In order to ensure competitiveness in the banking sector, there is a need to adopt a 'continuous authorisation' policy, Reserve Bank of India (RBI) said in a research paper. The paper calls for reviewing the current 'Stop and Go' licensing policy and adopt a 'continuous authorisation' policy as continuous authorisation keeps the competitive pres
Author: admin (Infratructure Today)
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Srei Infra hikes base lending rate to 18%
Considering the rise in the cost of funds for the infrastructure sector, Srei Infrastructure Finance raised benchmark lending rate by 50 basis points. Thus, the new benchmark rate stands at 18 percent per annum effective from Sept. 1, 2013 compared to the earlier rate of 17.50 percent
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Jharkhand gets RBI license for co-op bank
The Reserve Bank of India (RBI) has permitted Jharkhand government to have its cooperative bank, 'Jharkhand State Co-operative Bank' after the State's 12 year struggle. RBI handed over the license for setting up the cooperative bank to the State Cooperative Minister Haji Hussain on August 26 in Ranchi, the state's capital.
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Kotak Mahindra Bank to open 100 more branches
In this fiscal, Kotak Mahindra Bank (KMB) will add 100 branches in the country to its already functioning 450 branches, said Virat Diwanji, Executive vice-president and Head, Branch Banking of KMB. He was launching the bank's specially designed savings bank account for children, 'Kotak Junior', in Coimbatore on August 28. The SB account is meant to encourage children to save smartly from an early age, he added.
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NAINA people look for Cidco development works
Seven months back, the Maharashtra government appointed City and Industrial Development Corporation (Cidco) as the special planning authority for villages coming under Navi Mumbai Airport Influence Notified Area (NAINA). Since the Cidco was appointed as the special authority, residents in the area are are facing lot of problems as the local self-governing bodies are not paying attention to their civic problems.
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Board asks Bhushan Steel to comply with norms
The Odisha State Pollution Control Board (SPCB) asked
Bhushan Steel to comply with environmental norms in order to avoid closure of its 3.1 million tonne per annum steel plant in Dhenkanal district. Earlier, the board found that the company failed in the management of the process effluent and surface runoff gene
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PM tells Moily to cut oil import bill by $25 bn
The Union Oil Minister Marpadi Veerappa Moily on August 27 said that to reduce the current account deficit (CAD), the Prime Minister Manmohan Singh has sought $25 billion cut in oil import bill. India is renewing imports of the fuel from Iran as unlike imports from other countries. It pays the Persian Gulf nation in rupees. India paid about $170 billion last fiscal for importing oil.
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Pak has record gas, oil reserves: EIA
Media reports, quoting US Energy Information Administration (EIA), say that Pakistan has untapped shale gas reserves of about 105 trillion cubic feet (TCF) and over nine billion barrels of oil. Pakistan currently produces about 4.2 billion cubic feet of gas and about 70,000 barrels of oil a day. The estimates by EIA are greater than Pakistan's proved hydrocarbon reserves of 24 TCF for gas and about 300 million barrels of oil, the media reports said.
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RBI to sell dollars directly to OMCs to aid falling rupee
To save the falling rupee, the Reserve Bank of India (RBI) will sell dollars to the government-owned oil marketing companies (OMCs) in the counry, said the RBI on August 28. Through a designated bank, the RBI will, with immediate effect, is to sell dollars to Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp.
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OSL gets 20% revenue from dredging
Marine service provider Ocean Sparkle (OSL) generates 20 percent of its revenue through dredging operation and another 45-50 percent of income from operations at minor ports. The Hyderabad-based firm provides services like harbour towage, pilotage of various kinds of vessels including specialised tonnage like LNG (liquefied natural gas)