Reserve Bank Deputy Governor KC Chakrabarty said asked banks to adopt a system to identify violations in know your customer (KYC) norms and rectify it immediately. Chakrabarty said this in the context of the recent Cobrapost expose, which claimed that almost
Author: admin (Infratructure Today)
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44% CEOs affirm increase in domestic investment: CII survey
In a survey conducted by the Confederation of Indian Industry (CII), over 44 per cent of the CEOs affirmed an increase in their domestic investment during the current financial year. 37 per cent of respondents in the survey did not see a decline in their investment level in the current year.While 50 per cent did not predict any change in their foreign investment, 37 per cent saw it increasing during the current financial year. The survey was cond
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Minister invites US firms to invest in India
Union Commerce and Industry Minister Anand Sharma requested US companies to look at India as a long-term business and investment opportunity. The minister said this at an investor meet organised by CII and the US India Business Council (USIBC) during his four-day visit to the world's largest economy
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India receives 25% more FDI in April
Data compiled by the Department of Industrial Policy and Promotion (DIPP) shows 25 per cent year-on-year growth in foreign direct investment (FDI) into India in April at $2.32 billion. In April 2012, the country received FDI worth $1.85 billion. FDI in April 2013 is said to be the highest level in the past six months. In September, 2012, foreign inflows were $4.67 billion
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Loss of Tata Steel Europe rises to 1.2 bn pounds
Loss of Tata Steel Europe, Britain's largest steel producer, rose to 1.2 billion pounds during 2012-13 from 846 million pounds the previous year. Owing to poor market condition in the second half of the year, the firm witnessed 14 per cent decline in revenues to 8.7 billion pounds. Decline in steel prices, muted demand and competition from cheap imports are affecting the finan
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RIL denied approval for $3.5 bn development plan
Owing to the absence of Drill Stem Tests (DSTs) to confirm the finds, the Directorate General of Hydrocarbons (DGH) refused to take forward the development plan of Reliance Industries' (RIL) in block NEC-25. RIL failed to conduct the above tests to confirm discovery in the NEC-25 block, off the Odisha coast. The firm made discoveries in D-32, D-40, D-9 and D-10 in the Block NEC-OSN-97/2 (NEC-25) and it sub
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Mizoram govt encourages firms to explore oil
Mizoram government is encouraging oil and gas companies in India to to explore and produce oil in areas which are rich in crude oil deposit in the state. Experts and some oil firms claim that the state is home to a rich deposit of crude oil. According to, Dr Lallenmawia, a geologist from Mizoram, the state falls under category number one or 'proven commercial productivity zone' which roughly estimates there could be ab
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GEECL against inclusion of CBM in new pricing regime
Great Eastern Energy Corp (GEECL) took objection to the government's move to bring all forms of natural gas under the pricing regime suggested by the Rangarajan committee formula and approved by the cabinet recently. This essentially means that the coal bed methane (CBM) gas produced from coal seams would also come under the pricing formula suggested by the Rangarajan com
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OMCs raise petrol price 4th time in 6 wks
On the backdrop of the depreciation of rupee against dollar, state-run oil marketing companies (OMCs) raised the price of petrol by a steep Rs 1.55 a litre, excluding local sales tax or VAT. According to the traditional price revision cycle, the change in the petrol price should be effective from July 16. But it was raised a day earlier. The hike, which is the fourth time in six weeks, comes as the falling value of rupee against the dollar incre
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GGL, VMC form JV for city gas distribution
GAIL Gas (GGL) and Vadodara Municipal Corporation (VMC) formed a join venture company which aims to double the number of piped natural gas (PNG) connections in the city in four years. The civic body and the gas distribution firm finalised the joint venture agreement recently and signed a share