SKS Trusts to seek place on SKS Microfinance board

SKS Trusts will be formally asking for a berth on the board of SKS Microfinance Ltd soon as the largest shareholder. “The board has not responded favourably to our earlier request to nominate a board member, despite the fact that there are other nominees from shareholders with a lower percentage than the Trusts. We will request now again,” Biksham Gujja, Director of the Trustee of SKS Trusts, told Business Line on Thursday.

On Tuesday, the Trusts, the original promoter of the SKS Microfinance Ltd, had become the largest shareholder in the company by increasing its stake to 12.6 per cent through open market purchase.

The industry is abuzz with rumours that Vikram Akula, the founder and ex-chairman of SKS Microfinance, would stage a comeback after his unceremonious exit from the company about a year-and-a-half back after it was badly hit by AP microfinance crisis.

On the relevance of Akula to the company today, the Trusts functionary said he could add value to both the trust and the company.

“We believe Vikram Akula’s approach to financial inclusion is similar to our view,” he said, adding that a person who had the skills and experience to “add value” to SKS Microfinance would be nominated.

Akula, who off-loaded his nine lakh shares in the company a couple of days ago, can now claim to be a complete outsider to the company with no individual stake be back on the board with the help of SKS Trusts with which he has a strong bonding.

“We would like SKS to get back to its original mission of promoting financial inclusion,” Gujja said while declining to comment on the efficiency of the present management.

When contacted, SKS Microfinance declined to comment on the developments.

naga.gunturi@thehindu.co.in

Source: thehindubusinessline

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Corp Bank to have more branches in Bihar, Jharkhand

Corporation Bank will open 20 new branches in Bihar and Jharkhand, according to Bibhas Kumar Srivastav, Executive Director of the bank.

A bank release said here that Srivastav was speaking after inaugurating the branches at Phulwari Sharif and Maner in Patna district of Bihar on Friday.

Srivastav said that the bank plans to increase its presence in Bihar and Jharkhand. The bank is planning network expansion in these two States further with 20 new branches slated for opening during the current fiscal. The bank recently opened its new branch at Bhaktiyarpur on August 31 and two new branches at Phulwari Sharif and Maner, he said.

Bihar Minister for Law, Planning and Development Narendra Narayan Yadav inaugurated these branches, the release added.

Source: thehindubusinessline

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Corp Bank to have more branches in Bihar, Jharkhand

Corporation Bank will open 20 new branches in Bihar and Jharkhand, according to Bibhas Kumar Srivastav, Executive Director of the bank.

A bank release said here that Srivastav was speaking after inaugurating the branches at Phulwari Sharif and Maner in Patna district of Bihar on Friday.

Srivastav said that the bank plans to increase its presence in Bihar and Jharkhand. The bank is planning network expansion in these two States further with 20 new branches slated for opening during the current fiscal. The bank recently opened its new branch at Bhaktiyarpur on August 31 and two new branches at Phulwari Sharif and Maner, he said.

Bihar Minister for Law, Planning and Development Narendra Narayan Yadav inaugurated these branches, the release added.

Source: thehindubusinessline

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Corp Bank to have more branches in Bihar, Jharkhand

Corporation Bank will open 20 new branches in Bihar and Jharkhand, according to Bibhas Kumar Srivastav, Executive Director of the bank.

A bank release said here that Srivastav was speaking after inaugurating the branches at Phulwari Sharif and Maner in Patna district of Bihar on Friday.

Srivastav said that the bank plans to increase its presence in Bihar and Jharkhand. The bank is planning network expansion in these two States further with 20 new branches slated for opening during the current fiscal. The bank recently opened its new branch at Bhaktiyarpur on August 31 and two new branches at Phulwari Sharif and Maner, he said.

Bihar Minister for Law, Planning and Development Narendra Narayan Yadav inaugurated these branches, the release added.

Source: thehindubusinessline

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Muthoot to set up first ATM next month

The Foreign Investment Promotion Board has cleared gold-loan company Muthoot Finance’s proposal to set up white-label ATMs in the country.

Muthoot, which had received the RBI nod for the plan in June, is expected to set up its first batch of ATMs next month in one of the southern States. The company, which has also sought RBI’s permission to set up a bank, has plans to establish 9000 ATMs across the country in the next three years. The first 1000 would be set up in the next one year.

A company press note said 65 per cent of the ATMs would be located in semi-urban and rural areas in order to increase financial inclusion. The white-label would be of different types: standalone, through-the-wall, drive-in, mini and moving ATMs. They would be placed at strategic locations such as shopping areas, bus-stands, cinema theatres and schools.

White-label ATMs will not sport the label of any bank and each transaction will be charged a small fee. An ATM costs Rs 5-6 lakh and the operating cost is upwards of Rs 10,000 a month.

Source: thehindubusinessline

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Union Bank ups base rate to 10.25%

To protect its net interest margin, Union Bank of India has increased its base rate to 10.25 per cent from 10 per cent. The new rate is effective from September 6, said the bank in a statement.

Base rate is the minimum interest rate below which banks cannot lend. The public sector bank recorded a lower net interest margin of 2.63 per cent in the April-June 2013 quarter against 3.01 per cent in the year-ago period.

Source: thehindubusinessline

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Moody’s downgrades subdebt, junior subdebt ratings of 11 Indian banks

Global ratings agency Moody’s Investors Service has downgraded the subordinated debt (subdebt) and junior subordinated debt ratings of 11 Indian banks.

“Moody’s removed one to two notches of the two to three notches systemic support uplift previously incorporated in the public sector banks’ subdebt and junior subdebt ratings, concluding a review started on June 3, 2013,” Moody’s said in a statement.

The 11 banks are State Bank of India, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, Indian Overseas Bank, Syndicate Bank, Union Bank of India and top three private banks ICICI Bank, HDFC Bank and Axis Bank.

Creditor 'bail-in'

The statement said that Moody’s downgrade reflects the increasing international trend of imposing losses on the holders of subdebt securities (creditor “bail-in’’) as a pre-condition for distressed banks to receive government support.

As a consequence, Moody’s assumes that Indian government support is less likely to be forthcoming for the holders of such securities.

“The global financial crisis has demonstrated that support can be provided selectively, with the costs being shared with subordinated creditors of a bank, without triggering any contagion, as it was previously feared,’’ Gene Fang, Vice-President at Moody’s, said.

Moody's analysis observes that India has a modern and progressive approach to bank regulation. There is no explicit legal power allowing Indian regulators to selectively impose losses on the subdebt holders outside of a liquidation process.

However, as a member of the G20 and Financial Stability Board (FSB), India could move towards adopting a bank resolution framework which imposes losses on subordinated debt holders.

On balance, Moody’s assumes that Indian government support will be less likely in the future. “Nevertheless, we believe for public sector banks a high probability of support is still justified, resulting in a one notch subdebt rating uplift,’’ it said.

beena.parmar@thehindu.co.in

Source: thehindubusinessline

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ICICI Bank takes banking to remote areas with ‘Branch on Wheels’

ICICI Bank, the country’s largest private sector bank, launched its ‘Branch on Wheels’ to offer basic banking services in remote areas which have so far been devoid of banking facilities.

The mobile branch, which also has an ATM, will offer basic banking products and services such as savings accounts, loans, cash deposit/withdrawal, account balance enquiries, statement printing and funds transfer/DD/PO collection, among others, the bank said in a statement.

The mobile branch will be operated at a specific time in pre-identified, unbanked villages through a van that will be stationed at specified locations. The truck will be equipped with a GPS tracking system, laptops with 3G connections, LED TV, a safe, a printer, public announcement system, a UV lamp to detect forged cheques, a note counting-cum-authentication machine that would identify fake currency notes and a low weight ATM. Two ICICI Bank officials and a guard would manage the mobile branch with ATM.

The bank's nearest branch would act as its parent branch, routing all the cash and transactions for it. The Branch on Wheels, which has been launched in Kolhapur, Maharashtra, will cover four unbanked villages.

ICICI Bank has launched 308 Gramin (rural) branches across the country and plans to scale this up to 500 this fiscal, said Rajiv Sabharwal, Executive Director.

beena.parmar@thehindu.co.in

Source: thehindubusinessline

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IRDA may allow savings-linked health plans

You may soon be able to build a savings corpus in your health insurance plan. To enhance the reach of health insurance as well as provide wider product choice to policyholders, the Insurance Regulatory and Development Authority (IRDA) is considering a proposal to allow general insurers to launch savings-linked health insurance products.

Currently, savings-linked plans are only offered by life insurance companies in India. The proposed plan is expected to help policyholders choose an integrated product without shopping around the market for building a savings corpus along with health insurance.

Studying procedures

Some general insurance have already approached the regulator to allow them to launch these products, whereby a part of the premium paid will be used to build a savings kitty. A senior IRDA official said the regulator is studying the operational procedures of such products.

“It is an interesting proposition as the savings component will build a corpus for the insured for other medical needs which may not be covered by the policy,” said Sanjay Datta, Chief - Underwriting and Claims, ICICI Lombard.

In 2009, the insurance regulator had allowed tie-ups between a life and a general/ health insurer for products that combine health and pure term life insurance. The move was aimed at identifying premium for each risk. So, life and health insurers would underwrite only the life and health portions, respectively, of the combined products.

However, such health-plus-life products have not really taken off as insurance companies have not been able to get their actuarial departments to address the issue of plan period — health insurance contracts are usually for a year, while term plans are long term. According to Manasije Mishra, Chief Executive Officer, Max Bupa, : “The industry needs to find a way of making these products work as these will be in the interest of consumers and agents.”

deepa.nair@thehindu.co.in

Source: thehindubusinessline

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Banks need not get RBI nod for opening branches

The Reserve Bank of India will shortly issue a circular completely freeing bank branching for domestic scheduled commercial banks in every part of the country, according to Raghuram Rajan, Governor. No longer will a well-run scheduled domestic commercial bank have to approach the RBI for permission to open a branch, he said in his maiden press conference after taking charge as Governor.

“We will, of course, require banks to fulfil certain inclusion criteria in underserved areas in proportion to their expansion in urban areas, and we will restrain improperly managed banks from expanding until they convince supervisors of their stability.

“But branching will be free for all scheduled domestic commercial banks, except the poorly managed,” he said.

He observed that the people would benefit from more competition between banks, and banks would benefit from more freedom in decision making.

Source: thehindubusinessline

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Corp Bank branch in Dadar

Corporation Bank opened its branch on Gokhale Road in Dadar, Mumbai, recently.

A press statement by the bank said here that Amar Lal Daultani, Executive Director of the bank, inaugurated the branch.

He said that since Dadar is in the heart of Mumbai and Corporation Bank wants to reach out to the hearts of Mumbaikars by giving best service to the customers.

B.B. Tejappa, Circle General Manager of the bank, said the Mumbai Zone generates significant business.

Paramasivam, General Manager, and Prakash Nayak, Deputy General Manager and Head of Mumbai Zone, were present on the occasion.

Source: thehindubusinessline

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RBI says profit and loss accounts should exclude failed ATM transaction amounts

The Reserve Bank of India on Tuesday said failed ATM transaction amounts represent unclaimed balances and directed banks not to include them in their profit and loss accounts.

The RBI said it was brought to its notice that some banks were transferring credit balances pending reconciliation due to failed cash retraction, sensor failure and technical or hardware errors to their profit and loss accounts.

In various cases, such failed transactions represented excess cash in the ATMs, it added.

"Banks are advised that pending reconciliation or matching claim by customers, such ATM-related credit balances represent unclaimed balances and should not be transferred to profit and loss account," RBI said in a notification.

The RBI also observed that bank disclosures did not include customer complaints pertaining to Automated Teller Machines (ATM) transactions when another bank is involved in the transaction.

As per existing norms, banks are required to disclose brief details of customer complaints along with their financial results.

In case of a failed transaction at another bank's ATM, the customer should lodge a complaint with the card-issuing bank, it said.

"It is clarified that banks should include all complaints pertaining to ATM cards issued by them in the disclosures...," it said.

Source: EconomicTimes

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LICHFL launches two new home loan schemes

LIC Housing Finance (LICHFL) today launched two new home loan schemes — Bhagyalaxmi Plus and New Fixed 10.

Under Bhagyalaxmi Plus scheme, home loans will be given to those women who will be the sole owner or first owner to buy a property, at a fixed rate of interest of 10.35 per cent for loans up to Rs 75 lakh for the first two years, and floating rate thereafter, the company said in a press release.

Moreover, borrowers would get a discount of 0.25 per cent throughout the loan term on conversion to floating rates.

The ‘New Fixed 10’ scheme comes with fixed interest rates for 10 years, out of which first 5 years would carry a rate of 11.50 per cent, for loans up to Rs 75 lakh, the release said.

The scheme offers customers the flexibility to exercise an option after 5 years to convert their loan into floating rates prevalent at that time.

Source: thehindubusinessline

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Link home loans to stages of construction: RBI to banks

The Reserve Bank of India (RBI) today asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of “innovative” housing financing schemes.

“In view of the higher risks associated with such lumpsum disbursal of sanctioned housing loans and customer suitability issues, banks are advised that disbursal of housing loans sanctioned to individuals should be closely linked to the stages of construction of the housing project/houses...,” an RBI notification said.

Upfront disbursal “should not be made in cases of incomplete/under-construction/green field housing projects,” it said.

The notification follows the introduction by some banks of “innovative housing loan schemes” in association with developers/builders, where upfront disbursal of housing loans is made to builders without being linked to the various stages of construction.

Also, under such schemes, the interest/EMI on the housing loan availed of by the individual borrower is serviced by the builder during the construction period. These loan products, the RBI said, are popularly known by names such as 80:20 and 75:25 schemes.

The RBI said such home loan products are likely to expose banks and their borrowers to additional risks.

The risks include disputes between borrowers and builders; default and delayed payment of interest/EMI by the builder on behalf of the borrower, and non-completion of the project on time.

Source: thehindubusinessline

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Karnataka Bank appoints Jairama Hande Senior GM

Karnataka Bank has appointed its General Manager P. Jairama Hande the new Senior General Manager.

Hande joined the bank in 1976 and has worked in both the administrative and operational capacities, an official statement from the bank said here on Tuesday.

Hande, who is also the Chief Financial Officer of the bank, is a law graduate and a Certified Associate of the Indian Institute of Bankers (CAIIB), the release said.

Source: thehindubusinessline

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Raghuram Rajan to take over as RBI Governor on Thursday

Raghuram Rajan will take over as the RBI Governor on Thursday. He takes over at a time when the country is battling a rapid fall in the rupee, high inflation, low growth and burgeoning current account deficit.

A former chief economist with the International Monetary Fund and economic advisor to the Finance Ministry, 50-year-old Rajan will take over a difficult assignment from Duvvuri Subbarao on his completing five years in Mint Road.

Rajan has already said that he has no magic wand to face the challenge before the country but would deal with them one at a time.

The Government, which was at the receiving end of Subbarao’s unrelenting focus on inflation control at the cost of low interest rates, would hope that the new incumbent would reverse some of those policies.

“We have enough ideas. It is not just the currency, it is financial inclusion, it is growth. I think there is a lot to do. There are challenges in the economy... These things are not going to be overcome overnight. There is no magic wand.

But there are undoubtedly solutions to many of the problems that the RBI can tackle and the job is to go ahead and do it.

“We will do it one step at a time. Make sure that it progresses every day,” he told reporters yesterday on his last day of office at the Finance Ministry.

Rajan, who was appointed as the Chief Economic Advisor in the Finance Ministry in August last year, brings to the RBI a vast experience gained at the IMF and during the brief stint in the government.

Known for his frank views, Rajan, who will be the 23rd Governor of the Reserve Bank of India (RBI), was acclaimed for predicting the 2008 global financial crisis. In 2005, he had delivered a lecture critical of the financial sector, arguing that a financial disaster might be looming.

Source: thehindubusinessline

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SEBI chief in 5-man panel to decide new bank licences

The process for setting up a high-level advisory committee to screen the applications of the 26 new bank licence aspirants, such as the Tatas, Anil Ambani’s Reliance Group and India Post, has moved a step forward.

RBI Governor D. Subbarao had zeroed in on five names that could form part of this panel, sources said. But, the final call on whether the names recommended by Subbarao will make the cut or not, rests with RBI Governor-designate Raghuram Rajan, who will assume charge on September 5.

The five names recommended by Subbarao are SEBI Chairman U.K. Sinha, IRDA Chairman T.S. Vijayan, PFRDA Chairman Yogesh Agarwal, Financial Services Secretary Rajiv Takru, and financial sector expert Y.H. Malegam.

Malegam is currently a Board Member of the RBI and has affiliations with several top-notch corporates in the country. He has, in the past, held director-level posts in several Tata companies, including Tata Coffee (non-executive independent director) and Tata Global Beverages (former Director, Chairman of Audit Committee and Member of Nomination Committee).

srivats.kr@thehinduco.in

Source: thehindubusinessline

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HDFC Bank launches rural financial literacy initiative in Gujarat

HDFC Bank Ltd on Monday launched its rural financial literacy initiative in Koteshwar village near here under the aegis of the Reserve Bank of India, becoming the first bank to translate curriculum into Gujarati language.

Under the initiative, it will conduct literacy camps at 68 branches across 136 villages, reaching out to both adults and school children in the State. It complements HDFC Bank’s efforts to support inclusive growth and take formal banking services to the remote corners of India.

Through this initiative, the bank will conduct a series of three literacy camps in every village, and each rural branch will hold this programme in two neighbouring villages over the next year. These camps will give participants a conceptual understanding of financial products and services using material provided by the RBI. HDFC Bank will use the financial literacy guide and posters as standard curriculum at these camps.

HDFC Bank has a board-mandated objective to bring 10 million families (40 million Indians) into the banking fold, said Ravi Narayanan, Regional Branch Banking Head, HDFC Bank.

HDFC Bank now has 270 branches in Gujarat, of which 71 are located in rural areas and an additional 100 are located in semi-urban areas. Across India, 53 per cent of all branches in its network are located in semi-urban and rural areas. As of June 30, the bank had a national distribution network of 3,119 branches and 11,088 ATMs in 1,891 cities/towns.

Source: thehindubusinessline

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Bank of India offloads entire stake in MCX

Bank of India on Monday sold its 1.03 per cent stake in Multi Commodity Exchange of India Ltd (MCX) for over Rs 20 crore through the open market.

Bank of India, which held 5.25 lakh shares, or 1.03 per cent, in MCX as of the June quarter, offloaded its entire stake in the commodity exchange, according to information available with the bourses.

The shares were sold at an average price of Rs 392.6, valuing the transaction at Rs 20.61 crore, the data showed.

MCX shares surged 5 per cent to close at Rs 391.55 on the BSE today.

Last week, MCX Chairman Venkat Chary and five other directors of the commodity exchange resigned following implementation of new guidelines, including a bar on persons over 70 years of age holding board positions.

The development came on the heels of group company National Spot Exchange Ltd (NSEL) defaulting on the second payout for settling Rs 5,600 crore of dues after suspending trade on July 31 following the government’s directions.

Source: thehindubusinessline

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SBI acquires 23% more stake in Indonesian bank

State Bank of India has acquired 23 per cent more shares of Bank State Bank of India, Indonesia, (BSBII) in a recent deal with P.T. Ravindo Jaya.

In a notice to the BSE, India’s largest bank said following the acquisition, it now has 99 per cent stake in the Indonesian Bank while 1 per cent stake is held by P.T. Ravindo Jaya. SBI, however, did not disclose the acquisition price. As on March-end 2013, SBI’s Indonesian banking subsidiary had 14 branches.

Source: thehindubusinessline

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LIC on a drive to revive lapsed policies

The Life Insurance Corporation of India has launched a drive to revive 7.5 lakh lapsed policies.

“We are also relaxing some of the norms for revival, including waiver of interest up to Rs 2,000,” A. K. Sahoo, Zonal Manager, South Central Zone of LIC, told newspersons here Monday.

The drive will continue up to October 31, 2013. “We have sent letters to 7.5 lakh customers and expect them to respond positively,” he added.

On the performance of LIC, which completed 57 years of service as on September 1, 2013, Sahoo said, even after competing for 13 years with many private life insurers, it now had 74 per cent and 82 per cent market share in terms of premium and policies, respectively.

“The South Central Zone comprising Andhra Pradesh and Karnataka are doing very well and plans like Jeevan Anand and Bachat are driving growth and we are in the first position in the entire country in these products,” he said.

For the current fiscal, the zone had set a target of collecting Rs 11,000 crore in new business premium. Asked how this could be achieved as it could do only Rs 1,000-crore business till now, he said: “Insurance business could pick up any time and we are doing very well in some segments.”

naga.gunturi@thehindu.co.in

Source: thehindubusinessline

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Muthoot Finance NCD issue opens

Gold loan company Muthoot Finance opened a public issue of non-convertible debentures (NCDs) on Monday.

The company plans to mop up Rs 150 crore, with an option to retain oversubscription for another Rs 150 crore, through the issue.

The NCDs have a face value of Rs 1,000 each.

The minimum application size is 10 NCDs. The issue will close on September 16. The NCDs will be listed on the BSE, a company press note said.

There are ten investment options for the secured NCDs and one for the unsecured. They will have an effective yield of up to 12.55 per cent a year.

The company said the funds raised through the NCD issue will be used for lending and investment, repay loans and other liabilities, and capital expenditure and working capital requirements.

Source: thehindubusinessline

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Karnataka Bank ups NRE deposit rates

Karnataka Bank has raised interest rates on Non-resident External (Rupee) deposits by 50 basis points of three years to 10 years maturity with effect from September 2. The new rates are 9.50 per cent (9 per cent) for three years to five years maturity, and 9.25 per cent (8.75 per cent) for above five years to 10 years maturity.

Source: thehindubusinessline

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Falling Re pushes up cost of raising funds: Exim Bank chief

The lack of direction in corporate investment strategies is leading to a rise in bad loans of banks, feels T.C.A. Ranganathan, Chairman and Managing Director, Export Import Bank of India.

“There is something wrong, somewhere. It’s time for a complete internal reorientation (for the industry),” Ranganathan said while addressing a seminar on growth opportunities for the Indian banking industry organised by FICCI.

According to him, there is a need for increasing production capacity and focussing on investment in research and development. Currently, R&D expenditure in India stands at 0.85 per cent of GDP. Use of technology in manufacturing should be another important area of focus, he said. On devaluation, he said a free fall of the rupee against the US dollar has impacted the Exim Bank “indirectly” as the cost of raising funds has gone up.

“Rupee depreciation is impacting us indirectly. Cost of raising funds is going up. The bonds market has frozen. But, at the moment, Exim Bank has enough liquidity,” he said.

He pointed out that decline in the value of rupee would not hit the Bank directly, since “60 per cent of its balance sheet is foreign currency (dollar) denominated”.

Exim Bank currently has 168 lines of credit across more than 73 countries in Africa, Latin America, Europe, Oceania and the CIS, with a credit commitment totalling more than $8.69 billion to finance exports from India.

While there is “slight easing” in Europe on project exports, situations are stable Africa and Latin American countries, according to him. He added that fresh contracts in West Asia have come down.

ayan.pramanik@thehindu.co.in

Source: thehindubusinessline

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LIC's loss in PSU stake buy put at Rs 3,000 cr

Salvaging government’s disinvestment programme has cost state-owned LIC dearly as it has incurred notional loss of over Rs 3,000 crore on purchases of PSU equity through the OFS route since March 2012.

The shares of the nine PSUs - ONGC, Hindustan Copper Ltd (HCL), NMDC, NTPC, Rashtriya Chemicals and Fertilizers (RCF), Nalco, SAIL, MMTC and National Fertilisers - in which LIC had purchased stake, are trading below their issue prices.

While Life Insurance Corporation (LIC) has purchased shares worth about Rs 16,372 crore in the disinvestment programme through the Offer for Sale (OFS), at the current market price the investment is valued at Rs 13,230 crore.

This leads to a Mark-To-Market (MTM) or notional loss in investment to the tune of Rs 3,142 crore for the insurance behemoth.

In case of ONGC, LIC purchased 40.03 crore shares for Rs 12,179 crore. At the current market price, the shares are valued at Rs 9,979 crore.

In case of HCL, it bought over five crore shares for Rs 588 crore. These are now valued at about Rs 289 crore.

Similarly in case of NTPC, LIC bought 12 crore shares for Rs 1,764 crore. These shares are now valued at Rs 1,569 crore.

In order to speed up the disinvestment, the government has started the OFS or auction route for selling its stake in public sector companies.

For the current fiscal, the government proposes to raise Rs 40,000 crore through PSU disinvestment. So far this fiscal, it has raised only Rs 1,325 crore. Last fiscal (2012-13), the government raised Rs 23,920 crore through disinvestment.

Source: thehindubusinessline

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Melwyn Rego elevated to Deputy MD of IDBI Bank

Melwyn Rego has been appointed by the Government as Deputy Managing Director of IDBI Bank. He took charge on August 30. Prior to his elevation, Rego was Executive Director.

With this appointment, IDBI Bank has two DMDs who are whole-time directors on the board.

B. K. Batra is the senior-most DMD.

According to reports, Batra is expected to be elevated as the chief of either a public sector bank or a financial institution.

Source: thehindubusinessline

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