Indian-Economy

RBI Guidelines for Licensing of New Banks in the Private Sector


Nod for transit-oriented development projects

UTTIPEC, a division of DDA kick-started its efforts to develop a vision and strategy to ensure successful implementation of its ambitious plans for a mass-rapid transport system in the Capital. TOD system would hinge on building a transport system friendly to walkers, cyclists and women, and would make public transport the first choice of travel for all sections of society.


Merger of Bharat Heavy Plate & Vessels Limited with BHEL

The Union Cabinet today gave its approval for merger of Bharat Heavy Plate & Vessels Ltd. (BHPV) Vishakhapatnam with Bharat Heavy Electricals Limited (BHEL), New Delhi. The merger will facilitate BHPV to become a unit of BHEL. BHPV would be able to participate in tenders, obtain orders and attract best vendors for procuring materials / capital goods.


Bihar records 11.95% growth, highest among states

Bihar is improving ... see how !


Seeking to slash fiscal deficit, govt cancels Rs 12,000 cr bond issue

The government today cancelled Rs 12,000 crore bond auctions, lowering its market borrowing programme for the current financial year in its bid to contain the fiscal deficit at 5.3 per cent.


India, Abu Dhabi to sign investment protection pact

India and UAE have in-principle agreed to ink Bilateral Investment Promotion and Protection Agreement to boost the two-way trade, and allocate USD 2 billion for investments in infrastructure projects and in establishing strategic oil reserve in the South Asian nation in the inaugural meeting of the UAE-India High Level Task Force on Investments.


Parle-G becomes India's first homegrown Rs 5K crore FMCG brand

Parle G became India's firt Fast Moving Consumer Good (FMCG) brand to cross Rs. 5000 Cr mark in retail sales in a year. It was started in 1939 and has since adhered to its policy of providing best quality biscuits at affordable prices to the Indian masses.


Priority sector lending to minorities crosses 15% mark

Priority sector lending by public sector banks to minorities has risen from 10.6 per cent in 2007-08 to 15.01 per cent in 2012-13 (as on September 30, 2012), according to the Ministry of Minority Affairs. A total of Rs 1,71,960.71 crore was lent to minorities, as on September 30, 2012, an official release said here on Tuesday.


Rajiv Gandhi Equity Savings Scheme to be launched by P Chidambaram

Finance Minister P Chidambaram will launch the much-awaited Rajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai tomorrow, a move likely to encourage new investors to put their money in the stock market.


MCX-SX begins trading with low volumes on day 1

The country's new stock exchange MCX-SX started trading shares on Monday with thin volumes even as it takes up a huge challenge to build liquidity and garner market share against two existing players National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).


GAIL signs MoU with EDF

GAIL (India), has a MoU with London based EDF Trading to jointly acquire and develop upstream oil and gas assets in North America and to partner in trading and optimisation of U.S. gas and LNG.


Cabinet nod for raising Nabard’s authorised capital to Rs 20,000 cr

The National Bank for Agriculture and Rural Development (NABARD) will be able to increase its authorised capital four-fold to Rs 20,000 crore from Rs 5,000 crore after amendments are made to the NABARD Act, 1981.The amendment also proposes change of ownership, that is, transfer of the remaining share capital of 1 per cent shares of Nabard from the Reserve Bank of India to the Central Government to increase public accountability.


NTPC signs $250-m loan pact with SBI, Japanese bank

NTPC has signed a term-loan agreement for $250 million (approximately Rs 1,327 crore) with the New York branch of State Bank of India and Singapore branch of Mizuho Corporate Bank as lead arrangers and lenders. The loan agreement was signed on January 29. The loan carries a floating rate of interest linked to LIBOR and has a door-to-door maturity of seven years.


Rashtriya Bal Swasthya Karyakram

Rashtriya Bal Swasthya Karyakram (RBSK) — an initiative of Child Health Screening and early intervention service was launched at Palghar in Maharashtra’s Thane district. As the thrust was on bolstering healthcare in remote areas, Palghar, a predominantly tribal belt, was chosen by the UPA government for launching the Rs. 130-crore RBSK under the NHRM.


BHEL, GAIL get Maharatna status

Maharatna scheme is aimed at giving enhanced powers to the boards of identified large-sized Navratna Central Public Sector Enterprises (CPSEs) so as to facilitate expansion of their operations, both in domestic as well as global markets, an official release said.


Govt gives ‘in-principle’ nod for coal pool pricing

The Cabinet Committee of Economic Affairs (CCEA) on Tuesday gave an ‘in-principle’ nod for the coal pool pricing mechanism.


30 software companies break away from Nasscom

The association, called the Indian Software Product Industry Round Table, or iSpirt, has been formed with the vision that India now has the basic building blocks to develop a powerful software product industry that can help transform India, as also deliver invaluable solutions to the rest of the world


Two Haryana districts get benefit of new Central scheme

Haryana on Friday launched the Direct Benefits Transfer scheme in two districts, Ambala and Sonepat, transferring cash subsidies to beneficiary accounts for seven Central schemes. The scheme would be launched across the State from April 1 after its implementation in these two districts and reviewing their performance.


CST issue resolved, paves way for GST

The Centre and states have resolved the contentious issue of CST compensation with the states agreeing for a lower payment of Rs 34,000 crore for three years 2010-11, 2011-12 and 2012-13 for phasing out the Central Sales Tax, a precondition for rollout of the Goods and Services Tax (GST).


‘eBiz’ portal launched to service all business needs

The Government today launched an online portal ‘eBiz’, developed under a public private partnership (PPP) model, by IT major Infosys, to provide one-stop clearance platform for investment proposals. This Mission Mode Project will mark a paradigm shift in the government’s approach to provide government-to-business (G2B) services for India’s investor and business communities.