Andhra Pradesh Chief Minister N Kiran Kumar Reddy said he would ask the central government to allot Rs 20,000 crore under Jawaharlal Nehru National Urban Renewal Mission-2 (JNNURM-2). Reddy is learnt to have discussed this at a meeting of the state-level steering committee (SLSC). The centre may launch the
Category: Infrastructure Finance
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Future plans to repay Rs 1.1 bn loan
G Dasaratha Reddy, Managing Director of Future Financial Services informed that the microfinance institution (MFI) plans to repay Rs 110 crore of loans restructured in 2011 and it is discussing the same with banks. If the plan materialises, this would be the first MFI in the country to opt out of corporate debt restructuring (CDR), nearly two years after it agreed to the exercise
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ECB facility may promote affordable housing projects
Industry players expect the Reserve Bank of India's (RBI) move to allow real estate developers raise funds from External Commercial Borrowings (ECB) would increase the supply of low-cost houses. It may be recalled that the central bank allowed developers and housing finance companies to raise a maximum of $1 billion for affordable housing
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$600 mn infra fund to be launched by IL&FS, Stanchart PE
A new infrastructure fund would be launched jointly by Standard Chartered Private Equity and IL&FS Investment Managers with a corpus of around $600 million. This is the second fund being launched jointly by both the firms. The new fund may consider investing in Middle East nations besides investing in Indian
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RBI to continue purchase of govt bonds
Reserve Bank of India (RBI) continues to purchase government bonds through the open market operation (OMO) in order to ease liquidity constraint in the banking system. This was hinted by Economic Affairs Secretary Arvind Mayaram when he said the government doesn't think the central bank has slowed the pace of its bond purchase programme
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Members of RBI panel did not favour repo rate cut
Four members of the Technical Advisory Committee on Monetary Policy set up by the Reserve Bank of India (RBI) were not in favour of the central bank cutting repo rate in the May 3 Annual Policy meeting. On May 3, the central bank reduced the repo rate (the interest rate at which banks borrow short-term funds from the central bank) from 7.50 per cent to 7.25 per c
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Minister highlights difficulty in passing financial laws
Finance Minister P Chidambaram remarked that it was very complex and difficult to pass financial sector laws by a coalition government. He mentioned the case of the Companies Bill, which was cleared by the Lok Sabha and is awaiting the nod of the Rajya Sabha. He said this while addressing the third national seminar on ĂâIndia Financial CodeĂâ organised by the Institu
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Muthoot Group to consider banking venture
Muthoot Group may consider foraying into the banking sector if it feels that such an exercise would be a strategic fit with existing lines of business, Alexander George Muthoot, Director, Muthoot Group said.
The gold-loan non-banking finance company (NBFC) may take up the banking business if the RBI gives a separate licence for the bank based on the work it did
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SBI to recast Rs 60 bn loan in 3-4 months
In the next three to four months, State Bank Of India, the country's largest lender, expects to restructure Rs 50-60 billion ($0.9-$1.08 billion) of loan. This information was given by the bank Chairman Pratip Chaudhuri while interacting with media persons. During January-March quarter, the bank restructured Rs 80.9 billion ($1.46 billion) in loans. The bank's total rest
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Realty sector attracts $45 mn PE deals in April
Real estate sector attracted $45 million or 4 percent of the aggregate private equity (PE) deals in the country during April 2013. During the month under consideration, the economy witnessed $1.2 billion worth of PE deals through 48 transactions compared to $605 million in April