Govt finalising Rs 3.5 lakh cr discoms package on the lines of UDAY: R K Singh
The scheme will come with a gross budgetary support of Rs 1.2 lakh crore over five years will be result-oriented where the distribution companies will invest first and get money later, he said. Singh also said a group of ministers headed by home minister Amit Shah has cleared the National Tariff Policy that would soon be sent to the Union cabinet for consideration.
Uday Kotak takes over as CII president
Veteran banker Uday Kotak has assumed office as the president of the Confederation of Indian Industry (CII) for 2020-21, the chamber said on Wednesday.
Power ministry dials 15th Finance Commission on discom distress, seeks FRBM relaxations for state borrowings
The power ministry is learnt to have written to the 15th Finance Commission drawing attention to the exceedingly worrying situation of discoms and has made several suggestion for a reboot, so that these may be accomodated in the final FC report. ET gathers that Power minister R K Singh has also directly taken up the issue with the 15th Finance Commission.
Discoms with no headroom need to approach Centre for exemption for soft loans
State electricity distribution utilities that have exhausted working capital borrowing limits and have no receivables from states will have to seek exemption from Centre to avail the 10-year concessional loans being offered under Rs 90,000 crore liquidity infusion package.
Uday Kotak says India may log negative growth in FY21
“We need to see month by month, how growth is coming back, and that is what matters. I would not look at growth as an average for the year,” he said. “I would rather look at the trend line every month and every quarter. And I am reasonably hopeful, the trend line quarter after quarter should be up from the previous quarters numbers.”
Uday Kotak against waiver of interest during moratorium period
People asking for moratorium on interest also need to keep in mind the interest of depositors, he said, adding "it cannot be an unequal game...do not think about saying, moratorium on what I borrow, but I must get full interest on deposits.
Banking sector needs recapitalisation of Rs 4 lakh crore: Uday Kotak
The banking sector has loans of Rs 100 lakh crore and a capital of Rs 11 lakh crore to 12 lakh crore while the banking losses are about Rs 3 lakh crore to 4 lakh crore, said CII President-Designate Uday Kotak.
Uday Kotak sells 2.8% in Kotak Mahindra Bank for 6,900 crore
The billionaire banker is said to have sold the shares at the higher end of that band, dealers said.
Uday Kotak to divest 2.8% stake in bank for at least 6,800 crore
On Monday, the shares closed 2.1 per cent higher at 1,249.25 on BSE.
Punjab, UP, Rajasthan, evince interest in taking loans to pay gencos: New PFC CMD
The company needs to explore new areas of financing such as charging infrastructure and electric vehicles, renewable energy sources with substantial storage and make efforts to tap business from good business houses, , Dhillon who took charge of PFC on Monday said.
PFC & REC to offer 10-year loans to state discoms at 9.5%
A senior government official said that PFC and REC have fixed interest rates under the liquidity package at 8.75% for three-year loans, 9% for five year loans, 9.25% for seven years and 9.5% for 10-year term loans. The interest rates will be valid for the next 60 days.
Power minister proposes a new scheme worth Rs 3 lakh crore to finance commission
Officials of the power ministry discussed the need to restructure the power system to make states responsible for the financial health of their power distributions companies (discoms), with the NK Singh-led FC. This would entail recalibrating state borrowing limits under the Fiscal Responsibility and Budget Management (FRBM) Act, to account for the added liabilities, the press release said.
Distribution is the weakest link in India’s power sector: IEEFA
Extremely financially distressed discoms either privatise their operations or the states allow entry of suitably qualified and capitalised private distribution entities willing to invest. Increased competition would drive power generators, distributors and electricity supply companies to develop technologies to increase efficiency, lower costs and increase the reliability of supply.
UDAY was not a failure, successive scheme might be announced in Budget: RK Singh
The power minister said all the Central schemes run by his ministry will be clubbed into one scheme, under which distribution companies will have to agree to trajectories to reduce losses to get financial assistance. “UDAY was not a failure. It reduced average commercial losses to 18.79% in financial year 2019 against 22% a year ago,” he said.
Uday Kotak wants world to 'hire Indians', says country capable of producing top-class human capital
The Kotak Mahindra Bank CEO rejected the notion that Indian engineers are inferior to the ones in the US.
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