Reliance Capital gets Sumitomo Mitsui as partner, minority investor

Reliance Capital gets Sumitomo Mitsui as partner, minority investor

Mumbai, Dec 25 (IANS) Anil Ambani-led Reliance Capital has roped in Sumitomo Mitsui Trust Bank, Japan’s fourth largest, as a strategic partner and a minority investor, besides an assurance to get its support when India’s central bank issues it a commercial banking licence.The Japanese financial powerhouse will be acquiring a 2.77-percent stake in Reliance Capital for […]

Insurance sector needs over Rs.50,000 crore capital: IRDA

Insurance sector needs over Rs.50,000 crore capital: IRDA

Hyderabad, Sep 26 (IANS) Indian insurance industry needs huge capital infusion of over Rs.50,000 crore ($8 billion) and foreign direct investment (FDI) can make things easy, its regulator said Friday.Insurance Regulatory Development Authority (IRDA) chairman T.S. Vijayan said the regulator welcomes any type of capital infusion.“If foreign capital is increased, it will be easier flow of […]

40,000 Kerala diaspora returnees seek self-employment loans

40,000 Kerala diaspora returnees seek self-employment loans

Thiruvananthapuram, Sep 23 (IANS) A total of 40,000 applications have been received in response to the Kerala government’s rehabilitation programme for diaspora who return to the state, a government official said Tuesday. The applications for loans at the Non-Resident Keralites Affairs (Norka) are for small projects in services, trading, manufacturing and agricultural sectors. Following the […]

India’s forex reserves down $1.61 bn

India's forex reserves down $1.61 bn

Mumbai, Sep 20 (IANS) India’s foreign exchange reserves fell by $1.61 billion to $315.69 billion for the week ended Sep 12, Reserve Bank of India (RBI) data showed. The reserves had fell by $1.32 billion to $317.31 billion for the week ended Sep 5. According to the RBI’s weekly statistical supplement, foreign currency assets, the […]

Telangana seeks 40 percent tax devolution to states

Telangana seeks 40 percent tax devolution to states

Hyderabad, Sep 19 (IANS) The newly-created Telangana state has urged the 14th Finance Commission to allocate 40 percent of central tax revenues as tax devolution to states. Chief Minister K. Chandrasekhar Rao Friday told the panel here that 40 percent devolution can easily be accommodated by a marginal reduction of five percent in the Centre’s […]

Cabinet gives nod to fifth phase of UID scheme

Cabinet gives nod to fifth phase of UID scheme

New Delhi, Sep 10 The Cabinet Committee on Economic Affairs Wednesday gave its approval to the fifth phase of the Unique Identification (UID) scheme for undertaking enrolment in the four states of Uttar Pradesh, Bihar, Chhattisgarh and Uttarakhand. With this, the Unique Identification Authority of India (UIDAI) has been given the target of generation of […]

Himachal facing worst financial crisis

Himachal facing worst financial crisis

Shimla, Aug 31 (IANS) The tiny hill state of Himachal Pradesh is facing one of its worst financial crises. The state coffers are virtually empty and have hardly any money to pay salaries to its 261,000 employees and 139,000 pensioners. Expenditure under the two heads during 2014-15 has been estimated at Rs.11,143 crore. Revenue receipts […]

Modi is Updated with the proceedings : Jaitley

Modi is Updated with the proceedings : Jaitley

New Delhi, Aug 30  Prime Minister Narendra Modi keeps himself up to date through multiple sources, and has fostered a lot of decentralization in the NDA government contrary to wide perception about him centralizing power, Finance Minister Arun Jaitley said Friday. Releasing books “Narendra Modi: The Game Changer” and “Being Modi” here, Jaitley also said that Modi […]

Insurance, pension sector reforms interlinked: Jaitley

Insurance, pension sector reforms interlinked: Jaitley

New Delhi, Aug 26 (IANS) India’s Finance Minister Arun Jaitley Tuesday expressed hope that the insurance bill would be passed by the end of this year, allowing 49 percent foreign equity in insurance and pension sectors.Releasing the annual report of the Pension Fund Regulatory and Development Authority (PFRDA) here, Jaitley said the insurance amendment bill is […]