REC to raise R5,000 cr via tax-free bonds
Rural Electrification Corp has filed a prospectus with Sebi to raise up to Rs 5,000 crore through 10-15 year tax-free bonds by fiscal end. The power sector lender intends to issue non-convertible bonds of R1,000 each. REC bond issue is part of the R60,000 crore infrastructure bonds announced in the budget. Other companies planning such bonds include IIFCL, IRFC, NHAI, Power Finance Corp and Hudco.
Bad loans of PSBs at R1.43 lakh cr in Sept
Bad loans of public sector banks stood at R1.43 lakh crore as of September, 2012, Parliament was informed on Thursday. Non-performing assets were R1.12 lakh crore as of March 31, 2012, minister of state for finance Namo Narain Meena told Rajya Sabha in a written reply. "The gross non-performing assets (NPAs) of public sector banks (PSBs) was R1,12,489 crore at end of March, 2012 and R1,43,765 crore in September,” he said. "Gross NPAs of State Bank of India was 33% and 31.9% of GNPAs of PSBs as at end of March, 2012, and September, 2012, respectively,” he added.
Give reasons for edu loan denial: Govt
Banks have been told to assign reasons for rejecting any educational loan applications, Parliament was informed on Thursday. "Banks have been advised that rejection of education loan applications has to be with the approval of controlling authority of the branch concerned and the reason for rejection should be communicated to the applicants in writing," finance minister P Chidambaram told Rajya Sabha in a written reply. "Indian Banks' Association has advised banks to give publicity to their grievance redressal mechanism on education loans," he said.
RMoney targets Rs 2L-cr gold market
Targeting an estimated Rtwo lakh crore organised gold market in the country, Reliance Money on Thursday launched a new daily gold accumulation plan under which customers can invest as low as R1,000 per month. Under the plan, named Reliance My Gold Plan, the customer can invest a minimum of R1,000 per month and the company would use the money for purchase of gold on a daily basis and the total accumulate funds can be redeemed for gold coins or jewellery at the end of the investment tenure. The plan was launched in association with the World Gold Council as its marketing partner.
ArthaYantra portal on personal finance
ArthaYantra, an integrated finance service company started by a group of Indian School of Business (ISB) alumni, launched a web-based personal finance