Posts
The government has sought a $3.2 billion loan from the World Bank to infuse capital into public sector banks, the Lok Sabha was informed on Friday.
Minister of State for Finance Namo Narain Meena today responded in the affirmative, in a written reply to the Lok Sabha to a query on whether loans from the multilateral lending agency contain a proposed $3.2-billion for recapitalising state-run banks.
"To enable the PSBs to meet credit requirements of the economy while maintaining a healthy and comfortable level of regulatory capital to risk-weighted assets ratio, a proposal has been sent to the World Bank," he said.
However, on whether the government proposes to borrow funds from the World Bank to prop up the banking system, he said, "The assessment of the Indian financial system during 2007-08 done by the Reserve Bank of India shows that the banking sector in India continues to be healthy, sound and resilient."
Meena further said that India is taking loans from the International Bank for Reconstruction and Development (IBRD) and credit (soft loan) from the International Development Association (IDA).
"The cumulative commitment of the World Bank (IBRD and IDA) loans to India till June 2009 is $73.93 billion (IBRD $37.68 billion and IDA $36.25 billion)," he said.
Friday, August 7, 2009
Govt applies for $3.2 billion loan for capitalising PSU banks
Friday, July 17, 2009
16 FDI proposels given green signal by Government
Government of India cleared total of 16 Foreign Direct Investment Proposals(FDI) totalling to INR 825 crores including on hydro power project in state of sikkim.
The Government, however, revoked all foreign collaboration approvals for ByCell Telecom on concerns over the Switzerland registered company's funding sources.
Among cleared proposals, Teesta Urja will bring in Rs 547.20 crore for developing 1,200-MW hydro power project in Sikkim.
The Government also allowed IL&FS Trust Company to hold two per cent stake in Multi Commodity Exchange of India, that will bring in Rs 108 crore of FDI.
Thursday, July 16, 2009
Govt would require to borrow 120 billion rupees per week
The Government official said today that the borrowing in the closing weeks of September could be 110 billion rupees or less.
Earlier, a central bank deputy governor said the government would borrow an additional 1.1 trillion rupees ($22.6 billion), taking the total to 2.99 trillion between April and September, a central bank deputy said on Thursday.
The additional borrowing excludes 120 billion rupees of bond sale scheduled for Friday.
