Asian Development Bank's $2.6 Billion Sovereign Lending to India in 2023
The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience.
The loans target projects fostering India's structural transformation, job creation, infrastructure enhancement, green growth, and socioeconomic inclusiveness, integrating smart technologies and innovations.
Funding includes initiatives such as the Visakhapatnam–Chennai Industrial Corridor, urban service improvement in Uttarakhand, Rajasthan, and Tripura, road connectivity in Madhya Pradesh and Bihar, horticulture development in Himachal Pradesh, and expansion of the Delhi–Meerut rapid rail transit corridor.
India, a member since the ADB's inception in 1966, remains its largest borrower, receiving loans, grants, and technical assistance totalling $55.3 billion. India ranks fourth among ADB shareholders, with the United States, Japan, China, and Australia as the top shareholders.
P. Santhosh Takes the Helm as MD & CEO of NARCL
The National Asset Reconstruction Company (NARCL), India's state-owned bad bank, appointed P. Santhosh as its new Managing Director and Chief Executive Officer. The decision was made by NARCL's board, which recommended Santhosh for a three-year term at the helm of the asset reconstruction company.
P. Santhosh brings a wealth of experience to NARCL, having previously held the position of Chief General Manager at Canara Bank, one of the sponsor institutions of the asset reconstruction company. His familiarity with the banking sector and expertise in stressed asset resolution make him well-suited for the challenging task of reviving distressed assets acquired by NARCL.
Jun 01, 2024
IRDAI Approves Sandeep Batra as ICICI Prudential Board Chairman
The Insurance Regulatory and Development Authority of India (IRDAI) granted approval for the appointment of Sandeep Batra as the Chairman of the Board of Directors of ICICI Prudential Life Insurance Company.
Sandeep Batra has been associated with the ICICI Group since September 2000, showcasing his long-standing commitment to the organization. His extensive experience within the group includes serving as the Executive Director and Chief Financial Officer (CFO) at ICICI Prudential Life Insurance Company, as well as holding the position of Group Compliance Officer at ICICI Bank.
RBI Imposes Penalty on HSBC for FEMA Violations
The Reserve Bank of India (RBI) levied a penalty of Rs. 36.38 lakh on HSBC Limited for breaching regulations outlined in the Foreign Exchange Management Act (FEMA). Specifically, HSBC failed to adhere to reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999. The central bank's action follows a thorough review of the case, including HSBC's response to a show cause notice issued earlier.
The RBI clarified that its penalty imposition is based on identified deficiencies in regulatory compliance. It emphasized that the action does not pass judgment on the validity of any transaction or agreement between HSBC and its customers.
S&P Raises Outlook for India to Positive, Affirms Rating at BBB-
Rating firm S&P Global Ratings revised outlook for the Indian economy to 'positive' from 'stable' and affirmed the overall rating at 'BBB-' citing robust growth and improved quality of government expenditure.
'BBB-' is the lowest investment grade rating offered. The last time the agency upgraded the rating outlook was in 2010 when it shifted from negative to stable.
S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the Big Three credit-rating agencies, which also include Moody's Investors Service and Fitch Ratings. Its head office is located in Lower Manhattan, New York City.
+91-85588-96644
