Data from Reserve Bank of India (RBI) shows that as of December 2012 211,000 villages in the country have bank connectivity compared to about 67,000 villages in March 2010. It may be noted that there are about 600,000 villages in the country. Bank connectivity is said to have risen mainly through business correspondents (BCs) and other
Tag: investment
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Financial crisis breaks consensus on 3 issues
Reserve Bank of India (RBI) Governor D Subbarao said pre-crisis consensus is broken on three macroeconomic issues - capital account convertibility, central bank intervention in exchange rate market and
capital controls. He said this while speaking at the IMF conference on Rethinking Macro Policy II in Washington
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IDFs set to get funds from EPFO
Following the approval of new norms by the board of the Employees' Provident Fund Organisation, the pension fund may invest part of its Rs 5 trillion corpus in infrastructure debt funds (IDFs). The new norms allow the pension fund body to invest in bonds with tenures up to 25 years and this may enable it to consider IDF
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CII chief wants RBI to work in tandem with govt to support growth
The newly elected President of Confederation of Indian Industry (CII) Kris Gopalakrishnan said the RBI must work in tandem with the government to boost economic growth. He said the Reserve Bank of India (RBI) must reduce interest rates by at least 100 bps in 2013-14. Steps like early implementation of GST (Goods and Serv
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Assocham wants RBI to issue licenses in staggered manner
In a note to the Reserve Bank of India (RBI), Assocham said the central bank may consider giving out new bank licences in a staggered manner to few players in a specific time frame given the uncertainties or volatilities associated with current business environment. The note pointed out that the granting of banking license could be a process, and not an event. The indus
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IBEF may get upto $25 mn equity capital from IFC
India Business Excellence Fund IIA (IBEF IIA), which caters to the capital requirement of Small and Medium Enterprises (SMEs), may get upto $25 million funding from the International Finance Corporation (IFC). The proposed investment by IFC may boost further equity funding to capital constrained SMEs looking for growth capital
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SAIL to focus on upgrading captive mines
In order to meet the increase in iron ore requirement following the expansion of its steel plant, Steel Authority of India (SAIL) is in the process of upgrading its captive ore mines. The company plans to raise its iron ore production to 39 million tonne per annum in line with its mega expansion plan of producing over 23.6 million tonne per annu
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Govt asks NTPC to focus less on gas-based projects
In the context of the severe shortage of natural gas in the country, NTPC has been asked by the union power ministry to focus less on adding gas-based power generation capacity. The state-run power producer has a current gas-based capacity of above 4,000 mw. The country faces acute shortage of natural gas because of the sharp fall in the production of the fuel from the KG-D6 block of Reliance Industries. Paucity of gas
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Govt plans to liberalise pricing regime in oil and gas sector
Union Finance Minister P Chidambaram informed foreign investors that the union government plans to liberalise pricing regime in the oil and gas sector in order to attract more investment into the sector. The government is considering a cabinet note on how to move from a production sharing model to revenue sharing model for oil and gas explored and excavated by com
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RIL submits proposal to relinquish low prospectivity area
Reliance Industries (RIL) has submitted to the government a proposal to relinquish low prospectivity area in its eastern offshore KG-D6 block, the company informed this in an investor presentation. Out of a total of 7,645 sq km in KG-DWN-98/3 or KG-D6 block, only 3,412 square kilometer of area will be retained, the firm