Cash-strapped Indian carriers are finally finding money to finance expansion plans or merely fund operations. State-owned Air India is set to receive a $1 billion (Rs 49,000 crore) loan and Naresh Goyal-promoted Jet Airways is close to striking a deal for a Rs 500-crore loan from Indian Overseas Bank.
Currently, non-residents visiting India are not allowed to take out any Indian currency while leaving the country.
Borrowers can move civil courts to stall recovery proceedings as they have few other choices.
Public sector banking major Indian Overseas Bank on Wednesday launched an Internet-based online remittance product 'e-Cash Home', providing a fast channel for the United States-based non-resident Indians to remit money back home.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
Indian Overseas Bank has posted a net profit of Rs 1169.52 million for the quarter ended December 31, 2002 as compared to Rs 455.71 million in the quarter ended December 31, 2001.
Overall Indian companies issued guarantees worth $1.21 billion, extended loans worth $291 million and pumped in equities worth $319 million.
The NBFCs, which filed for ECB in January with the Reserve of India (RBI), include REC (over $500 million), Tata Motors Finance ($200 million), L&T Finance Holdings ($125 million), and Shriram Finance ($750 million), according to the RBI data. A senior executive with State Bank of India (SBI) said overseas borrowing by Indian companies, including highly rated NBFCs, was likely to grow because hedging costs were low and there was a softening bias in global interest rates.
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
As many as 126 deals were carried out in which borrowers raised the money through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), according to the data released by RBI.
The candidate will be expected to have at least two to three years of remaining service.
IPOs worth Rs 50,000 crore including Hyundai, NTPC Green Energy and Swiggy are set to hit the market in late October or early November.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
An analysis by the Securities and Exchange Board of India (Sebi) has revealed that retail traders remain at the wrong end of the stick when it comes to equity derivatives trading. About 93 per cent of them incurred an average loss of Rs 2 lakh (per trader) during the last three financial years. The new report highlights an increase in the loss-making individual investors in futures and options (F&O) to 91.1 per cent in FY24 compared to 89 per cent in FY22.
Public sector Indian Overseas Bank on Monday announced 0.50 per cent hike in benchmark lending rate to 14 per cent with effect from August 16, but spared housing loans up to Rs 30 lakh and education advances from the increase.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
Govt renews search for five PSU bank chiefs; norms relaxed.
State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country's largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions. In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards. Accordingly, the bank in a statement said it is "making necessary arrangements and processing requests received from various banks, including Russian banks", following guidelines laid out by the RBI.
Share rises further to 73 per cent from 66 per cent last year; Some overseas i-banks seen scaling down operations
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
The Mumbai police have registered an FIR against former city Bharatiya Janata Party youth wing president Mohit Kamboj and two others on charges of cheating, an official said on Wednesday.
Some lenders in talks with LIC for pvt placement
Indian Overseas Bank, which is coming out with its public offering of Rs 10 crore (Rs 100 million) equity shares of Rs 10 each on September 5, would concentrate more on retail lending in a big way, a senior bank official said on Tuesday.
Though most experts remain bullish on the banking space, they suggest investors buy only those banks whose NPAs are at a manageable level of 3% to 4% and there is credit growth or earnings visibility.
Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the deadline for submission of bids, which had ended on August 20, as several players, including public sector companies, were redrawing their acquisition plans, said people in the know. "There were several companies which had submitted their expressions of interest (EoIs) for the company but after due diligence decided to exit the race," said a source close to the development. "The new deadline for submitting financial offers is August-end," the source said.
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Bank stocks have underperformed in the second quarter of FY'14 with the BSE Bankex declining 18 per cent compared to fall of 1 per cent in the BSE 30-stock index, Sensex, during this period.
Asset quality stress has ballooned recently, as growth slowed and interest rates continued to rise.
Chennai-headquartered Indian Overseas Bank has launched a five-year tax saving deposit scheme at an interest rate of 8.15 per cent per annum.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
The government may delay Rs 14,000 crore (Rs 140 billion) fund infusion in the public sector banks in view of volatile market conditions.
Indian Overseas Bank on Tuesday announced interim dividend of 12 per cent to its shareholders and a reduction of 0.5 per cent in its primary lending rate, taking it to 11 per cent.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
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