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India's cabinet approved a 9.5% stake sale in NTPC in November. Government has now shortlisted six banks, including Goldman Sachs, Citigroup and Morgan Stanley, Deutsche Bank, SBI Capital Markets and Kotak Mahindra Capitalfor share sale worth $2.3 bn in power producer NTPC Ltd, according to press reports.
Non-bank entities would be permitted to set up White Label ATMs (WLAs) in India, after obtaining authorisation from RBI under the Payment and Settlement Systems (PSS) Act 2007. Such non-bank entities should have a minimum net worth of Rs 100 crore as per the latest financial year’s audited balance sheet, which is to be maintained at all times. RBI has extended the last date for submission of applications for authorisation till December 31, 2012.
ICICI Bank Plans $1-b Foreign Bonds. Indian Overseas Bank and Syndicate Bank also plan to raise funds through such bonds to mainly fund Indian companies that seek overseas loans.
State Bank of India kicked off overseas fund raising by Indian entities with a $1.25-billion issue last month. It was followed by Exim Bank with a $500-million sale.
Greece's new government has announced a prominent banker, Vassilis Rapanos, Chairman, National Bank of Greece in the key role of finance minister, as the country seeks a revision of its international bailout. Vassilis Rapanos has been a leading figure in the country's banking sector and has also been teaching at Athens University since 1992.
Dr. K C Chakrabarty re-appointed as RBI Deputy Governor for three more months beyond June 14, 2012 or until further orders, whichever is earlier. Dr. K C Chakrabarty took charge as Deputy Governor of the Reserve Bank on June 15, 2009.
High Level Committee on financial sector reforms under the Chairmanship of Shri Raghuram G. Rajan submitted the report in September 2008. Now the Department of Financial Services is formulating Micro Finance Institutions (Development and Regulation) Bill 2012, to provide a formal statutory framework for the promotion, development, regulation and orderly growth of the micro finance sector and thereby to facilitate universal access to integrated financial services for the unbanked population, .
Harvard and the Massachusetts Institute of Technology will jointly offer free online courses 'edX '. It will offer an array of courses developed by faculty at both institutions. Other universities like Stanford, Yale and Carnegie-Mellon are presently experimenting with online courses for global audience.
Banks are usually open for public dealings between 10 am and 1 pm on normal Saturdays. However, the finance ministry has asked all the public sector banks to function full day on April 07, 2012 (Saturday), in view of three holidays this week , In addidion to public sector banks, many private sector banks have also decided to work full day today.
Indian government will infuse Rs 810 crore in the IDBI bank by way of preferential allotment of shares. Further, LIC has in-principle given approval for subscribing a maximum of up to 5 per cent of the pre-issue paid up equity capital of the IDBI bank.
Investment bank Goldman Sachs has upgraded its rating on Indian stocks to 'market weight' from 'under weight' (March 2012). Though higher crude oil prices and foreign fund outflows could lead the underperformance of the nation's stocks, improving domestic economy could offset the impact of likely external pressures on the economy, Goldman Sachs said. India's key indices have gained close to 12% so far in 2012, making them the second best performer in Asia, led by FII inflows worth Rs 44,000.
No tax rebate for investment in infrastructure bonds in Indian Budget 2012-13. The Rs 20,000 rebate available for investments in infrastructure bonds, which was over and above the Rs 1,00,000 maximum rebate available under Section 80C is not extended by Budget 2012-13. Infrastructure bonds allowed taxpayers in the highest 30% slab to save a maximum of Rs 6,180 in tax. This incentive was introduced in the budget for 2010-11 .
United Bank of India ( UBI) is planning to raise Rs 3.1 billion by this march-end by issuing equity shares on a preferential basis to the Union Government and the Life Insurance Corporation (LIC).
The bank is expecting Rs 1.78 billion capital infusion from the government and investment of about Rs.1.32 billion from LIC.
India's IT industry is set to cross a milestone: revenues will exceed $100 billion this year, says Kiran Karnik, ex chief of Nasscom. This achievement is better appreciated when one recalls that just 20 years ago, its size was only about half-a-billion dollars. Now providing livelihood to about 10 million people (including 2.8 million directly employed), it is the largest recruiter in the organised private sector. It is also amongst the biggest foreign exchange earners for the country. The technology sector needs strong policy and financial support, a conducive business environment and liberation from bureaucratic control, adds Mr Karnik.
The UN theme for International Women’s Day 2012 is “Empower Rural Women – End Hunger and Poverty.” UN Secretary-General Ban has urged Governments, civil society and the private sector to commit to gender equality and the empowerment of women – as a fundamental human right and a force for the benefit of all. The United Nations began celebrating 8 March as International Women’s Day, in 1975, during International Women’s Year.
The global private equity (PE) investors' appetite for emerging markets is likely to continue in the next 12 months, according to a study by research firm Preqin. Asia, however, remains a hot favourite market for PE investors, as 60 per cent of investors view Asia as "attractive", followed by North America, which was favoured by 42 per cent of respondents. The Preqin report added that global PE fund-raising is likely to see an improvement this year as investors are bullish about the asset class with 73 per cent investors are planning to make new commitments in the coming 12 months. Though as many as 70 per cent of investors surveyed said they are not averse to any particular region, investors are avoiding certain regions, the highest proportion named Europe as a region they would not look to invest in the coming 12 months.
At least 20% of the $7-billion foreign currency convertible bonds (FCCB) due for conversion this year face default risk as investors demand funds back due to stock prices languishing at less than half the stated conversion price. Over 60% of such FCCBs are from the IT (34%) and pharma (30%) sectors. (Fitch Ratings)
Class of 2012 at premier B-schools like Indian Institutes of Management (IIMs), Indian Institute of Foreign Trade ( IIFT), XLRI and Faculty of Management Studies (FMS), Delhi, have received joining bonuses ranging from Rs 1 lakh to Rs 3 lakh this year. Since major companies rely more on pre-placement offers to students, the joining bonus component helps attract the best of talent.
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