Category: BUSINESS

Mumbai, Nov 16 (DIN NEWS) The partial credit enhancement (PCE)facility by the Reserve Bank of India’s (RBI) for non-bank lenders is unlikely to have the desired impact of increasing credit flow to the troubled sector, a report said Friday. On November 2, RBI had allowed banks to provide PCE for debt raised by non-deposit-taking systematically important non-banking financial companies (NBFCs) and housing finance companies (HFCs). “The issuance volumes for NBFCs/HFCs under the PCE framework are likely to remain muted,” domestic rating agency Icra said in the note. Credit enhancement is…

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Mumbai, Nov 16 (DIN NEWS) The rupee Friday strengthened further by 4 paise to close at a fresh two-month high 71.93 against the US currency, continuing its gaining streak for the fourth day, despite a rebound in oil prices and a stronger dollar. Crude oil prices falling below the USD 70 per barrel mark and forex inflows have boosted the rupee sentiment as the domestic currency posted gains of 57 paise or 0.79 per cent this week to touch two-month high levels. Increased selling of the US currency by exporters…

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The BSE benchmark Sensex ended 119 points higher Thursday and the broader Nifty went past the 10,600 mark on positive investor sentiment amid easing crude oil prices and firm rupee.The 30-share index opened a shade higher at 35,145.75 points, hovered in the range of 35,402 and 35,118.42, before ending the session at 35,260.54, with a gain of 118.55 points, or 0.34 per cent, over its previous close.The gauge had shed 2.50 points Wednesday in a highly volatile session.The NSE Nifty also closed 40.40 points, or 0.38 per cent, higher at…

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The government and Reserve Bank seem to be veering around to reach an agreeable solution particulary with respect of relaxation of the Prompt Corrective Action (PCA) framework and easing of lending norms for the MSME sector ahead of the RBI board meeting on November 19, sources said.If not in this board meeting, sources said, the issue of relaxation of PCA framework which the finance ministry has been pitching for would be reached in the next few weeks. As a result of relaxation, some banks may come out of the PCA…

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The BSE benchmark Sensex recovered by over 155 points and the NSE Nifty breached the 10,600-mark in opening trade Monday on fresh buying by investors, ahead of release of macroeconomic data later in the day.Traders said, fresh fund inflows by foreign funds and a bullish trend on other Asian bourses also influenced trading sentiments here.The 30-share Sensex was quoting 155.14 points, or 0.44 per cent higher at 35,313.69 points. The gauge had lost over 79 points on Friday.Reflecting the market’s better mood, all the sectoral indices led by consumer durables,…

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Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India’s economic growth last year, former RBI Governor Raghuram Rajan has said, asserting that the current seven per cent growth rate is not enough to meet the country’s needs.Addressing an audience at the University of California in Berkley on Friday, Rajan said for four years — 2012 to 2016 — India was growing at a faster pace before it was hit by two major headwinds. “The two successive shocks of demonetisation and the GST had…

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Punjab has attracted industrial investment of over Rs 10,000 crore since the Congress came to power in the state last year, Chief Minister Amarinder Singh said Tuesday.“Various initiatives taken by the government has already boosted investment sentiment,” Amarinder said in a statement here.”As is evident from the fact that investment of over Rs 10,000 crore has been secured in the past 19 months, since the government took over in March 2017,” he added.The industrial growth in the state is evident from the significant nine per cent increase in industrial consumption…

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Odisha Chief Minister Naveen Patnaik on Saturday conducted groundbreaking ceremony for 15 industrial units that would collectively invest Rs 1,807.92 crore in the state, besides creating employment for 8,883 people. The projects are being developed by companies like Ultratech Cement, Welspun Ltd, Chettinad Cement, Surya Foods, P&A Bottlers, CRPL Infra, Vijaynagar Bio-tech, Coastal Corporation, Truism Resources, Wild Lotus Fashions, Flaminquo Sharimpex, Amasagar Sea Food, Jharana Steel Industries and Sabri Food Products.Patnaik, who conducted the groundbreaking ceremony via video conferencing, said he is happy with the fast-paced progress of the investment…

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Sebi Thursday said it will launch Unified Payments Interface as an alternative payment option for retail investors, buying shares in a public issue, in a phased manner from January 1 next year, which will cut listing time for an IPO to three days from six at present.The new mechanism will increase the efficiency of the existing system and curtail the need for manual intervention.UPI is an instant payment system developed by the National Payments Corporation of India (NPCI). It allows instant transfer of money between any two person’s bank accounts…

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