‘Tashwinder Singh will identify and develop strategic partnerships to grow KKR's private equity and non-banking finance operations in India,’ KKR said in a statement
Global investment firm Kohlberg Kravis Roberts & Co (KKR) has appointed Tashwinder Singh, a former Citigroup official, as director of its India-based unit.
In his new role, Singh, who has worked with Citigroup India for over 18 years, will identify and develop strategic partnerships to grow KKR's private equity and non-banking finance operations in India, KKR said in a statement.
Commenting on the appointment, Sanjay Nayar, Member of KKR and CEO of KKR India said: “The increasing need for strategic capital has led us to partner with and provide multi-asset solutions to promoters helping them scale-up growth.”
Tashwinder’s depth of experience and relationships with high potential businesses across India will strengthen our efforts in establishing partnerships with promoters, who share our philosophy and gain from the long-term value and operational benefits we seek to provide, he said.
A Citigroup veteran and managing director, Singh was the business head, commercial banking before moving on to lead the company’s private bank.
KKR India has 15 investment professionals based in Mumbai, focusing on both private equity and non-banking financial services
The hike in small savings rate, according to experts, may put some pressure on banks to increase deposit rates to attract investors
Millions of small investors will get better returns on popular post office schemes like Public Provident Fund (PPF) and Monthly Income Scheme (MIS), with the government hiking interest rates on such schemes by up to 0.5% with effect from 1 April 2012.
Interest rate on PPF have been increased to 8.8% from 8.6%, while MIS will attract 8.5% interest as against 8.2% now, said a Finance Ministry release.
Post office term deposits of one and two years will earn 8.2% and 8.3% interest, respectively, an increase of 0.50%.
The new rates would remain effective for the entire 2012-13 fiscal.
The hike in small savings rate, according to experts, may put some pressure on banks to increase deposit rates to attract investors.
As per the release, the National Savings Certificates (NSC) having maturity of five and 10 years will now attract 8.6% and 8.9% interest, respectively, up 0.2% each.
There has been no change in the post office savings deposit rate which has been retained at 4%.
Interest rate for three-year term deposits has been raised to 8.4% from 8%. Similarly, interest rate on five-year deposit has been raised from 8.3% to 8.5%.
The five-year recurring deposits will fetch an interest of 8.4%, against 8% at present.
The rate for senior citizens savings scheme (SCSS) has been hiked to 9.3% from 9%.
In November last year, the government had decided to make small savings attractive by making interest rates on them in tune with that offered by other securities in the market.
In the last fiscal, there had been a decline in the investment in National Small Savings Fund (NSSF) and the government had to make up for it by hiking its borrowing programme.
The revision in the interest rates will help in maintaining the attractiveness of the small savings schemes vis-a-vis fixed deposit schemes operated by banks.
The government as part of economic liberalisation process had freed the interest rates on banks deposits, giving freedom to lenders to fix rates depending upon the asset-liability position, but continued to fix rates for small savings schemes.
“If the difference between retail and bulk deposit rates varies too much, then there is something wrong,” Reserve Bank deputy governor KC Chakrabarty said
RBI has asked banks to avoid offering sharply different rates on deposits with similar maturities, saying that something is wrong with lenders if their retail and bulk deposit rates vary too much.
"If it (the difference between retail and bulk deposit rates) varies too much, then
there is something wrong," Reserve Bank deputy governor KC Chakrabarty said.
He asked banks to discourage moves to offer sharply different rates on deposits with very little differences in maturities.
Banks offer higher rates for bulk deposits to shore up their balance sheets, say industry observers. A 3-month deposit attracts as much as 11%, while a similar tenure retail deposit gets around 7% only.
Chakrabarty was talking on the sidelines of a function organised by the Centre for Advanced Financial Research and Learning (Cafral).