CitiFinancial, Citibank India's non-banking finance arm, has reduced its asset book by one-third and its branch network by a quarter of the year-ago level as part of a restructuring exercise, Citi CEO for South Asia Mark T Robinson told Business Standard.
Sources close to the development said the finance ministry was yet to receive a formal proposal to this effect from the bank, though SBI chairman OP Bhatt had recently said the lender had sought government permission to raise Rs 20,000 crore (Rs 200 bn).
The clauses on corporate debt restructuring (CDR) are being reworked in view of the huge foreign exchange exposure of several companies, which have already opted for restructuring debt or are on their way to seeking approval for one.
OECD has identified at least four tax jurisdictions -- Jamaica, Qatar, Botswana and Ghana - whose tax information system would be studied to find out if they are emerging as the new tax havens following the crackdown on the existing ones. A unique tax identification number would be akin to a global permanent account number for Indian taxpayers which could remain the same across jurisdictions.
Canara Bank has put on hold its plan to sell non-performing assets with realisation value of around Rs 250 crore (Rs 2.5 billion) after lukewarm response from asset reconstruction companies (ARCs).
As part of wage settlement, new recruits will be asked to shift to the New Pension Scheme.
Though the overall environment seems to be improving, Reliance Capital CEO Sam Ghosh tells Business Standard that the company is opting to be cautious.
The government has reopened the case for convergence between the capital market and commodity futures regulator, a move that has attracted opposition from the Forward Markets Commission, which regulates the commodities futures business.
ICICI Bank, the country's largest private sector bank, has scaled down its overseas operations, especially in the United States and Sri Lanka. It has also recalled some employees from its international offices now that the businesses of fund-raising and merger and acquisitions have shrunk.
Fund managers queued up to grab a pie of the new pension scheme that opens for subscription on May 1. But even before the scheme is launched, they are complaining of it being a loss-making business with the investment management fee fixed at 0.009 per cent.
In an interview with Business Standard's Shyamal Majumdar and Sidhartha, Kochhar says she is going to focus on the immediate challenge of correcting the cost structure of the country's second largest bank.
Failed attempt to acquire stake in Kolhapur-based bank seen as trigger.
While the level of non-performing assets for banks is on the rise, despite the Reserve Bank of India's push for debt restructuring, cases referred to the corporate debt restructuring cell increased to 34 at the end of March 2009, as against 10 at the end of 2007-08. CDR, which was set up in 2002-03, is a mechanism for faster disposal of restructuring cases involving multiple lenders, though foreign banks are yet to join the platform.
Former Axis Bank chairman and CEO PJ Nayak said managements should look at appointing outsiders only when the organisation is weak.
The Anil Dhirubhai Ambani Group-promoted Sasan Power was Rs 2,500 crore short of the roughly Rs 15,000 crore it needed to borrow for the project. Now, India Infrastructure Finance Company Ltd has agreed to lend around Rs 2,500 crore. A consortium of 12 domestic banks have already committed around Rs 12,500 crore, with State Bank of India and Power Finance Corporation leading the pack, with Rs 3,500 crore and Rs 1,800 crore respectively.
Within 15 days of opening the registration process for Nano, its Rs 1 lakh car, Tata Motors has sold nearly 5,00,000 application forms, raking in Rs 15 crore (at Rs 300 each). Distributors associated with the Nano bookings said most of the forms were likely to translate into bookings.
The development has elicited huge response from the country's top information technology companies. At least seven players, including Infosys, HCL, Tata Consultancy Services and its subsidiary CMC, are in the fray to develop a biometric card and the infrastructure that can handle 12 million new users annually.
Months before Satyam Computer Services founder B Ramalinga Raju made disclosures about committing fraud, authorities in the US had initiated an investigation into the company's dealings with Syria, Sudan, Cuba and Iran, identified by the US government as state sponsors of terrorism, and subject to US economic sanctions and export controls.
Loans at a discount to the benchmark prime lending rates of banks are back with a majority of the fresh loans being disbursed at sub-PLR rates.
Firms denied peer review certificate may be barred from auditing
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