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finance ministry refuses rs 300-bn fund-infusion proposal for air india




the finance ministry has turned down rs 300-billion fund-infusion proposal for air india in the absence of a clear turnaround plan. the civil aviation ministry had sought the package to wipe out the debt obligation of the state-owned airline, defaulting on salary disbursements and payments to vendor...



news digest: air india crisis, fake news, shell firms crackdown, and more




finance ministry refuses rs 300-bn fund-infusion proposal for air india the finance ministry has turned down rs 300-billion fund-infusion proposal for air india in the absence of a clear turnaround plan. the civil aviation ministry had sought the package to wipe out the debt obligation of the state-...



banks recapitalisation: govt to infuse rs 76 bn into six weak psbs




the finance ministry has approved proposal for infusion of rs 75.77 billion in 6 weak public sector banks (psbs) as part of the recapitalisation plan to bolster capital adequacy ratio.all these banks, which got capital support, are under prompt corrective action of the reserve bank of india.the fund...



psu bank stocks rise up to 11% amid reports of rs 100 bn capital infusion




psu bank stocks on tuesday surged up to 11 per cent amid reports that the finance ministry is likely to infuse about rs 100 billion within a few days in some state-owned lenders to help them meet regulatory capital requirement. shares of corporation bank zoomed 10.88 per cent, allahabad bank 7.23 pe...



non-lapsable fund mooted for defence upgrade




the defence ministry has proposed creation of a non-lapsable rolling fund to facilitate buying heavy-duty military hardware like artillery guns, combat aircraft, choppers, warships and submarines.the defence ministry has decided to set up a rolling capital fund account for defence modernisation afte...



double-digit credit growth post bank recapitalisation, claims govt




the centre's move to recapitalise public sector banks (psbs) has resulted in a surge in credit growth, a sign of revival of private sector investment in the country, a top finance ministry official said today.financial services secretary rajiv kumar said the banking sector posted double digit growth...



letter to bs: why finmin rejected proposal to create non-lapsable dmf?




this is with reference to ajay shukla’s “finmin shoots down proposal for ‘non-lapsable’ defence modernisation fund’” (march 21). it sounds unbelievable that the finance ministry will shoot down such a key proposal that seeks the parking of the military’s unspent capital budget at the e...



pensioners, india inc may get tax breaks in budget




the political message of union budget 2018-19 is expected to be consolidating the gains from the big-ticket changes of the past three years rather than introducing radical departures.  this is the conclusion of top officials as the finance ministry wraps itself up in the veil of secrecy two months ...



most psbs didn't meet performance target to qualify for recap




the finance ministry today said it has not provided the entire amount towards capital infusion in public sector banks as most of them failed to meet the performance target.as part of indradhanush plan to revitalise state-owned lenders, the government had proposed to infuse rs 70,000 crore out of bud...



no disagreement with finmin on 8.55% interest on epf, says labour minister




labour minister santosh gangwar has said that there is no disagreement with the finance ministry on providing 8.55 per cent rate of interest for 2017-18 to over fifty million subscribers of retirement fund body epfo. the employees' provident fund organisation's apex decision making body central boar...



epfo interest rate for 2017-18 at 5-yr-low of 8.55%; finmin clears proposal




the finance ministry on thursday approved for 2017-18 an interest rate of 8.55 per cent on provident fund savings administered by the employees’ provident fund organisation (epfo) for around 200 million formal sector workers. “the finance ministry has approved the interest rates according to the...



epfo declares 8.55% interest rate for fy18, lower than 8.65% for fy17




retiremenretirement fund body epfo today lowered the rate of interest on employees provident fund to 8.55% for its over 6-crore subscribers for 2017-18, from 8.65% in the previous fiscal. "it is difficult to evaluate about future in view of present economic scenario. we paid 8.65% last fiscal, which...



finance ministry plans to build a fund under niif for strategic investments




the finance ministry is planning to set up a fund under the national investment and infrastructure fund (niif) dedicated for strategic investments. earlier this year, the niif kick started its funding activity with global operator of marine and inland terminals dp world by creating a platform for in...



cash-strapped air india holds board meeting as govt mulls to help airline




cash-strapped air india's board met in new delhi on friday, amid the government considering a financial package to help the carrier, sources said. after the proposed strategic disinvestment of the airline failed to take off, the government is considering a proposal for equity infusion and possible l...



finmin shoots down proposal for 'non-lapsable defence modernisation fund'




the finance ministry has shot down the defence ministry’s proposal to implement a longstanding quest of the bharatiya janata party (bjp) — to create a “non-lapsable defence modernisation fund (dmf)”, in which the military’s unspent capital budget is parked at the end of each financial year...



finmin may finalise capital infusion plan for npa-ridden psu banks




the finance ministry is working on capital infusion strategy for the public sector banks (psbs) and it is expected to be finalised by december, according to official sources.the department of financial services is assessing the capital needs of various banks based demands made by them, sources said....



govt approves fdi proposals worth rs 24.56 cr




the government on thursday said that it has approved foreign direct investment (fdi) proposals worth rs 24.56 crore, including one from sterling commerce solutions india. "during the month of october, the department of economic affairs (dea), ministry of finance has disposed off three fdi proposals ...



bharatmala project to turn to finance ministry for allocation of funds




the ministry of road transport and highways’ bharatmala scheme will now depend on the finance ministry for funds because allocation for road projects under the newly announced central road and infrastructure fund (crif), unlike the central road fund (crf), has become discretionary. earlier 41.5 pe...



pnb banking on non-core asset sale, capital infusion from govt for revival




hit by the nirav modi fraud, punjab national bank (pnb) expects the union government to come to its rescue by infusing a higher share of capital in the bank in the second round of recapitalisation lined up for the present financial year. besides, the bank has lined up sale of non-core assets worth a...



news digest: icici bank board meet, lic's plan for idbi bank, and more




1. who'll be the next icici bank chairman? board shortlists ex-ias officials private sector lender icici bank’s board will meet on friday to discuss the appointment of a new chairman from a shortlist of four former bureaucrats who have worked with the finance ministry. the term of m k sharma, the ...



finmin raises questions on interest rate of 8.55% proposed by epfo




the finance ministry has raised questions over the employees’ provident fund organisation’s (epfo’s) recent decision to declare an interest rate of 8.55 per cent to around 200 million formal sector workers for 2017-18. in a letter to the labour and employment ministry on march 15, the finance ...



faering capital to launch its new $250-million fund in india




private equity firm faering capital, which operates in asset management services, is planning to raise $200 million in capital commitments, with a hard cap of $250 million. in this fund, international finance corporation (ifc), part of the world bank group, has proposed an equity investment of up to...



temasek holdings pays rs 10 billion for 5% stake in au small finance bank




temasek holdings, an investment vehicle owned by the singapore government, has picked up five per cent stake in jaipur–based au small finance bank for rs 10 billion. the capital is expected to support the bank’s organic business growth in the current financial year (fy19) and the next (fy20). ...



psu banks gain on government capital infusion report




shares of public sector undertaking (psu) banks were in focus with nifty psu bank index gaining nearly 2% on media report that six banks, including pnb, may get capital infusion of rs 80 billion. union bank of india, bank of baroda, oriental bank of commerce, bank of india, allahabad bank, canara ba...



six psbs, including pnb, may get capital infusion of rs 80 billion: report




around six public sector banks (psbs), including the punjab national bank (pnb) that has been hit by the nirav modi scam, might get a capital infusion of about rs 80 billion from the government, the economic times on tuesday reported, while citing an unnamed senior finance ministry official. these b...