Department of Financial Services, Government of India and the Reserve Bank of India (RBI) are closely probing the alleged violation of anti-money laundering laws by the staffs of some private banks including Axis Bank. This information was given by Union Finance Minister P Chidambaram recently. The probe is in response to a sting operation conducted by the portal Cobr
Tag: investment
Post
Post
Govt to sell Rs 150 bn worth bonds every week
According to the government borrowing calendar for Apr-Sep 2013, the centre would issue Rs 150 billion worth bonds on an average every week during the six months. Thus, in the first six months of the next financial year, the government would borrow Rs 3.49 trillion or 60 percent of the full-year gross target. On a net basis, the g
Post
Nifty banking index rises considerably
The Nifty banking index has risen considerably in the last one year because of several factors even though the general financial health of several banks remain patchy, analysts said. The National Stock ExchangeÂ’s Nifty banking index, a barometer of banking company stocks, has risen 50 percent in the past one year, belying general economic performance and expectations from the banking busin
Post
Experts advocate private regulatory mechanism
While the debate on regulating large conglomerates of financial companies continues, some experts argue that private (or market-based) regulatory mechanisms may be more efficient in certain cases compared to government regulatory mechanism. These experts argue that government regulators could be captured by special interests—of both the corporate and populist kind. And there is good reason to believe that instances of this kind have occurred in India, expe
Post
KIOCL, SAIL in talks over rare-earth project in Kerala
KIOCL is reportedly in discussion with Steel Authority of India (SAIL) to set up a joint venture to explore rare earth minerals in Kerala. The joint venture project may also engage bodies like Kerala State Industrial Development Corporation and Kerala Mineral Development Corporation
Post
Study suggests govt to encourage new funding sources
According to an industry study, there is an need to
encourage funding sources other than bank credit (like insurance) and introduction of new instruments to accelerate flow of funding to infrastructure sector. The study, conducted jointly by industry body ASSOCHAM and and consulting firm Deloitte points out that the change in BASEL III requirements and too much conc
Post
SEIL hopes to borrow funds for pellet plant project soon
B Satish Kumar, Managing Director of Steel Exchange India (Seil) expressed hope that the firm may achieve financial closure for its proposed Rs 300-crore pellet plant by three-four months. He said the company is awaiting environment clearance for the proposed 600,000 tonne capacity unit which would come up at its existing steel plant and would help it cut production cost
Post
Ministry takes steps for growth of steel sector
Union Minister of Steel Beni Prasad Verma informed Parliament that his ministry routinely consults the steel industry to be apprised of the constraints to growth and recommends necessary corrective measures as and when necessary, to other concerned ministries. He said the government has taken the following steps to support the competitive production and capacity growth of the steel
Post
JSW Steel delays expansion plan
According to media reports, JSW Steel halted its expansion plan of its 10 million tonne Vijayanagar plant in Karnataka to 12 million tonne until such time the iron ore supply improves in the state. The company was to invest Rs 2,695 crore on the expansion project in 2013-14 by borrowing Rs 1,750 crore and using its cash reserves for the remaining about Rs 945 crore
Post
SAIL, Posco in talks over steel plant project
State-run firm Steel Authority of India (SAIL) has been in discussion with POSCO for setting up a FINEX technology based steel plant of around 3 Million Tonne Per Annum (mn tpa) hot metal capacity as a joint venture at Bokaro Steel Plant. It is estimated that around 1,100 acre land would be required for this purpose. SAIL and POSCO have not reached an agreement on the share holding structure of the j