MAY 07, 2012: DILUTED
INSURANCE BILL COMING UP
The government
appears to have buckled under political pressure, as the finance ministry is
set to take a diluted version of the Insurance Bill to the Cabinet in the
coming week.
The revised Insurance Laws (Amendment) Bill proposes to
retain the foreign direct investment (FDI) cap in the sector at 26 per cent,
against 49 per cent proposed earlier. This comes barely two weeks after the
Cabinet cleared a toned-down version of the Banking Laws (Amendment) Bill.
MAY 05, 2012: ACCION INTERNATIONAL LAUNCHES $10 MILLION
INVESTMENT VEHICLE, VENTURE LAB
In a further boost for social venture investing in India, microfinance and
investment firm Accion International has launched its $10 million
investment vehicle, Venture Lab, which is focused on providing seed capital to organizations
that promote financial inclusion.
Venture Lab, which is currently in talks with 5 to10 start-ups, will invest between $100,000 and $500,000, mostly as convertible debt or equity, in early-stage enterprises, and expects to make about 20 such investments by 2015. The first investment is expected to be announced in the next two to three months.
Venture Lab, which is currently in talks with 5 to10 start-ups, will invest between $100,000 and $500,000, mostly as convertible debt or equity, in early-stage enterprises, and expects to make about 20 such investments by 2015. The first investment is expected to be announced in the next two to three months.
MAY 04, 2012: RBI HIKES RATES TO ATTRACT FOREIGN CURRENCY DEPOSITS
The Reserve Bank raised the interest rate ceiling on NRI
deposits in foreign currencies by up to 3 per cent, to attract inflows in view
of falling rupee.
Following RBI's announcements, the
Indian banks will be able to offer higher interest rates on NRI deposits in
foreign currency.
In another notification, RBI
deregulated interest rates on export finance, a development that would help
exporters to freely raise money in foreign currency without any limit on
interest ceilings.
The RBI's decisions are aimed at
arresting the declining value of rupee which closed at Rs 53.47 against a
dollar.
MAY 3 2012: NOMURA CALLS FOR URGENT STEPS TO
BOOST INVESTMENTS
Leading financial
services company Nomura India has said unless investments claw back the
lost momentum, there are more likelihoods of the economic growth further
falling in the next few years and that a make-or-break of time for the
government to take urgent measures to revive growth.
Noting that investment decline has contributed to as much as 45 per cent to the overall GDP decline in the recent past, which dipped from a high 8.4 per cent in FY11 to an estimated 6.9 per cent in FY12 and possibly even lower in the current fiscal, a Nomura report said the government badly needs to revive the investment climate to boost the overall growth by kicking off the much-needed second phase of reforms.
"Our analysis suggests that 45 per cent of the decline in potential growth is attributable to weaker investments, another 40 per cent to weaker total factor productivity and 15 per cent to weaker employment growth. Falling investments have led to lower productivity, in our view," Nomura India chief economist Sonal Varma said in a research note.
Noting that investment decline has contributed to as much as 45 per cent to the overall GDP decline in the recent past, which dipped from a high 8.4 per cent in FY11 to an estimated 6.9 per cent in FY12 and possibly even lower in the current fiscal, a Nomura report said the government badly needs to revive the investment climate to boost the overall growth by kicking off the much-needed second phase of reforms.
"Our analysis suggests that 45 per cent of the decline in potential growth is attributable to weaker investments, another 40 per cent to weaker total factor productivity and 15 per cent to weaker employment growth. Falling investments have led to lower productivity, in our view," Nomura India chief economist Sonal Varma said in a research note.
MAY 2, 2012: HSBC MUTUAL NOT LOOKING TO SELL STAKE OR EXIT INDIA
Puneet Chaddha , chief
executive officer of HSBC Mutual Fund, has quashed rumours that the fund house
is looking to sell stake or exit its asset management business in India.
Mr Chaddha said HSBC is very serious about its India operations and has
no plans to sell stake or partner with anybody to continue its business here.
"I can categorically say that am not involved in any such discussion
(to sell stake or exit fund business in India)," Mr Chaddha said, adding,
"We're certainly not looking to sell stake or partner with anyone."
On the contrary, Mr Chaddha said, HSBC is open to acquiring assets to
grow its business in India.
"We're very open to growing inorganically... But we're very careful
about valuations. We're very conscious of the value that we would have to pay
for any such acquisitions. The deal has to make sense - both financially and
strategically," Mr Chaddha said.
MAY 1, 2012: BANDHAN
FINANCIAL SERVICES MAY RAISE RS 500 CRORE VIA SECURITISATION THIS FISCAL
Microfinance Company Bandhan Financial Services may tap securitization
route to raise Rs 400-500 crore of debt in the current financial year, a top
official said.
"We may securities Rs 400 to Rs 500 crore of loans in the current financial year to support our loan growth, which is likely to happen in the fourth quarter of FY13," chairman and managing director, Chandra Shekhar Ghosh, told PTI today.
Earlier, the micro-finance institution had securitized farm loans worth Rs 500 crore with IDBI Bank and Rs 25 crore each with Axis Bank and Development Credit Bank.
"We may securities Rs 400 to Rs 500 crore of loans in the current financial year to support our loan growth, which is likely to happen in the fourth quarter of FY13," chairman and managing director, Chandra Shekhar Ghosh, told PTI today.
Earlier, the micro-finance institution had securitized farm loans worth Rs 500 crore with IDBI Bank and Rs 25 crore each with Axis Bank and Development Credit Bank.
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