Industry players believe the new DFI model will be initially risk capital, which will then be used to mobilise additional resources from development agencies such as World Bank.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
The government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore development finance institution NaBFID to catalyse investment in the funds-starved infrastructure sector. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
The Cabinet has cleared a Bill to set up a government-owned development finance institution (DFI) with initial paid-up capital of Rs 20,000 crore so that it can leverage around Rs 3 trillion from the markets in a few years to provide long-term funds to infrastructure projects as well as for development needs of the country. To put it in perspective, Rs 3 trillion constitutes slightly less than 3 per cent of the Rs 111 trillion to be spent on over 7,000 projects in the National Infrastructure Pipeline from 2019-20 to 2024-25. Besides, the government will give Rs 5,000 crore as grant to the institution, Finance Minister Nirmala Sitharaman on Tuesday told the media after the Cabinet meeting.
'Our unsecured loan is not exactly unsecured. It is backed by cash flow of customers.'
A senior police officer of the district said the arrest of the two was formally recorded based on the statements given by the soldier -- Shine Kumar -- and his friend. The provisions in the FIR lodged earlier on the soldier's complaint have been altered, the officer also said, but did not give details.
When Vineet Mittal first got into solar power, sometime around 2009, and was planting solar panels in Gujarat, renewable energy looked like a sector ripe for startups. Renewables were clearly the future of energy, and the big boys - Mukesh Ambani's Reliance, Adani Group, and the Tatas - were focusing much more on coal and petroleum. Little did Mittal know that things were going to change drastically.
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
Why do we need a bad bank, owned by the banks themselves when there are at least 28 ARCs around, asks Tamal Bandyopadhyay.
Mumbai-based Doctors For You, a nation-wide humanitarian organisation which has provided services in several disasters in the last few years, started an OPD camp on September 30 just outside the Rajendra Nagar overbridge roundabout when practically the entire city was inundated.
Expressing commitment to augment the country's infrastructure, Finance Minister Nirmala Sitharaman on Monday proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetizing assets to achieve the goals of the National Infrastructure Pipeline (NIP). Sitharaman said NIP, that was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed. "For 2021-22, I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE of 2020-21," the finance minister said.
The number of forms to be filled to operate drones in the country have been reduced to six in draft 'Drone Rules, 2021' in comparison to 25 forms mentioned in the Unmanned Aircraft System (UAS) Rules, 2021, it said.
'This is happening regardless of the Budget.'
Speaking at CNBC TV 18's business leadership awards event, Sitharaman made it clear that she was not expecting a jump in the number either.
While there were concerns about the security aspect of drones, top government officials were of the view that restricting the drone industry would stifle a sunrise sector which holds significant promise for future, reports Arindam Majumder.
'To bring about a paradigm shift in farmers's income, we need to change our approach to agriculture, and transit from the narrow prism of cultivation to a full-fledged enterprise, by building all associated supply chain linkages.' 'This alone will make the farmer an entrepreneur in his own right.'
All banks are eligible for privatisation. A committee of secretaries will decide which banks will be privatised, says Financial Services Secretary Debasish Panda.
The government has decided to spend big on infrastructure across a wide variety of sectors to give a greater impetus to the economy which is recovering from the impact of Covid-19, Finance Minister Nirmala Sitharaman said on Monday.
The session started on January 29 and was originally slated to end on April 8 but several members had urged Speaker Om Birla to end the session earlier as they focus on electioneering for the five assemblies.
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
Drones are being used for carrying out a host of tasks like surveillance to ensure that people are maintaining social distancing, spreading awareness about COVID-19 in densely populated areas, spraying disinfectants and checking people's temperature
Corporate India is not bothered about the subprime crisis. I have not seen any large business house walk away from a deal on account of lack of funding.
Stepped up public expenditure must be accompanied by focused policies, advises Vinayak Chatterjee.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
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