. Nilaya Mitash, Joint Secretary, Department of Economic Affairs, Ministry of Finance signed on behalf of Government of India and Michael Haney, Operations Advisor, World Bank, India on behalf of the World Bank. On behalf of Government of Bihar, Amitabh Verma, Principal Secretary, Department of Panchayati Raj signed the
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Lenders approve restructuring of Electrosteels’ debt
Kolkata-based Electrosteel Steels, which produces DI pipes and casting, may not have much difficulty in restructuring its Rs 7,000 crore loan as the consortium of 27 lenders are open to recast it provided some conditions are fulfilled. The firm produces and supplies ductile iron (DI) pipes and fittings and is three-star export house. It was the first domestic company to set up a ductile iron pipe plant apart from pioneering manufacture of alloy steel cast
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Some MFIs plan foray into banking sector
Chandra Shekhar Ghosh, Chairman and Managing Director of Bandhan Financial Services said the microfinance company would apply for a banking license with the Reserve Bank of India (RBI). Consulting firm Deloitte will advise the Kolkata-based microfinance company (MFI) on the application formality. The MFI has 45 branches and a customer base of 2.6 million in unbanked rural areas
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ICICI Bank issues Chinese currency bonds
ICICI Bank raised Chinese Yuan (Renminbi) 650 million ($106 million) by issuing bonds in the currency at a coupon rate of 4 per cent. The bond, which will be listed on the Singapore exchange, have been issued under the bank’s $5 billion Medium Term Note (MTN) programme. ICICI Bank is the second domestic lender to sell bonds to offshore Chinese investors. Earlier, IDBI Bank had tapped this fund-raising route. Rating agency S&P has given a ‘BBB
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Rs 100 cr special grant to U’khand to rebuild tourism infra
To rebuild tourism infrastructure in Uttarakhand, in the aftermath of the recent devastation of floods in the state, the Union government has sanctioned a special financial package of Rs 100 crore. With the sum is meant for restoration and reconstruction of the affected Government tourist facilities in Uttarakhand. This will be in addition to the Central financial assistance of about Rs 95 crore already sanctioned during the current financial year for developing tourism infrastructure in the Sta
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Plea for attracting pvt investment in infra sector
Planning Commission deputy Chairman Montek Singh Ahluwalia asked Goa Chief Minister Manohar Parrikar to promote private participation in the development of physical infrastructure. Ahluwalia urged Goa to try and cover all urban areas with sewerage network using latest technology to achieve the goal of total sanitation in the state. He offered the Planning Commission's full support to Goa in solid waste management and to make Goa plastic free