1. The proposed new "base rate" regime would prevent large corporations from taking an advantage of ample liquidity in the banking system and negotiate competitive interest rates, State Bank of India chairman OP Bhatt said. In a far-reaching reform measure, the Reserve Bank of India (RBI) proposed to introduce a new concept called "base rate" that would serve as the minimum rate for all loans."Corporate lending is being done on fairly competitive rates but that is for large corporations, which is a function of high liquidity," Bhatt told reporters on Monday on the sidelines of a function organised by the All India Management Association (AIMA). The base rate system, which replaces the existing benchmark prime lending rate (BPLR) system from April 1, is being introduced to make bank lending more transparent. At present about 70 per cent of bank loans are offered at less than BPLR.
2. A sale of shares in Rural Electrification Corp was covered more than three times, helping raise about $760 million and easing concerns that interest in government stake sales was waning. The sale, which ran from Friday through Tuesday, was seen as a litmus test for a plan by the government to offload stakes in 60 state-run firms over the next few years.
3. ING Vysya Bank is looking to grow beyond south India. It raised Rs 415 crore in September 2009 through qualified institutional placement.
4. Chinese banks received a warning on Saturday not to lend too aggressively and to verify that their loans are being used for the intended purpose. The China Banking Regulatory Commission issued two directives on working capital and individual loans with the overarching aims of strengthening risk management and ensuring that banks lend at a steady, responsible pace. Banks lent a record 9.6 trillion yuan ($1,406 billion) in 2009 as they rushed to support the government's economic recovery programme. This year Beijing has set a loan target of 7.5 trillion yuan.
5. The World Bank has severely castigated Mumbai Metropolitan Region Development Authority's handling of infrastructure projects in the city, asking the regional planning body to improve its professional management capabilities of projects.MMRDA's management of the Santacruz-Chembur Link Road has come under the scanner with the deadline for completion being extended time and again. Projects have also been stalled due to non-clearance by the railway authorities.The MMRDA is undertaking infrastructure projects worth Rs 5,127 crore under the Mumbai Urban Transport Project (MUTP).
6. Satyam Computer Services Ltd filed a lawsuit against UK-based Upaid Systems Ltd in a New York state court seeking to declare a settlement pact between the companies valid and enforceable, according to a regulatory filing. Satyam, re-branded as Mahindra Satyam, was bought by Tech Mahindra in April last year after being hit by India's biggest corporate fraud. Satyam, which deposited $70 million as settlement amount into an escrow account as part of the Upaid deal, also sought court approval for the disbursement of funds from the account as per Indian laws.
7. IT firm Mindtree Ltd said on Tuesday its board has in-principle decided to raise $100 million by way of debt. The board has also in-principle approved raising of equity by issuing 15 percent of the current issued capital, it said in a statement to the NSE
2. A sale of shares in Rural Electrification Corp was covered more than three times, helping raise about $760 million and easing concerns that interest in government stake sales was waning. The sale, which ran from Friday through Tuesday, was seen as a litmus test for a plan by the government to offload stakes in 60 state-run firms over the next few years.
3. ING Vysya Bank is looking to grow beyond south India. It raised Rs 415 crore in September 2009 through qualified institutional placement.
4. Chinese banks received a warning on Saturday not to lend too aggressively and to verify that their loans are being used for the intended purpose. The China Banking Regulatory Commission issued two directives on working capital and individual loans with the overarching aims of strengthening risk management and ensuring that banks lend at a steady, responsible pace. Banks lent a record 9.6 trillion yuan ($1,406 billion) in 2009 as they rushed to support the government's economic recovery programme. This year Beijing has set a loan target of 7.5 trillion yuan.
5. The World Bank has severely castigated Mumbai Metropolitan Region Development Authority's handling of infrastructure projects in the city, asking the regional planning body to improve its professional management capabilities of projects.MMRDA's management of the Santacruz-Chembur Link Road has come under the scanner with the deadline for completion being extended time and again. Projects have also been stalled due to non-clearance by the railway authorities.The MMRDA is undertaking infrastructure projects worth Rs 5,127 crore under the Mumbai Urban Transport Project (MUTP).
6. Satyam Computer Services Ltd filed a lawsuit against UK-based Upaid Systems Ltd in a New York state court seeking to declare a settlement pact between the companies valid and enforceable, according to a regulatory filing. Satyam, re-branded as Mahindra Satyam, was bought by Tech Mahindra in April last year after being hit by India's biggest corporate fraud. Satyam, which deposited $70 million as settlement amount into an escrow account as part of the Upaid deal, also sought court approval for the disbursement of funds from the account as per Indian laws.
7. IT firm Mindtree Ltd said on Tuesday its board has in-principle decided to raise $100 million by way of debt. The board has also in-principle approved raising of equity by issuing 15 percent of the current issued capital, it said in a statement to the NSE
