1. With almost every bank having increased lending rates by at least 50 basis points and the SBI leading the pack with a hefty 75 basis points hike in its base and benchmark prime lending rates, bankers believe there could be some slowdown in credit growth this year.
2. HSBC expects India, Singapore and Malaysia, and Indonesia to each deliver over $1 bn in profit before tax in the medium term, joining Hong Kong and mainland China as 'billion-dollar' businesses, to accelerate the bank's growth in the region.
3. Idea Foundation was incorporated as a not for profit organisation under the Companies Act 1956 to promote quality education. The promoters of the foundation are in the business of real estate and construction for last 3 generations. The promoters started educational activities in 2000 in collaboration with Manipal IT Education, and subsequently, it became a university centre for Sikkim Manipal University in 2001. At present IDEA-IMT are having 509 students pursuing various programme offered by Sikkim Manipal University. In the last nine years, 2,350 students have benefited from this initiative. Idea Institute of Management and Technology has a unique industry internship programme spread over2 years, offering seminars, workshops as part of regular programmes. It has modern classrooms and audio-visual equipments. The management invites the best academicians and industry-focused professionals. It also has industry support from ICICI Pru, JKTyres, IL&FS investsmart, Nirma and Rasna, among others.
4. SKS Microfinance has challenged in the Supreme Court the special Act passed by the AP government to regulate micro finance institutions in the state after allegations that their high interest rates and strong-arm recovery methods led to suicides by farmers. An SC bench issued notice to the state government, directing it to file reply and posted the matter for hearing in the third week of July. According to the petition, the state government has no power to regulate the sector. Micro finance sector falls under the central list and is not a state subject on which the AP government could pass any Act, SKS said.
5. India's microfinance sector, under attack for the exploitative lending practices of some of the lenders, is fast losing senior professionals from foreign and private banks. The sector, which once attracted professionals from high-paying jobs in foreign and new-generation private banks, is now facing attrition. Recently, Sanjeev Vishwanathan quit as MD of the Bhartiya Samruddhi Finance (BSFL), a NBFC belonging to the BASIX Group. Chattanathan Devarajan, CEO, Spandana Spoorthy Financial Services, has also put in his papers to join ICICI Bank.
6. The RBI has said NBFCs, who intend to get into primary dealership business, should have minimum net-owned funds, or NOF, of Rs 150 crs. Banks who intend to expand to primary dealership business should have a minimum net worth of Rs 1,000 crs. Primary dealers, or PDs, are specialised traders in govt. bonds who have the market making mandate for govt. bonds and offer two-way quotes on bond trading. The revised guidelines, put up on RBI's website, have also said, in case a primary dealer intends to diversify into other permissible activities, such as brokerage and merchant banking , the minimum NOF shall be 250 crs. The guidelines stipulate that banks should also have ratio of capital to risk-weighted assets, or CRAR, of 9% and net npa or net of less than 3%, in addition to a profit making record for the last 3 yrs.
7. Business sentiment seems to be on a low after delivering the goods for the whole of last year. High interest rates, delays in getting project approvals as well as problems with regard to land acquisitions are some of the factors that have dampened spirits. As a result, new projects are getting delayed and in its place prudent management of working capital and inventory has taken precedence. Though the situation is not "alarmist", as pointed out by an industry watcher, the anxiety is apparent. The value of investment projects completed fell from about Rs 3.5 trillion in 2009-10 to Rs 2.7 trillion in 2010-11, according to CMIE.
2. HSBC expects India, Singapore and Malaysia, and Indonesia to each deliver over $1 bn in profit before tax in the medium term, joining Hong Kong and mainland China as 'billion-dollar' businesses, to accelerate the bank's growth in the region.
3. Idea Foundation was incorporated as a not for profit organisation under the Companies Act 1956 to promote quality education. The promoters of the foundation are in the business of real estate and construction for last 3 generations. The promoters started educational activities in 2000 in collaboration with Manipal IT Education, and subsequently, it became a university centre for Sikkim Manipal University in 2001. At present IDEA-IMT are having 509 students pursuing various programme offered by Sikkim Manipal University. In the last nine years, 2,350 students have benefited from this initiative. Idea Institute of Management and Technology has a unique industry internship programme spread over2 years, offering seminars, workshops as part of regular programmes. It has modern classrooms and audio-visual equipments. The management invites the best academicians and industry-focused professionals. It also has industry support from ICICI Pru, JKTyres, IL&FS investsmart, Nirma and Rasna, among others.
4. SKS Microfinance has challenged in the Supreme Court the special Act passed by the AP government to regulate micro finance institutions in the state after allegations that their high interest rates and strong-arm recovery methods led to suicides by farmers. An SC bench issued notice to the state government, directing it to file reply and posted the matter for hearing in the third week of July. According to the petition, the state government has no power to regulate the sector. Micro finance sector falls under the central list and is not a state subject on which the AP government could pass any Act, SKS said.
5. India's microfinance sector, under attack for the exploitative lending practices of some of the lenders, is fast losing senior professionals from foreign and private banks. The sector, which once attracted professionals from high-paying jobs in foreign and new-generation private banks, is now facing attrition. Recently, Sanjeev Vishwanathan quit as MD of the Bhartiya Samruddhi Finance (BSFL), a NBFC belonging to the BASIX Group. Chattanathan Devarajan, CEO, Spandana Spoorthy Financial Services, has also put in his papers to join ICICI Bank.
6. The RBI has said NBFCs, who intend to get into primary dealership business, should have minimum net-owned funds, or NOF, of Rs 150 crs. Banks who intend to expand to primary dealership business should have a minimum net worth of Rs 1,000 crs. Primary dealers, or PDs, are specialised traders in govt. bonds who have the market making mandate for govt. bonds and offer two-way quotes on bond trading. The revised guidelines, put up on RBI's website, have also said, in case a primary dealer intends to diversify into other permissible activities, such as brokerage and merchant banking , the minimum NOF shall be 250 crs. The guidelines stipulate that banks should also have ratio of capital to risk-weighted assets, or CRAR, of 9% and net npa or net of less than 3%, in addition to a profit making record for the last 3 yrs.
7. Business sentiment seems to be on a low after delivering the goods for the whole of last year. High interest rates, delays in getting project approvals as well as problems with regard to land acquisitions are some of the factors that have dampened spirits. As a result, new projects are getting delayed and in its place prudent management of working capital and inventory has taken precedence. Though the situation is not "alarmist", as pointed out by an industry watcher, the anxiety is apparent. The value of investment projects completed fell from about Rs 3.5 trillion in 2009-10 to Rs 2.7 trillion in 2010-11, according to CMIE.
