Oil Ministry proposes to double gas price to $ 8-8.5 per mmBtu

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The oil ministry has moved a note to Cabinet for nearly doubling the price of natural gas produced by state-run Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) to USD 8-8.5 per million British thermal unit in the current year. In addition, the oil ministry, in its note, has also proposed to double the gas price produced by Reliance Indu

Sluggish deposit growth continues

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Raising concerns over the rising gap between credit and deposits growth, a data from RBI showed that Indian banks managed to raise just Rs 61,000 crore in deposits during the latest fortnight ended January 11, well below the target. Signalling that the banks may miss the deposit growth target for this fiscal, the data showed that deposits grew at 13.2

RBI may revise credit growth target for current fiscal amid sluggish demand

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The Reserve Bank of India (RBI) might revise its projected credit growth for the current fiscal year as growth stood at less-than-half of the target during first nine months of 2012-13. RBI data showed that credit grew at just 7 per cent during April-December 2012 period as against 16 per cent growth projected for the whole financial year.

SEBI introduces new norms for investment advisors

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Market regulator Securities and Exchange Board of India (SEBI) has mandated the investment advisors to register with the capital market regulator and also disclose all issues that could result in conflict of interests, among others. In a bid to bring transparency in the process, the regulator further mentioned that investment advisers,

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Indian insurers to inject Rs 10,100 cr in IT services in 2013: Reports

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Indian IT services industry might have received a lukewarm response from the global market, but domestic market is not going to disappoint it. IT industry may see a surge in fund inflows of around Rs 10,100 crore in 2013 from the Indian insurance companies to meet their IT requirements. According to a market research report, the insurance industry wil

OMCs concerned over bulk diesel buyers flocking to retail outlets: Report

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Soon after the government allowed oil marketing companies (OMCs) to supply diesel to bulk buyers at market-determined rates, the suppliers have expressed concern that the move has prompted such consumers to flock to retail outlets, said a media report. The three public sector OMCs — Indian Oil Corporation, Bharat Petroleum Corporation and Hindus

RBI asks banks to charge pre-payment penalty only on outstanding loan amount

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The Reserve Bank of India, on Tuesday, asked banks to charge pre-payment penalty only on the outstanding loan amount and not on the entire value of loans, so as to help borrowers save some amounts in case they were to prepay a fixed rate loan. In its report titled ‘Feasibility of Introducing more Long-Term Fixed Rate Loan Products by Banks&rsquo

India Ratings affirms “stable” outlook for India’s banking sector

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Going against the tide, India Ratings has given the “stable” outlook for the country’s banking sector, but added that the lenders could face funding issues which will make passing on of lower interest rates untenable. According to Ananda Bhoumik, India Ratings Senior Director, the funding issue will arise from the asset liability mis

NBFC to witness slow 17% growth in retail credit: Icra

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Credit rating agency, Icra has said NBFCs are expected to witness slow growth at around 17 per cent in retail credit in the ongoing financial year. In a report, Icra said, “Non-banking finance companies are likely to witness a slowdown in their FY13 growth due to lower growth in the key segments they operate in....In light of significant slowdow

Govt brings out guidelines for 2nd round of spectrum auction

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Guidelines for the second round of spectrum auctions were issued by the government without mentioning the timeline for auction and related dates. The auction, which is expected to fetch Rs 45,000 crore to exchequer, will involve unsold GSM spectrum in 1800 Mhz band and airwaves held by telecom licences in 900 Mhz band that is coming for renewal starti

China targets more shale gas tenders

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China is stepping up efforts targeted at exploration of shale gas to meet rising energy demand in the world’s second biggest economy. The Chinese government is aiming to offer more shale gas blocks for the purpose of exploration, Peng Qiming, director of the geological exploration department at the Ministry of Land and Resources said on Monday.

Diesel price hike will help OMCs trim their under-recovery: Moody’s

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Moody’s Investors Service, on Monday, said that the move to partially decontrol diesel prices by the government will help Oil Marketing Companies (OMCs) trim their under-recoveries and recover Rs 9.6 per litre loss on the sale of diesel over a period of time. “We view this partial freeing up of diesel prices as a positive step for BPCL and

Indian banks may fall short of up to $4 bn if RBI implements Basel-3 norms immediately: S&P

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Rating agency Standard & Poor’s has said that Indian banks could face shortfall of USD 3-4 billion in maintaining a common equity Tier-I capital ratio of eight per cent, if Reserve Bank of India (RBI) implements the Basel-3 norms immediately. Moreover, S&P also said that Indian and Chinese banks may also find it tough to raise funds for

SC to hear plea of telecom companies over mobile phone tower issue

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The Supreme Court has agreed to hear the plea of telecom companies who were directed by the Rajasthan High Court's order to remove all mobile phone towers which are suspected to have potential health hazards due to radiation. A bench of justices H L Dattu and Ranjan Gogoi issued notice to Rajasthan government and the petitioner on whose plea the

IKEA gets FIPB clearance for Rs 10,000-cr investment proposal

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Foreign Investment Promotion Board (FIPB), the nodal agency for approving FDI proposal, has cleared Rs 10,000 crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias. The proposal, as per media reports, will now be placed before the Cabinet Committee on Economic Affairs (CCEA) for final approval

HAL to play lead role in MMRCA project: Defence Ministry

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Hindustan Aeronautics Ltd would play a lead role in Medium Multi-Role Combat Aircraft (MMRCA) project for producing 108 multi-role combat aircrafts (MMRCA) in the country, the Defence Ministry said today. Speaking at the Aero India 2013 press conference, R K Mathur, Secretary (Defence Production) said, “The role of HAL is already defined in the

FinMin pitches for allowing real estate, brokers to set up banks

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The Finance Ministry has said that Reserve Bank of India (RBI) should drop the proposed ban on real estate companies and broking firms from acquiring bank licences, adding that there would be adequate safeguards to prevent exposure of promoters to related entities, a media report said. As regards the concern of RBI, even the vendor and large customers

Govt to auction 700 band in any case by 2014: Kapil Sibal

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Gearing up for offering high-speed data and voice call services, the government today said that it will auction spectrum in 700 Mhz in 2014. The 700-Mhz spectrum band, which ranges from 698 Mhz to 806 Mhz, is used to provide high-speed Internet services through 4-G technologies. Speaking at the inaugural of country’s first lab for measuring spe

Railway passenger fare hike becomes effective from Monday

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The hike in passenger rail fare announced by Railway Minister Pawan Kumar Bansal on January 8 has come into effect from Monday. The development is estimated to mop up an additional Rs 6,600 crore annually for the government. The hike was announced following the consecutive losses incurred by the sector. Prior to the hike, the losses were estimated to

Mineral ore production slips 0.7% in Nov’12

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With the total production at Rs 17,004 crore, the index of mineral production of mining and quarrying sector in November 2012 recorded a marginal decrease of 0.7 per cent over the preceding month, said the data released by the government. The contribution of petroleum (crude) was the highest at Rs 5673 crore (33%). However, the production growth was r

Delhi govt raises LPG cylinders cap to 12 per year for BPL families

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Giving more relief to the below poverty line families in Delhi, the state government has raised the cap on LPG cylinders from 9 to 12. The advantage would be available to BPL, Antyodya and JRC card holders. The development comes following Union government raising the cap on subsidised domestic cooking gas from the existing six cylinders to nine in a f

Ministry seeks tax incentives for affordable housing developers

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The housing ministry has already placed its wish-list before the finance ministry as the latter seeks suggestions from various industries and stakeholders for chalking out the next Union Budget. According to media reports, the housing ministry has sought tax incentives for developers of affordable housing projects along with a year’s extension o

Govt. expects to earn Rs 9497-cr from sale of CDMA spectrum

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The government is all set to bag Rs 9497.15 crore from auctioning the CDMA spectrum in the second round set to begin in March, and a onetime fee on airwaves held by the existing telecom operators. According to the reports, the total proceeds from the sale of spectrum include Rs 6,463.95 crore from auction directly and Rs 3,033.20 crore from one-time s

CII seeks important steps for infrastructure sector in upcoming Budget

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Seeking attention towards the infrastructure sector, the industry body, Confederation of Indian Industry (CII) has urged the Finance Ministry to take some urgent steps regarding sector in the forthcoming budget. “Given that the 12th Plan envisages an investment of USD 970 billion in infrastructure, nearly half of which is to come from the privat

Banking sector demonstrates signs of instability owing to rising NPAs: RBI

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Reserve Bank of India (RBI), in its working paper has said that the banking sector has shown signs of moderate rise in instability due to increase in non-performing assets (NPAs). “The movements in the banking stability indicator...that there are symptoms of a moderate rise in instability of the banking sector in recent periods perhaps due to th