Revised norms for ECBs
Mumbai, Nov. 14: The Reserve Bank of India today issued revised guidelines prohibiting financial intermediaries like banks, development financial institutions (DFIs) and non-banking financial companies (NBFCs) from raising funds through external commercial borrowings (ECBs). The RBI move follows the government’s decision to tighten ECB norms. “No financial intermediary — a bank, DFI or NBFC — will be allowed access to ECBs, either under automatic, or RBI or government routes and neither they can provide guarantees in favour of overseas lenders, on behalf of their clients for ECBs being raised by them,” the apex bank said here in a notification.
New Delhi, Nov. 14: The Securities and Exchange Board of India today said interest rate options for government and private debt papers will be launched within a couple of months.
Car sales up
New Delhi, Nov. 14: Cheered by Maruti, Hyundai and Tata Motors, car sales surged by a robust 24 per cent in October 2003 as customers got attracted to low interest finance and a spate of car roll-outs.
New Delhi, Nov. 14: The empowered group of ministers today deferred a decision on the appointment of a financial consultant for privatisation and modernisation of Delhi and Mumbai airports.
New Delhi, Nov. 14: Indian Oil Corporation is planning to set up a wholly-owned overseas investment vehicle if the government rejects its plan to create a company similar to ONGC Videsh Limited, with participation of all state-owned oil firms.