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State DRT settles 81 MUMBAI, Oct 4: Dena Bank with a total of Rs 12.88 crore, has topped the list of public sector banks in recovering debts at the first-ever ‘Lok Adalat’ .....more Recommendations
PATNA, Oct 4: The working group, appointed by the centre to review the progress in dispensation of rural credit through Regional Rural Banks.....more Record
profit for NEW DELHI, Oct 4: Handicrafts and Handlooms Exports Corporation of India (HHEC) today said it has achieved an all-time profit of Rs 6.03 crore on . ......more IDBI
approaches Tata, MUMBAI, Oct 4: Leading financial institution Industrial Development Bank of India (IDBI), which has huge exposure in Dabhol Power .....more |
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Directory on IT industry BANGALORE, Oct 4: City Info Services, a leading database management company, would launch a comprehensive directory on information .....more Naik meets FM on dismantling of oil APM NEW DELHI, Oct 4: Petroleum Minister Ram Naik and Finance Minister Yashwant Sinha today opened another round of discussion on measures for ......more Set
common PPA norms, HYDERABAD, Oct 4: Andhra Pradesh Chief Minister N Chandrababu Naidu today urged the Centre to set common standard on Power Purchase .......more Centre
to announce BANGALORE, Oct 4: The Union Government will this week announce the measures to boost the sagging Indian exports, hit further by the September ....more |
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Recommendations for effective regional rural banks PATNA, Oct 4: The working group, appointed by the centre to review the progress in dispensation of rural credit through Regional Rural Banks (RRBs), has completed major part of its assignment and is likely to submit its recommendations by the set deadline of October 31. The nine member group is expected to make detailed recommendations in regard to legal, regulatory, supervisory, institutional and technological acpects.For making RRBs more effective instruments for development and growth of rural household and economy, RRB sources said here today. The group was formed on July 12 by an order from RRB Section in the banking division of the Department of Economic Affairs under the Ministry of Finance. The Government notification to constitute the group had noted that although RRBs had become an integral part of rural credit delivery system and made significant strides in mobilising rural savings, they had limited success in ploughing back the savings of rural society and providing total banking services to their clientele. Employees of rural banks under the banner of All India Gramin Bank Employees’ Association (AIGBEA) also shared the anxiety of the Government to improve the functioning of RRBs for rural development, a memorandum to this effect was submitted to chairman of the working group enlisting 14 points as major impediments hindering the growth of rural banks. On the functioning of RRBs, AIGBEA observed that management, evaluation, monitoring and administration continued to be vested with the sponsoring banks which were having their own branches in rural areas. This has given rise to certain anomalies, dual financing and un-healthy competition and favouring of interest of sponsoring banks which own the management of RRBs, AIGBEA noted. The association while drawing attention of the authorities to several shortcomings in the way of achieving goals set for the RRBs. Appreciated efforts by the Government. In establishing RRBs as viable, vibrant, profitable and effective rural credit delivery institutions by way of extending concessions, subsidies and financial help through injection of recapitalisation of funds. Among the impediments pointed out by AIGBEA the low level of business with restricted clientele and lack of effective coordination between sponsored banks and RRBs was seen as the most important one. Lack of organisational ability, self reliance, proper training to personnel, their promotion and financial mismanagement were also responsible for poor performance of RRBs, the AIGBEA alleged. Distribution of loans under political pressure, nomination of politiciansby the Government to board of directors and political interference in recovery of loans has led to increase in overdue. Inadequate per branch per staff were also responsible for the poor state of affairs in RRBs, the AIGBEA observed. New technology, infrastructure, investment and orientation were required to fulfil the task assigned to RRBs like ensuring adequate credit coverage, reduction in regional disparity and promoting integrated development. Referring to the tendency of banks after introduction of economic reforms for yielding more profits involving lesser risks, AIGBEA cautioned that basic approach of the ninth five year plan would be defeated unless rural credit delivery system was strengthened. The ninth plan’s thrust areas are, priority to agriculture and rural development with a view to generating productive employment and eradication of poverty ensuring food and nutritional security to all, particularly the vulnerable sections of the society. (UNI) |
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Record profit for HHEC, declares 20 percent dividend NEW DELHI, Oct 4: Handicrafts and Handlooms Exports Corporation of India (HHEC) today said it has achieved an all-time profit of Rs 6.03 crore on a turnover of Rs 426 crore in the financial year 2000-01, registering a 50 per cent growth in net profits and 15.14 per cent increase in turnover over the previous year. At its 43rd annual general meeting here, the Board of Directors also approved and recommended dividend at 20 per cent to the Government on the paid-up share capital of the corporation amounting to Rs 2.36 crore as against seven per cent last year, a HHEC statement said here. "In times when the global economy is facing a recession, hhec is committed to put its best to maximise value and maitain stability for its stakeholders," K K Sinha, Chairman and MD of HHEC, said while declaring the results. (PTI) |
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IDBI approaches Tata, BSEs for DPC equity sell off MUMBAI, Oct 4: Leading financial institution Industrial Development Bank of India (IDBI), which has huge exposure in Dabhol Power Company’s (DPC) 2184-mw project, has approached power giants including Tata Power and BSEs Ltd to consider buying the DPC equity to resolve the issue. A joint meeting of power companies and the major lenders to the Dabhol Power Company, held here recently, explored the possibility of resolving the issue by asking private power companies to consider buying the DPC equity, subject to certain terms and conditions. However, the power companies said they would consider the deal provided the DPC scale down the selling price. When asked about the appointment of J M Financial and Ernst and Young as consultants to undertake a study of the DPC plant, the Tata Power spokesperson said, "it is an internal study, there is no question of appointment of the above firm because every thing is at the preliminary stage at the moment." Tata Power has indicated a preliminary interest in examining the project, provided the major issues are properly addressed and solution agreed to by the Government. The tata power would like to develop a solution that is beneficial to the consumers and stakeholders, the spokesperson added. (UNI) |
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Directory on IT industry in Karnataka BANGALORE, Oct 4: City Info Services, a leading database management company, would launch a comprehensive directory on information technology industry in Karnataka, "Karnataka IT info.Com", both in CD and print formats by this month-end, a top company official said. The company’s Managing Director, K P Shetty, said the directory would provide all important information regarding IT companies and IT-related establishments irrespective of their level of operation throughout karnataka. ‘It will be of immense help to the IT industry as a whole’, Shetty told reporters here last night. ‘The unique feature of this CD is that the companies can be located using geo-spatial techniques. The use of GIS technology helps finding out the exact location of the company’. The CD contains exhaustive information on Government IT policy, and the five-year-old company has plans to develop such CDs for all major IT hubs in India in the near future, he said. Shetty said the information would be regularly upadated, adding, the database management division would keep a tab on new arrivals and would offer its subscribers information on new upcoming companies, collaborations, MNCs, industries and new projects sanctioned by the Government, among others. In addition to Indian embassies abroad and trade councils, the product would be distributed commercially through distribution channels in the US, the UK, Europe, Japan and South East Asian countries, he said. (PTI) |
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Naik meets FM on dismantling of oil APM NEW DELHI, Oct 4: Petroleum Minister Ram Naik and Finance Minister Yashwant Sinha today opened another round of discussion on measures for dismantling administered pricing mechanism in the oil sector by March next year. When contacted Naik told PTI "we are beginning talks on various aspects. Decisions will be taken in due course." He, however, declined to go into specific proposals. The two ministers had earlier met on September 22 after which Naik had said "countdown for APM dismantling has started" while Sinha had emphasised on the need for a relook on the recommendations relating to duty changes for the purpose. Naik had earlier written to Sinha to consider rolling back the duties to pre-budget level as part of efforts to bring down the oil pool deficit, estimated to touch Rs 14,500 crore during the current financial year. Two ministers, accompanied by their respective secretaries are believed to have discussed the issuance of bonds to wipe out oil pool deficit by the end of the current financial year. Sources said that discussions are now on the extent of bonds that could be issued with the backing of the Finance Minister. As per the cabinet decision of 1998, all the petro products have to be freed from price control while retaining 33 per cent subsidy on kerosene and 15 per cent on cooking gas which will be transferred from pool account to general budget from next fiscal. Presently petrol, diesel, LPG and kerosene are under the apm while all other products have been freed from price control. (PTI) |
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Set common PPA norms, Naidu urges Centre HYDERABAD, Oct 4: Andhra Pradesh Chief Minister N Chandrababu Naidu today urged the Centre to set common standard on Power Purchase Agreements (PPAs), to be followed by states in the case of private thermal power generation. Inaugurating the two-day technology summit and technology platform 2001-02, organised here by the Confederation of Indian Industries, he said such a step would expedite the PPA finalisation process with private power-generating agencies. The Chief Minister recalled that he himself had been asking the Central Government on ways to finalise some PPAs to augument the power generation capacity in the state. He asserted that use of information technology could help tackle corruption and inefficiency within the Government, as the menace arose essentially out of Government monopoly, prevalent in certain services. The situation could be overcome systematically using it. Mr Naidu said it was because of this reason that the Government had launched e-seva, facilitating the ordinary citizen to interact with an agency that offers single window to all Government information and services. The Telgu Desam Government would like to concentrate on technologies like IT, biotechnology and pharmaceuticals in making the state an important player in the knowledge economy, he added. Mr Naidu said the advancement of it in the state telemedicine has helped specialist doctors in the city provide expert advice to patients living in remote villages and towns. The Government was currently engaged in a telemedicine pilot that would provide linkage between Government hospitals and some of the best corporate hospitals in the state. He said the state was well-positioned to take advantage of the enormous potential in the field of biotechnology as it had a large industry base. Biotechnology has been identified as one of the engines of growth in the Vision 2020 document. The Chief Minister said the Government, in association with the CII and TIFAC, had established the Andhra Pradesh Technology Development and Promotion Centre for help in the industry in the latest technologies. Former CII president J J Irani, who is Director of Tata Sons Limited, said in his keynote address that "knowledge and ideas is the new economy with globilisation and liberalisation. He said if India could put all its resources together, it could form a formidable team. "We must focus on indigenous relevant technologies and stop depending on foreign technologies which might not be useful to the conditions prevailing in the country," he said. (UNI) |
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Centre to announce measures to boost Indian exports BANGALORE, Oct 4: The Union Government will this week announce the measures to boost the sagging Indian exports, hit further by the September eleven terrorist attacks in the United States, Director General of Foreign Trade N L Lakhanpal said today. Already export credit had been reduced by the Reserve Bank of India and more measures would be announced within the next few days to enable the country’s exporters to remain competitive, he told newspersons here. The official said textiles, besides gems and jewellery, were the worst affected with a 14 per cent drop in exports during last month. The Indian exports had already been hit badly this year, registering a negative two per cent growth, he added. Asked whether the current year would be one of the worst years for Indian exports, the official said the Indian exporters have the resilience to recover and regain their position. Mr Lakhanpal, earlier, addressed an open house meet on EXIM policy here, organised by the Federation of Indian Export Organisations. Mr Lakhanpal said all efforts were being taken to ensure that India should achieved a level of one per cent of the global trade by 2004. This meant to increase the trade from the presents 45 billion dollars to 75 billion dollars by 2004. He said efforts were on to spread the export basket equally. Currently, 25 per cent of the total Indian exports went to the United States. Steps have been initiated to exploit the potentials in Latin America, confederation of independent states in Central Asia and Europe. Earlier, addressing exporters of Karnataka, he said the Centre was looking at Karnataka as a role model, to be followed by other states to enhance exports. The state would enhance the brand image of the country and all steps were being taken to that effect. Referring to the new EXIM policy planned for 2002-07, Mr Lakhanpal said there would be a paradigm shift in the Centre’s role to ensure that the necessary thrust to exports was given by the State Governments as well. Commenting about special economic zones set up in various parts of the country to promote exports, he said the units in such zones need not go through the Government route for their exports. Officials of the Karnataka Government, who spoke on the occasion, stressed the need for the centre to hold consultations with the State Governments also before finalising the EXIM policy as states would have a major role to play in the future. Additional Chief Secretary N Vishwanathan said the Centre should devolve three percentage of the total exports from the state to enable the states to improve the necessary infrastructure. The state had vast potential in enhancing tremendously the agricultural exports, he added. Director for Industries G Gurucharan said the state in consultation with various trade bodies would come out with an approach paper on the new EXIM policy. He also stressed the need for removal of various barriers in the existing policy and sought introduction of self certification. (UNI) |
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