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Maharashtra finance department launches austerity drive

RBI allows non-bank Islamic finance firm

All proposals should be scrutinized carefully and presented to the finance minister only in exceptional cases," it added. Maharashtra's debt burden on March 31, 2013 was Rs 2.46 lakh crore. It is estimated to balloon to Rs 2.7 lakh crore by March 31, 2014. The letter urged all departments to wake up to financial realities and recognize that the state has limited resources.

Finance is the Biggest Sector Once Again - Real Time Insight

KKR said the new entity, Maritime Finance Co, would aim to bridge a financing gap caused by the turmoil in the European banking industry. Maritime Finance will be funded with $580 million in equity capital, of which 45 percent has come from KKR and its various entities. The new entity will be headed by Helios Advisors partners Kristan Bodden and Gabriel Tolchinsky. KKR also said it was buying a stake in RigNet Inc from investment firm Cubera, making it the company's largest shareholder.

Islamic equity and venture capital products have attracted little demand in India and NBFCs could face the same fate, said Nisar. "NBFC business overall has been declining over the years." The RBI issued guidelines for NBFCs in June, cracking down on debt issuance by an industry that relies heavily on capital markets to fund its business but has faced less regulatory oversight than banks. According to central bank data, credit extended to NBFCs increased by 1.9 percent from a year earlier in June, compared with an increase of 43.9 percent in June last year. There are over 12,000 registered NBFCs in India.

KKR enters maritime finance

but I digress.) Mr. Mian also points out in his article that the Finance sector has reclaimed its leadership role in the S&P 500, as it now contributes a higher percentage of earnings than any other sector for the first time since the financial crisis. Finance is expected to account for 19.2% of total S&P 500 earnings in 2013 compared to Technology's 18%. So does the lack of earnings growth outside of Finance concern you?

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