Banking & Finance

Industrialists have suggested ways to reduce time for Foreign Direct Investment (FDI) approval during the Pre-Budget meeting with Finance Minister Nirmala Sitharaman in Delhi on 19 Dec 2019.

India’s prepaid card market in value terms is expected to record a CAGR of 35.6%, increasing from US$38.7 billion in 2019 to reach US$130.7 billion by 2023, according to a ResearchAndMarkets report.

Tech Data has entered into an agreement to acquire the business of Bengalore-headquartered Inflow Technologies, a leading value-added distributor with expertise in areas like cybersecurity and networking.

Noting that India plays a vital role in curbing global emissions, Bank of America is providing a local currency revolving credit facility to Fourth Partner Energy, one of the country’s largest distributed solar companies in India.

The Indian Railways plans to attract more private investment, encouraging project-specific subsidiaries (in form of SPVs) with equity from public sector undertakings (PSUs) and the private sector.

More than 12 public and private financial institutions and the Government together have achieved the first close at Rs.10,530 crores, the first fund of its 6 Nov 2019 capital for helping stalled housing projects.

Given the nature of slowdown, India is likely to witness a slow grind towards recovery, said Singapore’s banking group DBS in its “India Annual Outlook 2020” report on 13 Dec 2019.

Japanese investment banking group Nomura expects Indian economy to continue the slower growth process, saying the current phase comes in the middle of a broader downturn in trend since 2016, driven by a slump in investments and employment opportunities.

National Stock Exchange of India (NSE) said interest rate options on 10-year Government of India bonds witnessed turnover of 5,926 contracts with participation from more than 50 trading members.

The Indian industries have been surprised by the Reserve Bank of India’s decision not to further cut repo rate at its MPC meeting on 5 Dec 2019, many pointing out the weakening economy.