The Asset Reconstruction Company of India Ltd, promoted by the State Bank of India, ICICI Bank, IDBI and other banks, is slated to start operation by the middle of this month.
In days of smart, networked technology and no shame over collateral damage, what will blow up next -- cars, mobile phones, TV sets, refrigerators? And where?, asks Shyam G Menon.
Industrial Development Bank of India is looking to expand its presence overseas, including through opening branches in Singapore and Bahrain, a top bank official said.
In what could brighten India's prospects in exports of equipment and technology in power, railways, automobiles, and pharmaceuticals, Exim Bank has extended the largest ever line of credit to Iran of $200 million for financing the exports to Iran.
The Softbank-backed company has set a price band of Rs 72 to Rs 76 per share for the maiden share sale and is expected to test the appetite for new-age loss-making companies.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
There are allegations that MFIs are charging exorbitant interest rates and using strong-arm tactics to recover the loans.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
Many of the Kannada films released last year have had a poor response at the box office. This, coupled with the fact that the global financial crisis has left its impact on the Kannada film industry as well, has seen distributors lose interest. As a result, many films -- including those financed by the IDBI -- are still awaiting release.
Bharti Airtel has received financing commitments of up to $2.5 billion from top Chinese banks.
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.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the NCLT to recover Rs 1,200 crore.
The Industrial Development Bank of India-led consortium will meet the foreign lenders in London on Wednesday for taking over their outstanding dues in the troubled Dabhol Power project.
Foreign investors are believed to have accounted for majority of the bids totalling over 10.5 crore (105 million) shares for MUL's maiden public offer.\n
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
Parliament on Monday approved the Industrial Development Bank of India Repeal Bill to enable its conversion into a universal bank
The Industrial Development Bank of India-led consortium may get the government's backing for taking over the outstanding dues of foreign lenders, as part of efforts to restart the troubled Dabhol Power project at the earliest.
Government has finalised the appointments of State Bank of India managing director A K Batra and former Industrial Development Bank of India deputy managing director T M Nagarajan, as the two new executive directors of Sebi.
Jobs specialising in the creation and management of AI tools may witness rising salaries due to the niche expertise they require. Skills in AI research, development and the practical application of AI tools in business settings will also see strong demand.
Industrial Development Bank of India has posted a net profit of Rs 400 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 350 million in the quarter ended December 31,2001.
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
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