Archive for the ‘Banking Sector India’ Category

World Bank President Jim Yong Kim meets PM

Comments Off | 07-23-2014

The President of the World Bank, Dr. Jim Yong Kim called on the Prime Minister, Shri Narendra Modi today.
Later, the Prime Minister described the meeting as “very fruitful.” “We discussed several ways of working together in the times to come,” he said.
On Twitter, the Prime Minister also said:
“We talked about the importance of scale and

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World Bank Assistance for Sarva Shiksha Abhiyan

Comments Off | 07-18-2014

The Government of India has signed a financial agreement with the World Bank’s International Development Association (IDA) for an amount of Special Drawing Rights (SDR) 651.00 million (equivalent to US$1006.2 million for the Sarva Shiksha Abhiyan (SSA) Programme. The IDA credit will be effective from 27th August, 2014 and the closing date will be 30th

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India Signs Credit Agreement Worth US$ 121.20 Million with World Bank for ‘Uttarakhand Decentralised Watershed Development project’

Comments Off | 06-2-2014

An agreement for credit of US$ 121.20 million (equivalent) from World Bank for the Uttarakhand Decentralized Watershed Development Project (UDWDP) was signed here today by Shri Nilaya Mitash, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Micheal Haney, Acting Director, New Delhi Office, World Bank,

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Banks and Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2014

Comments Off | 03-28-2014

In order to facilitate the payment of taxes by the tax-payers before the close of the Financial Year 2013-14, the Reserve Bank of India (RBI) has decided on request of Central Board of Direct Taxes (CBDT) that all agency banks shall keep open the counters of their designated branches conducting Government Business on Saturday, March

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Proposal of M/s. Axis Bank Limited for increase in foreign investment from 49 percent to 62 percent subject to the aggregate foreign institutional investors holding not exceeding 49 percent of the paid up equity share capital of the bank

Comments Off | 12-26-2013

The Cabinet Committee on Economic Affairs has approved the proposal of M/s. Axis Bank Limited for increase in foreign investment from 49 percent to 62 percent subject to the aggregate foreign institutional investors holding not exceeding 49 percent of the paid up equity share capital of the bank.
The approval would result in foreign investment of

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India Signs an Agreement with World Bank for Credit of US$ 360 Million for Uttar Pradesh Water Sector Restructuring Project Phase-II

Comments Off | 10-26-2013

An agreement for credit of US$ 360 million (equivalent) from World Bank for the Uttar Pradesh Water Sector Restructuring Project Phase-II was signed here yesterday by Shri Nilaya Mitash, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr.Onno Ruhl, Country Director, World Bank on behalf of

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Capitalisation of Public Sector Banks During 2013-14.

Comments Off | 10-24-2013

The capital infusion by the Government of India in Public Sector Banks (PSBs) is done with the twin objective of adequately meeting the credit requirement of the productive sectors of economy as well as to maintain regulatory capital adequacy ratios in PSBs.  The Government of India, as the majority shareholder, is

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India Signs Loan and Project Agreements with World Bank for US $100 Million for Low Income Housing Finance Project

Comments Off | 08-16-2013

The Loan and Project Agreements for World Bank (IDA) assistance of US $100 million for Low Income Housing Finance Project were signed between Government of India/National Housing Bank(NHB) and the World Bank here yesterday.
The Loan Agreement was signed by Shri Nilaya Mitash, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of Government

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RBI and The Government on the Same Page and working together to Achieve Stability and Growth; Government Welcomes the RBI Policy Statement : CEA

Comments Off | 07-30-2013

The Reserve Bank of India (RBI) came out with its policy statement this morning. The RBI left policy rates on hold. Dr Raghuram Rajan, Chief Economic Adviser (CEA), Ministry of Finance said that RBI policy saw the main immediate macroeconomic task as that of stabilizing the rupee, and believes that once the rupee is stabilized,

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Credit Agreement Worth US$ 84 Million Signed with World Bank for Bihar

Comments Off | 06-28-2013

An agreement for credit of US$ 84 million (equivalent) from World Bank for the Bihar Panchayat Strengthening Project was signed today at New Delhi. Mr. Nilaya Mitash, Joint Secretary, Department of Economic Affairs, Ministry of Finance signed on behalf of Government of India and Mr. Michael Haney, Operations Advisor, World Bank, India on behalf of

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