German multinational Siemens has set-up a financial services arm Siemens Financial Services Private Ltd in India
German multinational Siemens Ltd said it has set-up a financial services arm Siemens Financial Services Private Ltd (SFSPL) in India.
According to the press release, the newly-set-up company has filed an application for a certificate of registration to commence business of a non-banking financial company with the Reserve Bank of India (RBI).
Subject to regulatory approval, SFSPL will focus on asset financing business by offering products such as loans, leasing solutions and hire purchase.
The company aims to provide financing offerings to Siemens customers in India, particularly in the healthcare, industry and energy sectors, the release said.
Sunil Kapoor has been appointed as the CEO of the company based in Mumbai.
The Siemens division Financial Services (SFS) is a global provider of financial solutions in the business-to-business segment.
With over 2,000 employees and an international network of financial companies, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare.
SFS finances infrastructure, equipment and working capital and acts as a competent manager of financial risks within Siemens, the release said.
On Thursday, Siemens ended 0.05% up at Rs871.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.14% to 18,149.87.
Judges say they were staying the bail order as the order by the Mumbai trial court judge could ultimately frustrate the entire investigation
New Delhi: The Supreme Court today remanded Hassan Ali Khan, the man who is believed to have about $8 billion of unaccounted money in foreign bank accounts, in the Enforcement Directorate's (ED) custody for four days, and pulled up the trial court judge who granted him bail last week in a money-laundering case.
A bench of judges B Sudershan Reddy and SS Nijjar said it was "deeply disturbed" at the manner in which the trial court judge had rejected the ED's contention, granted bail and gave a lengthy explanation for the decision. The apex court initially remanded Mr Khan, 53, in ED's custody for 72 hours, then extended it to four days following a plea by solicitor general Gopal Subramanium.
"The way the proceedings were conducted, we are deeply disturbed," the judges observed, while staying the trial court's order for bail to Mr Khan and they asked, "Why has the learned judge written so much?"
The Supreme Court judges said they were staying the trial court's order on account of the extraordinary circumstances of the case. "The order passed by the learned judge has created an extraordinary situation which may ultimately frustrate the entire investigation. Having regard to the extraordinary situation, complexity of the issue and the magnitude of the case, we deem it fit to stay the order," the judges said.
Earlier, making a forceful plea on behalf of the ED, the solicitor general submitted to the court that the trial court judge had exceeded his brief and passed an unusual order for granting bail to Mr Khan, despite neither the accused nor his counsel making any plea for it. He pointed out that the judge had granted bail to Mr Khan, while dealing with the ED's plea for his remand for his custodial interrogation.
The solicitor general claimed that the ED was in possession of incriminating evidence against Mr Khan that showed he had stashed large amounts of black money in various banks abroad. He said that Mr Khan had withdrawn about $60,000 from a Swiss bank and he cited communications from Swiss official sources to substantiate this.
On 11th March, a Mumbai court rejected the ED's plea for custodial interrogation of Mr Khan on the ground that the agency had not gathered sufficient evidence to justify its plea for his custodial interrogation. The ED arrested Mr Khan 7th March after being pulled up by the Supreme Court for its failure to ensure his custodial interrogation. Mr Khan is also facing a Rs70,000 crore tax demand notice from the Income-Tax Department.
Most say banks may not touch rates for now and that any revision will take place only in the new financial year
Home, auto and corporate loans are likely to become more expensive in the next fiscal, following the Reserve Bank of India's (RBI) decision to raise key policy rates by 25 basis points, bankers said today.
"The rate hike is on expected lines and the direction which the policy gives is towards more hardening," Bank of Baroda chairman and managing director MD Mallya told PTI.
Indian Overseas Bank chairman and managing director M Narendra said the RBI monetary tightening action would not translate into interest rate revision immediately. "I think rates would remain stable during this month. Beyond March it would depend on various factors like the call money rates," Mr Narendra said.
The RBI today hiked its key short-term lending and borrowing rates by 25 basis points (0.25%) each, with immediate effect, to tackle inflation. This is the eighth time that the bank has raised rates since March 2010 with an aim to tame inflation. The short-term lending (repo) rate now stands at 6.75% and the borrowing (reverse repo) rate at 5.75%.
Reacting to the policy decision, United Bank of India chairman and managing director Bhaskar Sen said, "There is a possibility (of a hike in interest rates) definitely. It will increase our funding costs also."
HDFC Bank, head treasurer Ashish Parthasarthy said there was "almost a consensus" about such an action and the market had factored in the hike.
Union Bank of India executive director SC Kalia also said the hike was along expected lines, but that this might not result in a hike in loan rates before the end of the month.
Punjab & Sind Bank executive director PK Anand also felt that banks were unlikely to tinker with rates before 31st March, and that any revision would happen only in April, after the beginning of the new financial year.
Yes Bank chief financial officer Rajat Monga said that bank deposit rates, which react first, were already very high and should not see a spike in the near future. However, there is "pent-up" pressure on lending rates and banks would revise this upwards starting April, he said.
Bank of Baroda chief economist Rupa Rege-Nitsure felt the central bank has taken a "hawkish" stance and believed that there would be more tightening in the next financial year. She said that there is a lot in the phrase 'calibrated rate hikes' that the RBI used in its policy statement.