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'
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