In order to prevent Essar Steel from approaching
the corporate debt restructuring (CDR) cell, lenders to the company provided an further loan of Rs 6,000 crore. The company borrowed this amount at an interest rate of 12.50 percent. The Ruia-group firm would use around Rs 2,000-2,500 crore of the Rs 6,000 crore to repay group com
Tag: loan
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Banks may lend Rs 60 bn more to Essar Steel
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Srei Infra hikes base lending rate to 18%
Considering the rise in the cost of funds for the infrastructure sector, Srei Infrastructure Finance raised benchmark lending rate by 50 basis points. Thus, the new benchmark rate stands at 18 percent per annum effective from Sept. 1, 2013 compared to the earlier rate of 17.50 percent
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Banks adequately capitalised despite rising bad loans
In its annual report, Reserve Bank of India (RBI) said the banking system is adequately capitalised despite the rising trend in the gross non-performing assets (NPA). The gross NPA rose to 4.4 per cent of the total advances by March 2014 from 3.42 per cent a year ago.
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Haryana gets Rs 221.53 cr NABARD loan for rural roads
For Haryana, the National Bank for Agriculture and Rural Development (NABARD) has extended a loan of Rs 238.65 crore for 21 rural road projects and 14 rural drinking water supply schemes under the Rural Infrastructure Development Fund (RIDF)ĂâXIX. According to NABARD, an amount of Rs 221.53 crore has been sanctioned for widening and strengthening of 191.955 km length of rural roads in eight districts like Faridabad, Fatehabad, Jhajjar, Jind, Kaithal, Rewari, Rohtak and Yamunanagar in Haryana.
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Indian Oil Corp to raise $500 mn loan
Indian government-owned and the country's largest refiner Indian Oil Corp (IOC) will raise $500 million loan by the end of August, sources in the company said on August 13. The company stated that the loan is to be used for working capital requirements.
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Haryana gets Rs 238.65 cr loan for roads, drinking water
In Haryana, the National Bank for Agriculture and Rural Development (Nabard) has sanctioned a loan of Rs 238.65 crore for 21 road and 14 drinking water projects in Haryana, NABARD (Haryana), Chief General Manager, DV Deshpande said. The loan was approved under Rural Infrastructure Development Fund (RIDF) scheme, he added.
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HDFC Bank hikes base rate by 0.2%
With effect from August 3, India's leading private sector lender HDFC Bank raised the base lending rate to 9.80 per cent from 9.60 per cent. The bank has reportedly raised interest rate on the back of RBI measures to contain volatility in rupee exchange rate and increase in short term deposit
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IRDA revises lending norms of insurance firms
The Insurance Regulatory and Development Authority (IRDA) decided to exclude lending by insurance firms to housing finance companies as exposure to the finance sector. In a statement, the insurance regulatory body said these loans would be henceforth treated as funding to the hous
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Karnataka Bank aims to clock Rs 780 bn business in FY14
In 2013-14, Karnataka Bank expects to clock a total business turnover of Rs 78,000 crore, which includes Rs 45,500 crore of deposit and Rs 32,500 crore of advances, the bank said in an official statement. The private sector lender, which completed 90 years of operation, also informed that it would widen its branch netw
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Mfin discussing future course of action
Microfinance Institutions Network (Mfin), the industry body of microfinance firms, is discussing the future course of action to tide over the huge debt burden haunting the sector. Earlier, Reserve Bank of India (RBI) rejected Mfin's request to restructure the loan repayment of five heavily indebted microlenders under the corporate debt rest