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Kamath, who now chairs the government-promoted National Bank for Financing Infrastructure and Development (NaBFID), said that the government needs to reduce the litigation and concerns on tax laws at a greater speed.
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HDFC and Syngene International Ltd. were the top performers, with each having four women on their boards. Asian Paints, Bharti Airtel and Cipla were among those ranked second, with three women directors.
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RBI’s working committee report's recommendation that large NBFCs and corporate houses should be given banking permits has set off a huge debate.
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It’s true that the Indian economy is indeed recovering fast, but other factors need to click for this recovery to be sustainable
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The NDB was founded by the BRICS member countries Brazil, Russia, India, China and South Africa during the group's sixth summit in Fortaleza, Brazil in July 2014 and formally opened in Shanghai in July 2015.
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The bilateral meeting, which took place yesterday, focused on the steps required in expanding the bank's operations in India, including project pipeline.
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Addressing the second annual meeting of the NDB here, Kamath said the bank had signed its first loan agreement for a project in China in December last year.
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The New Development Bank (NDB) set up by the BRICS - Brazil, Russia, India, China and South Africa - will raise funds by issuing rupee-denominated bonds in India, the newspaper said, after it issued yuan-denominated bonds in China last year.
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BRICS countries' National Development Bank expects its lending to double every year over the next 2-3 years and is looking at leveraging its USD 10 billion capital in first 6-7 years, NDB President K V Kamath has said.
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On debate at WEF here on future of globalisation and opportunities for China and India, Kamath said, "If you look at just China and India, they contribute two-thirds of the incremental global growth. Any dialogue on globalisation is not complete without taking India and China into context. They are the key in this whole debate."
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BRICS countries should enhance solidarity, cooperation and safeguard common interests as they face growing uncertainties and instabilities in international situations, according to Chinese President Xi Jinping, who assumes the Presidency of the five-member bloc this year.
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The NDB announced that its Board of Directors (BoD) has approved two loans for projects in China and India - Putian Pinghai Bay Offshore Wind Power Project (RMB 2 billion) and Madhya Pradesh Major District Roads Project (USD 350 million).
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Keeping the commitments and the actual lending in mind, NDB has drawn up a plan to raise USD 1.5 billion from multiple sources next year, said the noted banker, who built ICICI Bank into the second largest lender in the country in a span of a decade.
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Seeking to allay fears arising from dud loans pile-up, veteran banker K V Kamath said interest rate cuts will give troubled lenders Rs 2.5 lakh-crore boost through treasury gains that will help the system tide over troubles and also ease pressure on growth capital.
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Sounding exuberant, veteran
banker and New Development Bank (NDB) President K V Kamath has
said everything is going right for India at present and the
third largest Asian economy will witness a "sudden uptick" in
fortunes soon.
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The opening ceremony of the bank held in Shanghai where the institution is headquartered was attended by China's Vice Premier Zhang Gaoli and Finance Minister Lou Jiwei among others.
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The committee recommends investor education and protection activities that may be undertaken directly by the regulator or through any other agency.
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"Capital is not a problem. There is enough capital and there is enough capital chasing yields. To that extent there is no dearth of money," Arundhati Bhattacharya, who took part in an international seminar organised by the China-led Asia Infrastructure Investment Bank (AIIB) here, told PTI.
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Currently, stock exchanges credit 25 percent of their profits every year to the Fund of the recognised clearing corporations, which clears and settles trades executed on the bourses.
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External Affairs Minister Sushma Swaraj made the announcement today during a function where she also unveiled a logo and a website of the Summit.
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The committee has submitted recommendations on the issues including interoperability between clearing corporations, and investment by clearing corporations among others.
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The first loan to be issued by the USD 100 billion New Development Bank (NDB) of the five-nation BRICS bloc in April next year would in Chinese currency Renminbi (RMB), its President K V Kamath has said
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"This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system," Li told the eminent Indian banker.
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Kamath, an eminent Indian banker who led the country's top private sector lender ICICI Bank into a financial sector behemoth, said he is confident of India's growth story and has always believed that the country would emerge as a global power.
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"I think we will start lending process sometimes early first quarter next year (April)...The idea is that by April next year, we will create a state of projects from all the member countries (for lending)," Kamath told PTI in an interview here.
