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Since 1st March, 1999
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Business Briefs

NHB tightens norms

New Delhi, Jan. 20: Against the backdrop of a series of scams in the capital market, the National Housing Bank (NHB) today tightened its norms by capping equity exposure of housing finance companies (HFCs) at 20 per cent of their networth and halved the time for regarding bad loans as NPAs to 90 days. The apex housing bank amended its Housing Finance Companies Directions 2001 by inserting new provisions, including an exposure limit for investment in shares, convertible debentures and equity-linked mutual fund schemes. Currently, HFCs are allowed to invest up to 5 per cent of total outstanding advances in the capital market.

Tax certificates

New Delhi, Jan. 20: In line with the Kelkar panel’s suggestions, the government today abolished the mandatory requirement of furnishing tax certificates along with a tender for bidding for contracts. It had earlier abolished the requirement of such certificates by persons leaving the country.

ICICI Bank rate

Mumbai, Jan. 20: ICICI Bank has cut interest rates on retail domestic deposits by 0.25 per cent for various maturities with effect from January 22. The new rate for a deposit of maturity 91-180 days would be 5.50 per cent (5.75 per cent earlier) while it would be 5.75 per cent (6 per cent) for 181 days to one year.

Harilela plan

New Delhi, Jan. 20: Expressing willingness to invest in India, Hong Kong-based Harilela group today said it may consider acquisition of existing hotels in Mumbai and Delhi. The group could also look at taking over some of the state-owned hotels put on the block by the government if it made good business sense, its director Aron H. Harilela said.

HSBC move

Mumbai, Jan. 20: The Hong Kong and Shanghai Banking Corporation (HSBC) is looking at opportunities for acquisition, though “it has no shopping list as of now,” HSBC Holdings Plc group CEO Keith Whitson said.

CII show

Calcutta, Jan. 20: China will be the partner country for the International Engineering & Technology Fair organised by the Confederation of Indian Industry (CII) in New Delhi from February 5.

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