Bank risk call
Mumbai, Dec. 16: RBI deputy governor K.C. Chakrabarty has said the risk assessment capabilities of state-run banks is lower than private banks and asked the former to develop the habit of saying “no” to unviable proposals. “Knowingly you give money to some unviable projects. That is a governance issue. In many cases, our public sector bankers have forgotten to say no, except to small borrowers. A banker’s first characteristic should be to say no,” Chakrabarty said.
New Delhi/ Bern, Dec. 16: Switzerland has proposed a bill to prevent its banks and other institutions from accepting “untaxed assets” from their clients and put in place a stricter due diligence regime. The Switzerland Federal Council has asked its finance ministry to submit a consultation draft at the start of 2013 to meet this goal.
Mumbai, Dec. 16: Essar Shipping has said it is planning to convert around Rs 800 crore of a total of Rs 5,500-crore debt into dollar loans to bring down the interest burden.
Mumbai, Dec. 16: India Inc is expected to post a healthy 25.9 per cent growth in profit in the third quarter on account of softening of input prices and lower forex losses, according to economic think-tank CMIE.
New Delhi, Dec. 16: The finance ministry has written to market regulator Sebi to do away with the 25 per cent margin money requirement for institutions bidding during the PSU stake sale through the auction route.
Mumbai, Dec. 16: Overseas investors have made net investments of $2.44 billion in the Indian equity market in just a fortnight, taking the total inflow in 2012 so far to over $22 billion. From December 3-14, foreign institutional investors (FIIs) were gross buyers of shares worth Rs 39,435 crore and sellers of equities worth Rs 26,157 crore.
New Delhi, Dec. 16: The NSE today said the newly announced Rajiv Gandhi Equity Savings Scheme would encourage new investors to come to the equity markets and put their money in products such as ETFs.