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
Tag: finance
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Muthoot Group to consider banking venture
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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
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Canara Bank to issue bonds for funding expansion plan
In order to finance its global business expansion, Canara Bank would issue bonds worth $1 billion from the international market. The company would start the process of the bond issue by holding roadshows in Singapore, Hong Kong and London between May 27 and May 31. The state-run bank would use the fund for growth of its overseas business, which is presently spread across Lond
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SBI recasts $1.5 bn loans in March quarter
Between January and March 2013, the country's largest public sector lender State Bank of India (SBI) restructured almost $1.5 billion loans. The bank announced its first quarterly decline in net profit in two years owing to fall in interest income and increase in provisions for loan
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Borrowers of MFI challenge HC order
Nine borrowers of microfinance institutions (MFIs) in Medak and Warangal districts of Andhra Pradesh filed a petition in the Supreme Court in early May 2013 challenging a state high court order. In February 2013, the Andhra Pradesh high court asked the state government to review a law that restricted multiple lending by MFIs to the same borro
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Net profit of Hindustan Copper rises
Hindustan Copper announced a net profit of Rs 188 crore for the quarter ended March 31, 2013 as compared to Rs 137.4 cr in the year-ago period. Total Income declined from Rs 622 cr during Jan-Mar 2012 quarter to Rs 550 cr.For the year ended March 2013, the company posted a net profit of Rs 355.6 cr compared to Rs 323.4 cr. Total income rose from Rs 157.24 cr for the year ended March 31,
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RBI to increase forex reserves by buying dollar
Data released by Reserve Bank of India (RBI) shows the central bank bought $820 million dollar more than it sold in March, the first net purchase since 2010. This shows that RBI wants to increase its forex reserves by taking advantage of the rise in foreign fund flows in the equity and debt market in the country. A report by Bank of America Merrill Lynch estimates that the central bank has bought $1 billion since March and may buy an additional $8 billion through March
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RBI head asks states to focus on fiscal consolidation
Addressing a gathering of state finance secretaries Reserve Bank of India (RBI) Governor D Subbarao asked states to focus on the quality of fiscal consolidation and also on expenditure compression. He called for the need to explore ways for better cash management and adequate dissemination of information on state finances. Considering the rise in market borrowing of states, inflation risks and banks' excess investments in statutory liquidity ratio (SLR) securities, he said managing state gove
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HUDCO’s Rs 7 bn bond issue gets to top rating
Care Ratings assigned AA rating to the five-year bonds to be issued by Housing and Urban Development Corp (HUDCO) for raising Rs 7 billion or around $127.03 million. The base size of the issue is Rs 1.5 billion, media reports suggest. HUDCO invited bids and set a ceiling of 8.15 per cent on the coupon