The Reserve Bank of India on Monday notified the increase in interest subsidy to 3% from 2% for export credit given by banks to labour-intensive export companies. Banks may reduce the interest rate chargeable to the exporters as per Base Rate system in the existing sectors eligible for export credit subvention by the amount of subvention available subject to a floor rate of 7%, RBI said.
Report over-counter trades, says RBI
RBI had mandated banks and non-banking finance companies to report all the over-the-counter trades of securitised debt instruments within 15 minutes of the trade on FIMMDA?s reporting platform with effect from September 02. This move is to make the debt securitisation market more transparent.
Raise shareholding cap: Federal Bank
Federal Bank has filed an application with the Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit to 65% of paid up capital from the current 49%, according to a release by the bank on Monday. Last week, RBI had notified no foreign investor would be allowed to buy more shares of the bank after the foreign shareholding hit the threshold limit of 49%.
New India Assurance to roll out 4 plans
New India Assurance will launch four new products in the health segment in another six months, a top company official said. The products, waiting Irda?s approval, were family floater, top up, critical illness and high network individual, said G Srinivasan, the CMD.
No. of complaints fell in 2012-13
The number of complaints received by the office of the Banking Ombudsman for West Bengal and Sikkim has come down to 4,388 during 2012-13 from 4,838 in the previous year. Banking Ombudsman S Chattopadhyay said the decrease in the number of complaints had been mainly due to active intervention of the OBO with the banking sector personnel.
