Political and religious militancy threaten to upset an economic growth record that could lift Bangladesh into the middle income country category in the next few years, according to the World Bank’s chief economist Kaushik Basu. The country’s economy could grow at 6.5 percent in this fiscal year to end June …Read More »
Gujarat, the state Prime Minister Narendra Modi ran for more than a decade, is India’s best place for conducting business, the World Bank said on Monday, in a report that ranks the country’s states in an effort to encourage them to cut bureaucratic red tape. The report, prepared with support …Read More »
The European Bank for Reconstruction and Development (EBRD) has teamed up with the Confederation of Indian Industry, India’s leading industry group, to increase joint investments between the EBRD and Indian corporations in regions where the development bank is active. A Memorandum of Understanding was signed between the two organizations on …Read More »
Indian Finance Minister Arun Jaitley this week formally launched the UK subsidiary of India’s revered Union Bank of India.
The bank’s move into the UK signals the 96-year-old institutions global expansion plans – it plans to deliver 10% of overall business from overseas markets by 2019 as it looks to tap into the increasingly influential Indian Diaspora community whilst also providing banking services to companies and individuals queuing up to invest in India.
The bank, the 6th largest public sector bank in India with more than $59 billion in assets, will undertake retail and wholesale banking.
In retail banking the focus will be on current, savings, fixed term deposits and remittances while the wholesale banking arm will focus will be on syndicated loans, external commercial borrowings, SMEs, trade finance facilities and current accounts.
The UKAsian caught up with the bank’s chairperson Mr Arun Tiwari to find out more.Read More »
A British government-funded bank which specializes in green investments has announced a new £200 million fund that will invest in parts of Africa and India. The Green Investment Bank (GIB) intends financing renewable energy and energy efficiency projects in East Africa, South Africa and India. The bank was created in …Read More »
From world leaders to heads of development banks, the destination of choice these days appears to be New Delhi as change-makers attempt to tap in to the sense of optimism that has characterized the development-driven Narendra Modi's short time in office.
This week sees the arrival in the Indian capital of Sir Suma Chakrabarti, head of the European Bank for Reconstruction and Development (EBRD), who will hold meetings with Finance Minister Arun Jaitley and Reserve Bank of India (RBI) governor Raghuram Rajan, among others, before addressing the Delhi Sustainable Development Summit (DSDS) later this week.
India is not a member of EBRD and the country is outside the bank's investment remit - despite India considering membership of the bank since the early 1990's.
India is nevertheless, an important source of private sector funding for EBRD's investments in Europe, the Middle East and North Africa. Joint India-EBRD investments up to 31 December 2014 totalled more than 175 million euros (£130 million).
Speaking to the UKAsian ahead of his departure, Kolkata-born Sir Suma spoke about what the EBRD brings to the table, its work in India, the new BRICS bank and Prime Minister Modi's economic agenda.Read More »
The founder and promoter of Indian budget carrier Jet Airways has pledged to hand over his entire sharholding in the company – estimated to be 51% of shares – to a state-owned bank. UK-based Naresh Goyal has pledged the shares, valued at more than £260 million to Punjab National Bank. …Read More »
The United States on Friday expressed ‘concern’ following the launch in Beijing of a new infrastructure bank which aims to provide project loans to developing countries. The $50 billion Asian Infrastructure Investment Bank (AIIB) is backed by the cash-rich Chinese government and is seen as a challenge to institutions such …Read More »
A British-Indian Barclays bank worker attempted to kill her magistrate mother after she prevented her from marrying her boyfriend. Kuntal Patel appeared at Southwark Crown Court on Monday accused of the attempted murder of her mother Meena who was plied with Diet Coke laced with a lethal poison in a …Read More »
A petition to make Diwali and Eid public holidays in the UK is to be debated in Parliament. The e-Petition has been signed by more than 123,000 people since it was created earlier this year. The petition states: “I believe that given the number of Muslims and Hindu’s in this …Read More »