International claims of Indian banks have risen by 41.15 per cent to Rs 1,49,167 crore (Rs 1491.67 billion) at the end of June 2007 on account of higher exposure to guarantees, derivatives and credit commitments. Exposure of Indian banks to derivatives rose 79 per cent to Rs 13,999 crore (Rs 139.99 billion) at the end of June 2007, as against Rs 7,818 crore (Rs 78.18 billion) in the corresponding period in June 2006, data released by Reserve Bank of India said.
Meera Sanyal, Country Executive, ABN Amro Bank, revealed the bank's merger plans with Royal Bank of Scotland. Dutch Central Bank has approved of the merger and a country-by-country approval is being sought. As part of the deal, RBS will acquire the banking business in India and Fortis will buy the asset management company. Neither have a presence in India. ABN Amro is negotiating with RBI too on this issue. The bank will continue to operate through 28 branches in 21 cities.
Citing the need for a more liberal regime for the banking and financial sector, RBI has opposed bilateral trade agreements. With no multilateral pacts with the WTO, the government had entered into free trade agreements, whose scope was later expanded to services, investment and even bilateral tax treaties. RBI has urged other countries such as UK, US and Europe to show reciprocity in granting branch licenses to Indian banks as they expect a similar treatment from India.
Rise in euro against the dollar is benefitting exporters trading the currency. Traders book forward deals to benefit from bullish European currency.
The sub-prime loss-hit Citigroup is on a cost-cutting exercise in its Indian operations. CitiFinancial, its consumer finance unit, which is also reeling under the burden of rising bad loans, is considering closing about 100 of its 450 branches in India.
Wants CBDT to plug loophole in the system.
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
The Reserve Bank of India (RBI) has issued a restricted banking licence to American Express Bank (Amex) to conduct credit card and travel-related businesses in India.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
Move targeted at companies with high promoter holdings.
On Tuesday, the 32-member Parliamentary Committee is understood to have met officials of the Securities and Exchange Board of India, Reserve Bank of India, stock exchanges, various brokers, Unit Trust of India, Life Insurance Corporation and State Bank of India. The committee is expected to meet officials of the finance ministry next week.
According to sources close to development, the paper proposes four new concepts for making the taxation of foreign companies in India and foreign transaction of Indian companies, especially overseas mergers and acquisitions, more transparent.
The Central Board of Direct Taxes has proposed that the sale of capital assets of a company operating in India, but registered overseas
Banks raising one-year deposits at 9.75% to meet MF, pension fund redemptions.
The Reserve Bank of India's (RBI) denial of permission to Swiss bank UBS to acquire Standard Chartered Asset Management Company has come as a blessing in disguise for Standard Chartered Bank.
The Reserve Bank of India is not in favour of the government subscribing to State Bank of India's rights issue through bonds on grounds that it does not conform to good corporate governance.
Sebi has proposed to examine the margining system of stock market, in an effort to make the system easier for retail investor.
Banking industry sources said data has been sought both on the source and deployment of funds by NBFCs, both those that accept deposits and those that don't.
According to sources, this is quite rare since most of the requirements of the banks are first met through call market borrowings and then through the repo window of RBI . Under the repo, banks borrow funds from RBI by pledging government securities.
At a recent meeting of the high level coordination committee of regulators on capital markets, the RBI clarified that no approvals for VCFs will be issued since the Finance Ministry is reviewing the policy for investment in the realty sector for both foreign direct investment (FDI) and portfolio investments by foreign institutional investors.
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