Agency reports indicate that Allahabad Bank intends to bring down its gross non-performing assets (NPAs) to around 3.2 per cent by March 2014 from 3.92 per cent in 2012-13. Shubhalakshmi Panse, Chairman and Managing Director of the bank is quoted as saying that the bank was monitoring bad accounts on a daily basis along with focus on recovery
Category: Infrastructure Finance
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FM meets bankers, industrialists to speed up projects
Union Finance Minister P Chidambaram on May 14 met top bank executives and leading industrialists in Bangalore on speeding up execution of infrastructure projects by addressing procedural and structural issues.
The finance minister has assured the industrialists all help in executing pending projects and kick-starting new projects to spur growth and attract more investments in the infrastructure sector, especially power, roads, highways and ports, a leading industrialist who participated in the
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Net profit of R-Infra rises 76%
During Jan-Mar 2013, the net profit of Reliance Infrastructure (R-Infra) grew a whopping 76 per cent to Rs 725 crore from Rs 411 crore in the year-ago period. However, the firm's total income from operations declined 15.3 per cent to Rs 6,187 crore from Rs 7,135 crore in the same quarter of 2011-12. The decline in incom
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Experts suggest India to attract Chinese funds for infra projects
Some experts suggest that India may attract the huge foreign exchange reserves of China, estimated to be about $3 trillion, towards its infrastructure sector. Experts suggest the Indian government to attract foreign direct investment (FDI) from China into the infrastructure sector, which needs $1 trillion funding during
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IAML signs pact with 8 banks on acquiring infra loans
IL&FS Infra Asset Management (IAML), an Asset Management Company (AMC) signed a Memorandum of Understanding (MoU) with eight Public Sector Banks (PSBs) for acquisition of infrastructure loans. IAML was promoted by IL&FS Financial Services (IFIN) to manage the IL&FS Infrastructure Debt Fund (IIDF
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Govt may implement change in FDI control definition prospectively
In an interview to a leading newspaper, Union Commerce Minister Anand Sharma that the proposed changes in the definition of foreign Ăâcontrol and ownershipĂâ would be applicable prospectively. Applying the proposed change in definition is necessary to protect the interest of foreign companies that entered into joint-ventures, partnerships or inves
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Govt mops up over Rs 190 bn via duty on fuel
Union Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha that the total amount collected from Additional Excise Duty during 2012-13 (Provisional) is 19,333 crore. Lakshmi said that the amounts collected during 2011-12 and 2010-11 are Rs 18,428 crore and Rs 16,979 crore respectively
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SBI expects credit to grow a maximum of 16%
Pratip Chaudhuri, Chairman of State Bank of India (SBI) informed that the bank may achieve a deposit growth of 14 -16 per cent and a loan growth of a maximum 16 percent in 2013-14. In 2012-13, the largest public sector bank posted 15 per cent and 21 per cent growth in deposits and adva
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Work on FOB in Gurgaon awaits funds
In Gurgaon, work on constructing a foot overbridge (FOB) at Hero Honda Chowk is awaiting funds from the National Highways Authority of India (NHAI) and necessary approval to start the work. The Haryana Urban Development Authority (HUDA) has written to the NHAI about the project which the two departments have to jointly fund. A senior HUDA official said that the DPR of the project has been prepared and submitted to the NHAI for approval.
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SC delivers verdict on PIL against Cairn-Vedanta deal
The Supreme Court ruled that the central government and ONGC conducted due deliberation before taking a decision on the $8.5 billion Cairn-Vedanta deal. The court ruled this while rejecting a public interest litigation (PIL) challenging the deal on the ground that there was a loss to state-owned ONGC on account of the sale