Sop for hotels
New Delhi, Jan. 21: The Reserve Bank has allowed firms owning hotels to prepay loans out of external commercial borrowings. “It has been decided to include Indian companies in the hotel sector with a total project cost of Rs 250 crore or more, irrespective of the geographical location, as eligible borrowers under this scheme,” the RBI said.
New Delhi, Jan. 21: Cairn India has reported a 48 per cent rise in profit in the third quarter at Rs 3,345 crore despite a fall in oil price realisation. Consolidated net profit stood at Rs 2,261.93 crore in the corresponding quarter last year.
Mumbai, Jan. 21: Global ratings agency Moody’s today said it had a “negative” outlook on the country’s banking system because of concerns over asset quality and high interest rates. “In India, impaired loans are yet to peak among public sector banks,” Moody’s said in its Asia-Pacific Banking Outlook.