Day: August 27, 2015

67 Years Repayment Term – ICICI Bank launches ‘Mortgage Guarantee’ backed loans for affordable housing sectors

ICICI – 67 Years Loan Repayment Term First bank in India to offer this facility for retail customers It can enhance a home loan by up to 20% within regulatory norms It allows a borrower to choose an extended loan tenure up to 67 years of age. ICICI Bank, India’s largest private sector bank, today announced the launch of the country’s first ‘Mortgage Guarantee’ backed loans for retail customers aspiring to purchase their first homes in the affordable housing segment. Christened ‘ICICI Bank Extraa Home Loans’, it allows a borrower to enhance the loan amount by up to 20% and also provides the option to extend the repayment period up to 67 years of age. ‘ICICI Bank Extraa Home Loans’ empowers the customers with the dual advantage of improved affordability and a longer repayment period. ICICI Bank has launched this initiative in association with India Mortgage Guarantee Corporation (IMGC). IMGC is a joint venture between National Housing Bank (NHB), an RBI subsidiary which regulates Home Finance Companies in India; NYSE-listed Genworth Financial Inc., a Fortune 500 company; International Finance Corporation (IFC) and Asian Development Bank (ADB). Speaking at the launch, Ms. Chanda Kochhar, MD & CEO, ICICI Bank said: “ICICI Bank has pioneered and popularised many innovative solutions in the banking industry in India. The launch of the country’s first ‘Mortgage Guarantee’ backed home loan is yet another example. We foresee...

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CCI Facilates E-Filing of Merger & Acquisition Documents

The Competition Commission of India (CCI) will facilitate electronic filing of documents, including for its approval of merger and acquisition (M&A) proposals, with effect from October 1. The move would help in faster disposal by CCI of M&A cases, whose numbers have been on an uptrend and may increase further by 20 per cent this year. “We are almost ready with our arrangements (on e-filings) and will offer the window from October 1,” CCI chairman Ashok Chawla said at the CII Annual Conference on Competition law and practice here today. According to the Chairman, M&A filings for this year are likely to be 20 per cent more than the previous year. “There is atleast 15-20 per cent increase in filings. Most of these have been from sectors where there is more economic activity in India such as pharmaceuticals, mines and minerals, financial, automobile and components,” he said. So far, the commission has dealt with atleast 300 cases related to mergers and acquisitions. While noting that CCI now provides consultation process to M&A parties on substantive issues, Chawla said the response for the same has not been adequate. He also said CCI has provided guidance to entities involved in M&As with respect to filing notices in a manner prescribed under the competition laws in the “first instance itself”. Meanwhile, CCI chief noted that only 40-45 per cent cases pertaining to anti-competition were found to be worth carrying forward for probe on a initial basis...

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Nai Roshni Scheme By Central Goverment – NGO's

The Nai Roshni Programme is run with the help of NGOs, Civil societies and Government Institutions all over the country. It includes various training modules like Leadership of women, Educational Programmes, Health and Hygiene, Swachch Bharat, Financial Literacy, Life Skills, Legal Rights of Women, Digital Literacy and Advocacy for Social and behavioural change. Users can register online to avail benefits under this programme. Objectives Empower and install confidence in women of minority communities by equipping them with knowledge, tools and techniques to interact with government systems, banks and intermediaries Encouraging minority community women to move out of the home and assume leadership roles within the community Features Organisations eligible under the scheme for applying for financial assistance include: (a) Society registered under the Societies Registration Act, 1860. (b) Public Trust registered under any law for the time being in force. (c) Private limited non-profit company registered under Section 25 of the Indian Companies Act (d) Universities/ Institutions of higher learning recognised by UGC (e) Training institutes of Central and State Government/UT Administration including Panchayati Raj Training institutes. (f) Duly registered Cooperative Societies of Women/ Self Help Groups. The scheme will be implemented through the above organisations with the aid of Ministry of Minority Affairs Leadership development training modules will be developed pertaining to rights of women in education, employment, livelihood etc; these will be used to empower women. Specific...

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Amendments to the arbitration Act Cleared

The government will move an amendment Bill in Parliament to make  India a favorable place  to  settle  disputes through arbitration. The Cabinet on Wednesday cleared the Arbitration and Conciliation (Amendment) Bill, 2015 for  this purpose, amid companies such as Vodafone choosing overseas courts for this purpose. Sources said the Union government has also decided to form a group of secretaries to deal with key issues related to the civil aviation policy including those related to tax relation. Some of the members would include secretaries from the civil aviation ministry, home ministry, finance ministry and defence ministry, sources added. The amendments include specifying and restricting the term “Public Policy of India” on the ground of which an arbitral award could be challenged. An award would be construed as against  the Public Policy of India  if it is induced or affected by fraud or corruption, or is in contravention with the fundamental policy of Indian law or is in conflict with the most basic notions of morality or justice, an official statement said. The amendments, based  on the recommendations of the Law Commission, would insert a new provision that application to challenge the award is to be disposed of by the court within one year. Then, there would be a change in the existing law to the effect that mere filing of an application for challenging the award would not automatically stay...

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