The tier-I capital of Dena Bank declined below 8 per cent by June 30 and this prompted the state-run bank to seek Rs 2,000 crore capital infusion from the central government, reports indicate. Ashwani Kumar, Chairman and Managing Director of Dena Bank expects the central government to provide this
Tag: fund
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Lanco approaches CDR cell to recast Rs 90 bn debt
In view of the challenging economic condition, Lanco Infratech approached corporate debt restructuring (CDR) cell to recast its Rs 9,000-crore debt. Of the Rs 9,000-crore debt, Rs 4,000-crore is fund-based exposure and Rs 5,000-crore non-fund-based.
The company is holding discussions with bankers in this rega
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Ministry may ask major ports to fund DCI
Shipping Minister GK Vasan informed media persons about his ministry's plan to ask profit-making major ports to provide capital to Dredging Corporation of India (DCI) for buying dredgers. The ministry may direct some of the ports to part-finance the purchase of two dredgers. This will be first time that the major ports will fund dredger proc
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EPL to raise Rs 5 bn via bonds
Ennore Port (EPL) plans to raise only Rs 500 crore through tax-free bonds instead of the earlier plan of mopping up Rs 1,000 crore. This information was given by MA Bhaskarachar, Chairman and Managing Director of the country's first corporate port set up by the Government of India. The port originally planned to raise Rs 1,000 crore through tax-
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Industry bodies welcome FDI relaxation in key sectors
Industry bodies like Assocham and Confederation of Indian Industry (CII) welcomed the government's move to attract more foreign direct investment (FDI) in certain sectors. The government recently allowed 100 per cent FDI in telecom, hiked FDI limit in insurance sector to 49 per cent and took steps to promote foreign capital inflow in defen
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Delhi civic bodies to get Rs 50.9 bn from state govt
The three municipal corporations in Delhi received a cumulative allocation of Rs 5,095.25 crore from Delhi government to implement various civic amenities projects during 2013-14. This is a cumulative allocation under various forms such as grant-in-aid, basic tax assignment, compensation against parking fees, share in stamp dutie
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Bank of Maharashtra trims base rate by 25 bps
Some public sector banks are reducing their lending rates following the meeting of their chiefs with Finance Minister P Chidambaram. During a recent meeting with the chiefs of state-run banks,
Chidambaram has asked them to reduce lending rates to spur credit growth and thereby reverse investment cycle. Recently, Bank of Maharashtra reduced Ćābase rateĆā by 25 basis points from 10.25 percent to 10.00 percent on mon
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OBC reduces base rate by 0.25%
Following the meeting with Finance Minister P Chidambaram some of the public sector banks are reducing their base rates. The recent bank to join the club is Oriental Bank of Commerce (OBC), which trimmed its base rate by 25 basis points, or 0.25 percentage points, from 10.25 per cent to 10 per cent. The reduction in the interest rate woul
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PEs invested $168 mn in microfinance firms in FY13
Data released by Microfinance Institutions Network (MFIN) shows private equity investors (PEs) invested $168 million (close to Rs 10,000 crore at current value) in the microfinance sector in 2012-13. Besides PEs, investors multilateral and government-supported funds like SIDBI and IFC also invested in the sector during the year. In fact, reports suggest that these kinds of investors contributed a large part
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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