To discuss ways of increasing lending to optimise stimulus package impact.
The general elections could take a toll on the bottom lines of a host of Indian companies that have accessed overseas debt.
Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services scandal 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours. The special group will submit its recommendations over the next few weeks.
Indian reinsurer General Insurance Corporation has hardened its stance while negotiating reinsurance arrangements for the next financial year. During the first round of talks with non-life insurers, GIC said that it would pay at least 5 per cent lower commission on business that is reinsured with it. Further, it has sought a share in underwriting profits, which could be as high as 50 per cent, sources involved with the negotiations said.
In the coming days, other lenders are expected to initiate similar steps to recover their dues from the company, which is facing the prospects of a change of management. IFCI executives said that the company revoked the guarantee earlier this month to recover its dues amounting to Rs 95 crore from Maytas Infra.
In a few months, private sector lender IndusInd Bank may have a new identity. The move was in line with the repositioning exercise initiated by the new management team led by Managing Director and Chief Executive Officer Romesh Sobti.
Shares of ITC, Axis Bank and Larsen & Toubro are likely to stay with the Specified Undertaking of the Unit Trust of India, which was to be wound up in June.Legal opinion received by the government suggests that SUUTI can exist as long as all investors in one of the schemes floated by the erstwhile Unit Trust of India have not redeemed their investment, sources close to the development said. The value of the shares of the three blue chips was estimated at over Rs 15,000 cr.
What's worrying for the public sector banks is the rise in delinquency in the housing portfolio, which does not include real estate. But a bank chief said that with low exposure to the real estate sector, the state-run banks have fewer worries. The other area of concern is credit cards but the operations of public sector banks in this segment are small compared with the likes of ICICI Bank, HDFC Bank and Citibank, the largest players in the business.
Less than half-a-dozen people have evinced interest in buying the eight apartments owned by the late Harshad Mehta and his family, partly due to a last-minute case filed by the stockbroker's mother, Rasila S Mehta.
In a possible precursor to further rate cuts, Finance Minister Pranab Mukherjee's meeting with public sector bank chiefs on Monday will review their benchmark prime lending rates and interest rates on loans for automobiles, homes, small and medium enterprises and non-banking finance companies.
Standard Chartered CEO-Asia Jaspal Bindra spoke to Anirudh Laskar and Sidhartha about the bank's plans and his assessment of the situation.
Sixteen years after the stock market scam orchestrated by Harshad S Mehta, the custodian has put up eight apartments in a complex called Madhuli, which is occupied by his family in upscale Worli, for sale.
The move comes a month after three-day terrorist attacks in Mumbai on November 26 left at least 183 people dead and thousands wounded. A source close to the development told Business Standard that following 26/11, as the terror attacks came to be called, reinsurance rates have hardened in the global markets.
Paresh Parasnis, HDFC Standard Life Insurance Company's principal officer and executive director spoke to Shilpy Sinha & Sidhartha about the company's strategy.
With the Rs 7,000-crore (Rs 70 billion) refinance window, micro, small and medium enterprises (MSMEs) will not face any fund crunch, says Sidbi Chairman and Manging Director R M Malla.
At a time when corporate India has seen its net profits shrink, banks, whose share prices have been hammered in recent weeks, have sprung a surprise of sorts reporting a 26 per cent growth in their bottom lines in the second quarter of 2008-09.
In a move to boost liquidity, the government and the Reserve Bank of India are considering a special window to enable banks with farm loan relief scheme arrears, a major factor impacting liquidity, to raise funds. The move will help inject liquidity into the system till Parliament approves the Rs 25,000-crore reimbursement.
The government has asked the Pension Fund Regulatory & Development Authority to open the retirement scheme--which has so far been confined to central government employees--to the self-employed and those in the unorganised sector.
After years of waiting, finally there seems to be hope for the passage of the Pension Fund Regulatory and Development Authority Bill, thanks to the Left's withdrawal of support from the government. The passing of the Bill will provide statutory backing to the regulatory agency, enabling it to issue guidelines and allow non-government employees to save for the long-term. PFRDA Chairman D Swarup spoke to Business Standard about the issues involved.
The four Left parties may no longer be allies of the Congress party-led United Progressive Alliance, but their concerns on the pension Bill will still be addressed by the government.
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