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Economy

Pravasi chit fund launched by Kerala government has evoked good response from NRIs in UAE. Fund for mobilising funds for the infrastructure development in the state has got 1.25 lakh leads from UAE within a fortnight of its launch, according to Kerala finance minister T M Thomas Issac. Pravasi chit fund targeted at NRIs, is […]

Roping in Oil Ministry of Adnoc for contentious Ratnagiri refinery project is at variance with FinMin’s announcement of $200 million investment in NIIF fund. On Monday morning, India brought in Abu Dhabi National Oil Company (Adnoc) as 2nd foreign investor after Saudi Aramco, to invest in the proposed Ratnagiri Refinery & Petrochemicals (RRPCL) project. Estimated […]

It will be subject to Foreign Direct Investment Policy conditionalities and other sectoral regulations or guidelines. Government on Wednesday approved the proposal of HDFC Bank to raise additional capital Rs.240 billion by selling equity to foreign investors to fund its business growth. This includes premium, over and above the previous approved limit of Rs.100 billion, […]

In relief for the banking sector, the government cleared the ambiguity over goods and services tax (GST) on ‘free services’ offered to customers. The Centre said these will not attract GST. Ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime. That issue is yet to be sorted, […]

State-run Power Finance Corporation is aiming to get a provision write-back of over Rs.800 crore through upgradation of distressed government assets in the current financial year,. Out of the total government loans as on March 31, 2018, nearly 89% or Rs.2.03 lakh crore are standard assets, nine per cent or Rs.19,167 crore are restructured standard […]

SJM asked government to ensure that the interests of those at the bottom of the pyramid in retail and agriculture space are guarded. Retailers on Wednesday termed Walmart’s majority stake acquisition of Flipkart as a ‘backdoor entry’ into India’s retail trade and demanded the Centre bring a policy to regulate online trade. Farmers’ organisations said […]

Government is considering allowing 100% foreign direct investment (FDI) in insurance intermediaries with a view to give a boost to the sector and attracting more funds,. Intermediary services include insurance broking, third party administrators, surveyors and loss assessors. FDI policy, at present, allows 49% foreign investment in the insurance sector, which includes insurance intermediaries. Sources […]

Export-Import Bank (Exim Bank) today said it will provide a USD 500 million credit facility to ECOWAS Bank for Investment and Development (EBID) to fund various development projects in the western-south Africa. Line of credit of USD 500 million to EBID will finance various development projects in the ECOWAS region, Exim Bank said in a […]

‘Crisis’ in the Indian banking sector, particularly in the public sector space, should be used as an opportunity to privatise the banks,. But it must be done in a manner that the exercise gets “wider acceptability,”. “For starters, the government equity which is as high as 80% in some PSBs, should be brought down to […]

Government will pump in Rs.100 crore through preference shares into IFCI, the countrys oldest term lending institution, to shore up its capital and enhance operations. “Proposal for equity infusion has just been cleared by Extraordinary General Meeting held yesterday and we hope to get the fund infusion soon,”. Board approved equity shares aggregating upto Rs […]