Securities and Exchange Board of India (Sebi) chairman C B Bhave has come out strongly against market intermediaries that introduce inventive products, saying they were just methods of hiding high leverage.
One of the most dependable indices, that records the status of the manufacturing sector, The HSBC Markit Purchasing Managers Index (PMI) reached its peak in a year and a half to 57.6 in January 2010. In December 2009, the index was at 55.6.
Despite the government advisory, IDBI Bank has switched over to a variable pay structure for its officers. They are now eligible for a fixed portion of 70% in their salary. With this, it has become the first public sector bank to opt for this structure as other banks have given up on this plan due… Read More »
Very soon, investors will have more outlets for investing in the new pension system (NPS). These include post offices as well. Being dissatisfied with the current distributors, the pension fund regulator has tied up with 8 more service providers to increase the reach of the schemes. The scheme was first made open to public in… Read More »
The Orissa government has planned to generate exclusive land banks for industrialization. This is being done in order to encounter the issues of getting land for many projects undertaken by the state.
The government owned bank, Union Bank of India intends to raise $300-500 million by the way of a bond issue dated to appear next month. This is done to promote its business expansion plans, said a leading official of the bank on Wednesday.
Yes Bank, a private sector bank announced on Thursday that it has managed to raise $225 million (approx. Rs 1,034 crore) via selling its shares privately to institutional investors. A statement released by the bank said, “The issue of $225 million, was significantly oversubscribed on strong demand from foreign institutional investors and domestic mutual funds”.
India’s biggest private sector bank ICICI Bank has ruled out the foreign buys. However it said it is looking to purchase local banks in order to maximize its presence and business in the country.
RBI announced the hike in CRR by 75 basis points in order to combat rising inflation. This will make banks exercise restrain while lending. However they are not expected to increase the rates straightaway due to extra liquidity in the system. The industry does not predict the interest rates to increase in the immediate future… Read More »
The All-India State Bank Officers Federation (AISBOF) has rejected the proposed wage hike and pension benefits and demanded a separate wage revision.