PNB Housing Finance also plans to borrow about Rs 2500 crore from National Housing Bank through the latter's refinancing window, besides bank borrowing.

​​The ARCs have started following measured steps to ensure realizations, which has slowed down the pace of recovery, and the recovery timelines can have got stretched by three to four quarters, India Ratings and Research said in a report.

The mortgage lender, which was hurt by the meltdown in real estate, is planning to resume business in construction finance for residential projects in the second half of the fiscal year, returning with lessons from past experience. Monitoring in the real estate industry is also stronger now.

Private wealth management firm LGT Wealth India has appointed Chirag Doshi as its chief investment officer for fixed income and Abhishek Modi as director of portfolio management. The pair joins from Credit Suisse India. Doshi brings more than 20 years of experience in fixed-income markets, while Modi has 15 years experience in the Indian equity and debt markets.

Reliance Industries has been granted permission by the Reserve Bank of India (RBI) to retain $2bn over its raised $3bn loan in the last fiscal year to use for working capital and expansions in energy and telecoms. The strong demand for the loan saw the company retain more than needed. Lenders from the UK, the US, India, South Korea, Taiwan and Mauritius were involved in the initial loan deal.

From July 1, overseas expenses on credit cards exceeding Rs 7 lakh will be subject to a 20 per cent TCS. However, if such expenses is incurred for medical or educational purpose, the TCS would be levied at lower rate

The Adani Group is seeking to refinance $3.8bn of loans taken to acquire cement assets and has reportedly started discussions with "at least" five additional international banks to expand its group of lenders. The majority of Adani's existing lenders, consisting of Barclays, Deutsche Bank and Standard Chartered, are anticipated to participate in the refinancing, with the group due to begin meeting with potential new lenders.

The MOU between India and Philippines envisages the constitution of a Joint Working Group (JWG) co-chaired at the undersecretary level from the Ministries of Finance, and comprising senior representatives from Foreign and IT Ministries, Central Banks, financial sector regulatory institutions and other related agencies as members.