Investor Issues
Citi launches securities lending service in India

This service will allow both Citi's domestic and offshore clients, seamless market access to the anonymous exchange-traded central counter-party model prevalent in India


Mumbai: Global banking major Citibank's Securities and Fund Services said it will offer securities lending services to its clients in India, reports PTI.

 

"In a global securities lending environment dominated by over-the-counter trading, this service will allow both Citi's domestic and offshore clients, for the first time, seamless market access to the anonymous exchange-traded central counter-party model prevalent in India," the bank said in a release.

 

"This initiative complements our existing client offering for our domestic and international clients and reinforces Citi as a pioneer in the securities lending industry," Citi Transaction Services Regional Head, Asia Pacific, Securities and Fund Services David Russell said.

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India' overseas investment in September down 30% to $1.36 billion

During September companies like Bharti Airtel, JK Cement, Dr Reddy's invested overseas, however the total Indian investment abroad fell 30% to $1.36 billion


Mumbai: Overseas direct investment by Indian companies fell by 30% to $1.36 billion in September over the previous month, the Reserve Bank of India said, reports PTI.

 

The domestic companies invested $1.95 billion in August. A total of 406 deals took place during September by the Indian companies to carry out the outward foreign direct investment, according to the data released by RBI.

 

Telecom major Bharti Airtel, JK Cement, Dr Reddy's were among the major investors.

 

Bharti Airtel invested $150.02 million in its wholly- owned venture in Mauritius, which is involved in transport, storage and communication services.

 

JK Cement made an investment of $104.30 million in its wholly-owned subsidiary in United Arab Emirates, while Tractors and Farm Equipment Ltd invested $65 million in its joint-venture in the US.

 

Drug maker Dr Reddy's Laboratories invested $58.97 million in its wholly-owned company in Cyprus.

 

Nava Bharat Ventures made an investment of $50 million in Singapore in its wholly-owned subsidiary, which is engaged in manufacturing.

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RBI open to raising cap on international e-commerce transactions

The central bank is open to looking at increasing the limit on international e-commerce transactions from $3,000 at present says RBI executive director G Padmanabhan


Mumbai: The Reserve Bank of India (RBI) is open to looking at increasing the limit on international e-commerce transactions currently set at $3,000, reports PTI quoting a top official.

 

"If the system wants the limit to be enhanced, that is something that we are positively inclined to look at," Reserve Bank executive director G Padmanabhan said on the sidelines of a CII event.

 

Padmanabhan said the limit was set in consultation with PayPal, a major player among the international payment gateways, and added that as many as 99% of the e-commerce transactions fall under the limit of $3,000.

 

Giving rationale for setting the limit (there are no limits for domestic e-commerce transaction) he said it is needed in a country like India which has exchange controls.

 

To a question on extending trading hours in the forex market beyond 1700 hours, the RBI official said it is difficult to relax as "we do not have full capital account convertibility".

 

"Most of the currency markets which work beyond a reasonable time are the markets which are capital account convertible, where in case there is a liquidity concern, you can source the money from some other country or currency," he said.

 

"As long as we have certain capital account controls, or as long as we think liquidity has to be provided within the system, then we have to work within certain time limits," he said, adding considering the needs of trade, the RBI is conscious of the fact that there is a need to relook at it.

 

When asked about the volatility in the rupee and how domestic businesses, especially the smaller ones should cope with it, Padmanabhan said we have to learn to live with the fluctuations and opined that the only way it can be handled is through hedging of cash flows.

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