For the accounting year July-June 2012-13, the Board of Reserve Bank of India agreed to provide Rs 33,010 crore as dividend or surplus profit to the government. Market participants expected a dividend payout of Rs 33,000-35,000 crore. The RBI follows a July to June accounting year. In the previous year, it paid a dividend of Rs 1
Tag: Reserve Bank of India
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RBI to provide Rs 330 bn as dividend to govt
For the accounting year July-June 2012-13, the Board of Reserve Bank of India agreed to provide Rs 33,010 crore as dividend or surplus profit to the government. Market participants expected a dividend payout of Rs 33,000-35,000 crore. The RBI follows a July to June accounting year. In the previous year, it paid a dividend of Rs 1
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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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State-run banks asked to do due diligence themselves
State-run banks have been asked to conduct due diligence of their own on the company or projects it intends to lend instead of the existing practice of relying on lead banks. Union finance ministry asked state-run banks that sanctions loan to sign on the dotted line only when they are satisfied with the appraisal.
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Indian rupee may trade in 58-62 range
Indranil Sen Gupta, India Economist at DSP Merrill Lynch (India) expects the Indian currency to trade in the range of 58-62 against the US dollar at the cost of 50 basis points of economic growth. This assumes that the July 23 measures are reversed before the busy October-March season, Gupta
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AIAI welcomes the appointment of Mr. Raghuram Rajan as Governor of RBI
The appointment of Mr. Raghuram Rajan as the Governor of the Reserve Bank of India has come at the most appropriate time. Considered the right man for the job, Mr. Rajan is well known and respected for his extensive experience and deep knowledge of India's economic functioning as well as the global economy at large.
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SIDBI chief expects consolidation in MFI sector
Speaking at a seminar organised by FICCI, Sushil Muhnot, CMD, of Small Industries Development Bank of India (SIDBI) said the margin cap imposed by Reserve Bank of India (RBI) for microfinance institutions (MFIs) would lead to consolidation in the sector. In order to prevent MFIs from charging usurious interest rates, the RBI earlier imposed a 12 per cent margin cap, which is the difference between cost of fund
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RBI to conduct scrutiny of license applicants
Reserve Bank of India (RBI) Deputy Governor Anand Sinha informed media persons that would conduct both internal and external scrutiny to assess the applicants for new bank licenses. The central bank would set up an external scrutiny panel for this purpose after the internal scrutiny is over, Sinha, who is in-charge of banking supervision, said on the
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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
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RBI tightens hedging rules for overseas investors
The Reserve Bank of India on August 1 tightened hedging rules for foreign institutional investors in the currency market, requiring investors who have issued so-called participatory note contracts, or P-notes, to gain approval from the note-holder before hedging. The order was the latest in a series of measures intended to shore up a battered rupee and helped push the currency higher to 60.48 per dollar. The rupee, which has been the worst performing currency in emerging Asia so far in 2013, is