Finance

Nabard award to Repco Micro Finance Ltd

Repco Micro Finance Ltd, a non-banking finance company received Nabard 2018 award. The award is given service to self-help group in Tamil Nadu for the fiscal year 2017-18. The NBFC has disbursed loans amounting to ` 2,500 crore to over 10 lakh beneficiaries. NABARD Financial Services Limited is a subsidiary of NABARD to provide financial services in areas of agriculture & microfinance.

‘CITIIS’ Challenge Announced by MoHUA

The Ministry of Housing and Urban Affairs (MoHUA) announced a new ‘Cities Investment To Innovate, Integrate and Sustain’ (CITIIS) challenge to identify top projects in 15 of the 100 selected smart cities. The projects will receive an additional funding of approximately ?80 crore each. The new funding will be financed by a €100 million loan from the French government.

FATF puts Pak on ‘grey list’

Global anti-terror financing watchdog, Financial Action Task Force has decided to keep Pakistan on its ‘grey list’. US motion, to have Pakistan added to grey list of countries was reportedly backed by Britain, France & Germany. Pakistan was previously on the grey list from 2012 to 2015. FATF is an inter-governmental body established in 1989 to combat money laundering & terrorist financing.

NIIF to roll out $2 billion fund

The National Infrastructure and Investment Fund (NIIF) unveiled a $2-billion long-term fund to finance megaprojects. The NIIF already has 2 operational funds – the NIIF master fund that invests directly in companies & a fund of funds that invests in funds that are managed by 3rd parties. The 3rd fund would cater to India’s long-term infra needs. NIIF’s MD and CEO is Sujoy Bose.

India Infrastructure Expo 2018

Union Minister of Railways, Coal, Finance & Corporate Affairs, Piyush Goyal inaugurated India Infrastructure Expo 2018 at the NCPA, Mumbai. The 2-day expo is being organised by the Department of Economic Affairs & Federation of Indian Chambers of Commerce & Industry (FICCI). The expo included details on Smart Cities, Sagarmala, Bharatmala, Ganga Rejuvenation Plan & the River Linking project.

Bank heads to appear before parliament panel

Heads of 11-state owned banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases. They will be appearing before the standing committee on finance, headed by veteran Congress leader M. Veerappa Moily, which is looking into issues relating to banking sector. The rising number of frauds and NPAs have become a serious cause of concern.

India excluded from UK’s relaxed student visa

India has been excluded from the UK’s new list of countries considered “low risk”, whose applicants will undergo reduced checks while applying for student visas. The countries on the list include the US, Canada and China among others. Students from these countries would face reduced checks on educational, financial and English language skill requirements to study at UK universities.

HDFC, 5th Biggest Consumer FSC: Forbes

Housing finance major HDFC has been ranked as the 5th biggest public company globally in the ‘consumer financial services category’ on a list compiled by Forbes magazine. HDFC’s rank has moved up from 7th place last year. American Express has topped this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.

Co-op banks can become small finance banks

The Reserve Bank of India has decided to allow urban co-operative banks (UCB) to convert into small finance banks (SFB), The move is aimed at bringing these entities into mainstream banking. UCBs currently face regulation by both the RBI and the respective State governments. By turning into SFBs, they will be regulated only by the RBI.

Queen Maxima of Netherlands arrives India

Queen Maxima of the Kingdom of the Netherlands who is also the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development arrived in New Delhi on a four-day visit to India. Netherlands is the 5th largest investor in India. During Netherlands Prime Minister Mark Rutte’s visit to India, the former became an official partner of the International Solar Alliance.