SBI diktat to affect credit to small, medium-sized firms
- Directive of the State Bank of India (SBI) to all associate banks that any credit proposal for above Rs.10 crore has to receive an approval of the Mumbai office.
- SBI is likely to impact flow of funds to Micro, Small and Medium Enterprises (MSMEs).
- Sent as an advisory to all associate banks, including State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad.
- Union Cabinet had earlier decided to merge all 5 associate banks with SBI, the central board of SBI had approved the schemes of acquisition of all these five banks last month.
Finance Ministry moves to fill SAARC Development Fund posts
- Ahead of the SAARC Summit in Islamabad, it is business as usual for the regional grouping.
- Union Finance Ministry has posted a call for applications for economy, infrastructure and social development posts in the “umbrella financial mechanism” for the region’s projects and programmes, the SAARC Development Fund.
- Openings include the jobs of the Directors of the Fund’s three funding windows: Social, Economic and Infrastructure.
- They will be located in the Fund’s Secretariat in Thimphu, Bhutan.
- Fund’s Economic and Infrastructure windows are in the process of being operationalised. Bankable projects for lending in the region are under evaluation.
Reliance Infra eyes Rs.1 lakh cr. worth road, rail, water projects
- Reliance Infrastructure is planning to bid for more than half of the Rs.2,00,000 crore of infrastructure projects likely to come this year, in an attempt to shore up its order book that fell to less than Rs.3000 crore.
- Company, with its presence primarily in the roads and power sector, is looking to bid for ‘Namami Gange’ or cleaning river Ganges, High Speed Bullet Trains and inland road transport projects.
- “Things are improving across all sectors,” Lalit Jalan, CEO, Reliance Infrastructure told.
- “We will bid for opportunities worth over Rs.1 lakh crore in this financial year and increase our order book to over Rs.30,000 crore from Rs.3,000 crore”.
- Making bullet trains and other projects. “we are looking for international partnerships.” Mr. Jalan.
Airtel says Jio paid for new capacity
- Within days of agreeing on additional points of interconnect to Reliance Jio, incumbent operator Bharti Airtel said it had received payment from the new entrant for fresh capacity and the two firms will now need to jointly undertake physical connection and testing of the ports.
- Although the interconnect agreement provided for a commissioning period of 90 days from the day of payment, it would work towards releasing the PoIs well ahead of the contractual obligation.
- “We hope Jio will extend its full cooperation to ensure timely testing and commissioning of the PoIs,”
- With the latest augmentation, the total number of interconnection points provided will become three times the original number.
- Would be sufficient to serve over 15 million customers, much more than Jio.
ICICI Life raises Rs.1,635 cr. from anchor investors
- Ahead of its initial public offer which opens on Monday, ICICI Prudential Life Insurance Company has raised Rs.1635.33 crore from a host of anchor investors including foreign investors such as Morgan Stanley, Goldman Sachs, Nomura and the government of Singapore.
- Statement that it has allocated 48.9 million shares to these investors at Rs.334 per share – Insurer.
- ICICI Prudential’s IPO opens on Monday and closes on Wednesday.
- Fixed a price band of Rs.300 to Rs.334 per share. The insurer can raise over Rs.6000 crore if the issue gets priced at the upper band.
- Apart from the amount raised from anchor investors, another Rs.1400 crore can be raised from qualified institutional buyers (QIB).
April deadline for GST still a challenge: Sinha
- Government is working overtime to meet the stiff April 2017 deadline for rolling out the Goods and Service Tax (GST) regime and it remains a “challenge,” Cabinet Secretary P.K. Sinha said
- Terming the GST as one of the biggest initiatives for creating the right environment to do business in India.
- Government’s most senior bureaucrat said that the Centre had managed to turn around most of the core infrastructure sectors from a state of distress two years ago and is working on a ‘silent revolution’ in governance.
- “Government has been working overtime recently and has taken some path-breaking steps in making governance efficient, transparent, responsive, participatory and accountable”.
- “I can even say a silent revolution is under way as we move towards a completely digital architecture towards governance in all fields”.
Jio to expand capacity, targets 250 mn users
- Reliance Jio is planning to expand its network capacity to accommodate more than double the number of subscribers it is currently targetting or, over 250 million users from the planned 100 million users.
- Follows the the market response to its Jio Welcome offer, sources in the know of the development said.
- Company is planning to spend “another couple of billion dollars” to expand its network and has informed vendors about its network expansion plans.
- It is likely to award the contract soon.
Elixir Softlab raises $2 mn to take patient data digital
- Indian subsidiary of Singapore-based Elixir Lab Pte Ltd., has raised $ 2 million in its quest to take patients data digital and into the mobile space.
- Elixir Softlab Solutions Pvt. Ltd., has developed four products for doctors, families, pharmacies and labs and hospitals under the hCue brand
- “The core of healthcare data is captured at the level of primary care, which is the starting point to create a unified, comprehensive health record for all.”
- Such technology is currently limited to only secondary and tertiary care providers. “Our vision is to enable patients as well as every healthcare provider to get access to that data.
- Using our software, doctors can create a record within 60 seconds”.