Media reports indicate that Bajaj Finserv is one of the non-banking finance companies (NBFCs) that applied for a banking license with the Reserve Bank of India (RBI). Bajaj Finserv is the holding company for the financial services businesses of the Bajaj Group. After getting license, the holding firm plans to convert the assets of its subsidiary Bajaj Finance - also known as Bajaj Finserv Lending - into a bank, reports indicate
Tag: RBI
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Some MFIs plan foray into banking sector
Chandra Shekhar Ghosh, Chairman and Managing Director of Bandhan Financial Services said the microfinance company would apply for a banking license with the Reserve Bank of India (RBI). Consulting firm Deloitte will advise the Kolkata-based microfinance company (MFI) on the application formality. The MFI has 45 branches and a customer base of 2.6 million in unbanked rural areas
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Prudential norms for housing finance firms may be relaxed
RV Verma, Chairman and Managing Director of National Housing Bank (NHB) has informed a leading media that the body would relax prudential norms for housing finance companies (HFCs). NHB plans to relax prudential norms for housing finance companies following Reserve Bank of India's (RBI) decision to reduce risk weight on banks' home loan over Rs 2
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RBI relaxes ECB norms for residential developers
Developers and builders who have at least three years' experience in implementing residential projects may avail external commercial borrowing (ECB) for low-cost affordable housing projects. Reserve Bank of India (RBI) reduced the number of years of experience from the existing five years to three years in order to enable more developers to access ECB route
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Rates on CDs remain above 8%
Owing to the outflow of corporate advance tax from the banking system, rates on the Certificates of Deposit (CDs) are ruling high above 8 percent, media reports indicate. The first instalment of corporate advance tax is due on June 15. Advance tax outflow has strained liquidity in the banking system with banks borrowing about Rs 85,000 crore on an average under RBIĆās liquidity adjustment facilit
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RBI, Sebi differ on some recommendations of FSLRC
Unconfirmed reports indicate that the some of the key clauses of the Justice BN Srikrishna Commission report on revamping financial sector laws were opposed by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi). Both RBI and Sebi are learnt to have discussed some of the clauses in the report at a recent meeting of the Financial Stability and Development Council (FSDC), whic
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RBI refrains from reducing policy rate, keeps CRR unchanged
A resolute Reserve Bank of India (RBI) refrained from reducing policy repo rate in its mid-quarter review of monetary policy on June 17, 2013 citing the persistently high food inflation even though general inflation has declined. Thus, the policy repo rate under the liquidity adjustment facility (LAF) remains unchanged at 7.25 per cent and the reverse repo rate remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 8.25 per cent. The central bank also kept
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Care Ratings expect 25 bps cut in repo rate by RBI
In an analyst note, Care Ratings said it expects Reserve Bank of India (RBI) to reduce repo rate by 0.25 per cent at the mid-term monetary policy review on June 17. In its May policy review, RBI cut the repo rate by 0.25 per cent and maintained that scope to further slash the short-term rate is
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GSPC completes stake buy in GGCL
GSPC is learnt to have completed the acquisition of
65.12 per cent stake in Gujarat Gas Co (GGCL) for about Rs 2,460 crore from London-based BG Group. Reserve Bank of India (RBI) and the Competition Commission of India (CCI) have already approved the transaction between BG Group and GSPC. Gujarat Gas Co (GGCL) is the largest private natural gas distributor in India. In October 2012, BG Group entered into a binding agreement for the sale of the s
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Banks asked to provide credit to power starved firms
Commercial banks received a direction from the Reserve Bank of India (RBI) to provide credit to companies in Andhra Pradesh which are suffering from paucity of power. Earlier, the Visakhapatnam Chamber of Commerce and Industry discussed the problems being faced by the business in the state owing to non-availability and shortage of power with the Union Ministry of Commerce and I