Posts Tagged ‘loan’

Banks Warned Regarding Insurance to Farmers

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Banks Warned Regarding Insurance to Farmers

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Banks Warned Regarding Insurance to Farmers:

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Severe action will be taken against banks if they adjust the amounts payable to farmers under crop insurance scheme (Rs. 801 crore) and input subsidy (Rs. 600 crore), against their old loan dues.

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Collectors have been asked to convene meetings of district level bankers’ committees to warn them against withholding these sums, affecting sowing of fresh crops.

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Also, they have been asked to take steps for re-scheduling of crop loans in 1,068 mandals declared as affected by drought or floods.

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The conference also decided to provide road connectivity to all SC and ST habitations with Rs 1,200 crore available for the purpose, begin procurement of kharif produce to build up buffer stocks for subsidizsd schemes.

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Mr Rao said a decision was taken to announce a new tribal policy aiming at empowerment of the tribals.

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In Other major Commodities Updates we can read that retail prices have sugar have started showing some signs of moderation in the national capital of the country.

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Retail sugar prices moderate in Delhi, high in other cities:

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In some good news for consumers, retail prices of sugar which have climbed by more than Rs 6 per kg since January 1 have shown some signs of moderation at least in the national capital Delhi, which has been bearing the brunt of the price spike.

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Latest data from food and consumer affairs ministry shows that retail sugar prices in the capital, which had risen to almost Rs 47 per kg around January 15 has dropped by Rs 2 per kg to Rs 45 in the last couple of days.

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In other major cities though there is hardly any big change.

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In Jammu, government data showed that retail sugar prices have climbed by Rs 8 per kg since January 11, while in Lucknow prices have hardened by Rs 6 and in Jaipur, Aizwal and Dehradun prices have moved by whopping Rs 9 to Rs 10 per kg since January 11.

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Centre May Raise Coffee Package to Rs 802 Crores

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe.

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Centre may raise coffee package to Rs 802 cr

Centre may raise coffee package to Rs 802 cr

Centre may raise coffee package to Rs 802 cr:

The Centre is likely to increase the debt relief package for coffee growers to Rs 802 crore, 58 per cent more than the recommendations of Coffee Board, Union minister of law and justice, M Veerappa Moily said.

There are discussions at different stages to work out the package.

The figures of the total loan owed by the coffee industry to banks are Rs 1,700 crore.

The coffee board recommended a scheme for Rs 504 crore.

The coffee growers are in need of an urgent relief package, so as to give them a one-time life line to come out of the crisis.

The coffee industry is continuously facing low productivity due to drought of 2003 and 2004, which have had a domino effect on productivity.

In Other major Commodities Updates we can see how Corn, Soybeans advanced on the Speculation of excess rains which can delay the harvesting of crops”.

Corn, Soybeans Rally on Speculation Rains to Delay U.S. Harvest:

Corn and soyabeans advanced on the concern that higher-than-normal rainfall in parts of the U.S. may raise the risk of yield losses in the world’s biggest exporter of both crops.

Above average rainfall was forecast in producing states, including Iowa, Illinois, Nebraska and Indiana between Nov. 21 and Nov. 25, according to a U.S. Climate Prediction Center report dated Nov. 15.

The four states are among the biggest corn and soybean growing areas in the U.S. Corn for March delivery added as much as 0.9 percent to $4.0925 a bushel in after-hours electronic trading on the Chicago Board of Trade, and was at $4.09 as of 9:58 a.m. Singapore time.

Soybeans for January delivery climbed as much as 1.4 percent to $10.0125 a bushel in Chicago and last traded at $9.9475.

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Record Fund Raising by India Inc,through QIPs, is on the Cards.

 

Record Fund Raising by India Inc,through QIPs, is on the Cards

Record Fund Raising by India Inc,through QIPs, is on the Cards

 

 

Indian companies are all set to  raise record fund through share sales to institutional investors in the next few months as they attempt to reduce debt accumulated during their takeovers.

Hindalco, Aban Offshore and Tech Mahindra, which bought the scandal-hit Satyam Computer, will lead this record fund raising by India Inc.

Indian companies have approvals from shareholders to raise as much as Rs 68,000 crore by selling shares to institutional investors under the so-called qualified institutional placement route.

This is in addition to around Rs 26,000 cr that has been raised by companies such as real estate developer Unitech and Suzlon Energy in the last six months, thanks to the signs of economic revival and  record stocks rally.

India Inc raised as much as Rs 26,430 cr in the last thirty-six QIP issues since March this year, according to the analysis.

These companies which raised funds in the last six months still have room to raise another Rs 23,000 cr based on the approvals shareholders have given them.

There are several companies which have received approval for QIPs between June and October with a potential to raise as much as Rs 44,000 crore, but are yet to hit the market.

Hindalco, which is saddled with debt after it acquired Canada’s Novellis, plans to raise Rs 2,900 crore and Tech Mahindra plans to raise to partly repay the loan it took to buy Satyam Computer.

Essar Oil which is negotiating to buy Shell’s refineries in the UK plans to raise around Rs 9,000 cr, whereas JSW Steel has a mandate raise Rs 4,853 cr.

Shareholders’ approval is valid for a year and most of these companies took approval after June this year.

“The issues that have come till now got strong interest from institutional investors, and predominantly from foreign buyers who bought over 90% of the QIP issues.  Given the current market conditions and the kind of interest that Investors displayed in the Indian growth story, the proposed issues should be subscribed successfully,” said Jagannadham Thunuguntla, equity head, SMC Capitals.

The fund raising gets bigger when one takes into account the potential IPOs and government share sales which may run into billions of dollars more.

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Banking To Turn More Customer Friendly ;)

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The Banking Code and Standards Board of India (BCSBI) revised the Code of Banks’ Commitment to customers, in consultation with the Reserve Bank of India (RBI) and IBA.

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The move will make banking more customer-friendly, as it promises more transparency in banks’ functions and dealing with the consumers.

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The reviewed code leads banks to disclose complete information on interest rates, including reference rates to which floating rates of interest are linked.

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In addition, banks are also required to display customer centric policies on cheque collection, compensation and grievance redressal on their website.

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Besides, they need to provide Most Important Terms & Conditions (MITC) to customers who have applied for credit facilities by way of loan or credit card and also update immediately on website, any changes in terms and conditions of products and services offered.

The banks are also required to compensate customer, apart from these, for delayed collection of cheques and also reimburse erroneous debit from ATM transactions.

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RBI‘s active interest in raising standards of banking services is in line with the need to improve the customer banking experience and iron out anomalies that impede with customers’ rights.

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However, the concerned revisions in the banking code have come after sustained complaints from customers over lack of transparency in certain banking issues.

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