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S&P
raises India's foreign currency rating to stable
Mumbai: Standard & Poor's Ratings Services
today revised the outlook on India's long-term foreign
currency rating to `stable' from `negative', taking into
account the country's rising foreign exchange reserves.
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HSBC
may have to pay more for 14.7 per cent in UTI Bank
New Delhi: The HSBC group may have to pay a higher
price than the Rs 306-crore to CDC Financial Services
(Mauritius) Ltd and the South Asia Regional Fund for buying
out their combined 14.7 per cent stake in the UTI Bank
in case they revise their open offer price to a level
higher than the acquisition price of Rs 90 per share.
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Govt
to raise FDI cap in private banks
New Delhi: The Finance Minister, Mr Jaswant Singh,
has said that the Government has in principle decided
to enhance the limit of foreign direct investment (FDI)
in banking companies.
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S&P
raises outlook on 3 banks
Mumbai: Standard & Poor's, the international
credit rating agency, has revised its outlook on the foreign
currency debt ratings on ICICI Bank, Industrial Development
Bank of India and Bank of Baroda, to `stable' from negative,
i.e., `BB/B'.
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FinMin
Draws Roadmap To Zero Revenue Deficit
Mumbai: A report recently prepared by FinMin, titled
'India: The Coming Golden Age', says, "the rough
contours for elimination of revenue deficit are likely
to increase in direct taxes to GDP ratio of 1.5 percentage
points, increase in Union exise duty (including services)
to GDP ratio by two percentage points; state value added
tax to contribute additional one percentage point of GDP;
drop in subsidies of one percentage point of GDP and drop
in interest payments to GDP ratio of 0.5 percentage points."
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Bajaj
Capital to expand AP operations
Hyderabad: Bajaj Capital Ltd , the premier financial
planner and investment advisory services company, plans
to expand the network of its investment centre to 100
from the current 85 over the next year.
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NRI
remittances on the rise again
Kochi: The NRI deposits in Indian banks are on
the rise again despite the growing strength of the rupee
in the money markets and plunging interest rates. "It
is proving to be a joyful Christmas and a happy New Year
for the banking industry with the surge in bank shares
at the stock markets and the revival of NRI deposits,"
a senior bank official said.
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