MONDAY, MARCH 12, 2012: MIRA INFORM TO EXPAND PRESENCE IN AFRICAN AND GULF COUNTRIES
Mira Inform, a business and credit information company, has decided to expand its presence in African and Gulf countries and open its own offices in South Africa and Netherland.
The company provides extensive corporate data base to help its customers take decisions on imports, exports, JVs and acquisitions across the globe.
Established in 1983, Mira Inform caters to the needs of several national and international banks, credit insurers, factoring companies, accounting & legal firms, embassies, trade missions, consulates among others.
FRIDAY, MARCH 9, 2012: RBI CUTS CRR BY 0.75 PERCENTAGE POINTS; TO INFUSE RS 48,000 CRORE
To ease liquidity situation, the Reserve Bank today slashed CRR -- the portion of deposits banks are required to keep with the central bank -- by 0.75 percentage points, a step that will infuse Rs 48,000 Crore (Rs 480 billion) into the economy.
"This reduction (in CRR from 5.5 per cent to 4.75 per cent) will inject around Rs 48,000 Crore of primary liquidity into the banking system," the Reserve Bank of India (RBI) said in a statement.
THURSDAY, MARCH 8, 2012: INDIA’S BPO PLAYERS SEEING MORE TRACTION OVERSEAS: GARTNER
Indian entities engaged in business process outsourcing are seeing more traction and visibility overseas, especially with their flexibility to wide range of offerings for customers, according to Gartner.
"India-based multinational companies such as Wipro and Infosys are seeing more traction and visibility overseas in the BPO segment," global IT research group Gartner's Research Director T J Singh said recently.
Most of the Indian entities are also providing wide range of offerings for their clients, he added.
According to him, Indian BPO players are willing to consider new 'business pricing models' and also show lot more flexibility in catering to the needs of customers.
WEDNESDAY, MARCH 7, 2012: RRB: FINANCE MINISTRY INTENSIFIES EFFORTS TO MERGE BANKS IN STATES
Despite heavy resistance from unions, the finance ministry has intensified its efforts to merge regional rural banks (RRBs) within a state. The ministry has sought consent from state government of Tamil Nadu to merge two RRBs sponsored by Indian Overseas Bank and Indian Bank.
Also, to expedite the matter, it has directed the sponsor-banks to pursue the case of obtaining the state government's approval.
In a parallel development, the ministry has also asked sponsor-banks to transfer 20% of their staff to the RRBs and vice-versa
TUESDAY, MARCH 6, 2012: IT COMPANIES LIKE MPHASIS, TECH MAHINDRA, GENPACT FEEL THE PINCH OF HAVING A SINGLE BIG CLIENT
Indian software services firms getting a significant portion of their revenues from a single client are feeling the pinch as their clients based in US and Europe are seeking to transfer some of their pain by reducing work volumes and billing discounts.
Mid-sized IT services firm Mphasis, which announced its latest quarterly earnings a few days ago, is being squeezed by its parent Hewlett-Packard, while Tech Mahindra is struggling to maintain the volume of work it gets from its largest client British firm BT Group Plc.
Genpact is also seeing reducing business from General Electric (GE).
In 2012, Indian IT industry is expected to grow at 11-14% compared to over 16% in 2011.
MONDAY, MARCH 5, 2012: RBI REJECTS RS 5,000 CRORE LOANS BY ICICI BANK, AXIS BANK AND HDFC BANK TO COMMODITY TRADERS
The Reserve Bank of India (RBI) has rejected more than Rs 5,000 crore loans by ICICI Bank, Axis Bank and HDFC Bank to commodity traders as mandated priority sector lending, saying they are not farmers, which may force these lenders to invest in a fund that yields lower returns.
Domestic banks have to lend at least 40% of their total loans to the so-called priority sector, which includes loans to agriculture and allied activities, small-scale industries, poultry and other core economic activities in rural areas, including loans to microfinance companies. For foreign banks, it is 32% of net bank credit.
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