Coal production registers 11% growth in August: Ministry of Coal

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State-owned Coal India has produced 31.67 million tonnes in the month of August, 2013 registering a growth of about 11 per cent over the corresponding period of the previous year, Union Minister of Coal, Sriprakash Jaiswal informed Parliament. He said that in spite of various constraints, during the period April-august, 2013, the cumulative coal produ

Moody's downgrades 11 Indian banks' subdebt ratings on increased bail-in risk

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Moody's Investors Service announced today that it has downgraded the subordinated debt (subdebt) and junior subordinated debt ratings of 11 Indian banks-- eight public sector banks and three private sector banks. The move came on the backdrop of increasing international trend of imposing losses on holders of subdebt securities (creditor "bail

Analysts expect RBI’s swap window to help banks raise up to $10-bn from NRIs

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The move to offer a special concessional window to banks for attracting foreign currency non-resident FCNR (B) deposits might help raise up to USD 10 billion from Indians abroad, said Bank of America-Merrill Lynch, as per a Reuters report. The report cited BofA-ML analysts as saying that the move will provide banks with a spread of around 250 basis po

Banks need not get RBI nod for opening new branches: Raghuram Rajan

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The newly appointed Governor of Reserve Bank of India said that the banks will soon no longer need the RBI's permission to open branches, said the media report. "No longer will a well-run scheduled domestic commercial bank have to approach the RBI for permission to open a branch," RBI, Governor, Raghuram Rajan, said in the media. Moreove

Insurance Bill to be taken up in winter session of Parliament: P Chidambaram

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Finance Minister P Chidambaram said the Insurance Laws (Amendment) Bill, which seeks to raise the foreign equity cap in the sector to 49 per cent, will be taken up in the winter session of Parliament, reported PTI. Speaking to the reporters, Chidambaram said that the government has agreed to a suggestion by opposition parties to take up the insurance

Salman Khurshid bats for providing energy at affordable prices

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The Minister for External Affairs Salman Khurshid has said the government is committed to ensuring energy equity by striking the right balance between energy security and making available energy supplies to all at affordable prices. Inaugurating the 3rd National Conference on Energy Security, organised jointly by FICCI and the Ministry of External Aff

RBI relaxes overseas investment curbs

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The Reserve Bank of India (RBI) on Wednesday relaxed some of the overseas investment curbs imposed earlier to stem rupee’s slide. RBI said companies raising funds through ECB route can invest up to 400 per cent of their net worth in foreign countries without seeking prior approval of the central bank.

This limit was reduced to 100 per

Cabinet approves setting up of autonomous institution for R&D in solar energy technologies

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The Ministry of New and Renewable Energy on Tuesday said the Union Cabinet has approved the proposal for setting up of an autonomous "National Institute of Solar Energy" (NISE) to assist the Ministry and function as the apex national centre for research and technology development and related activities in the area of solar energy technologie

India and Japan to strengthen cooperation in tourism sector: Ministry of Tourism

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The Ministry of Tourism on Tuesday said Asian duos India and Japan have pledged to strengthen cooperation in the tourism sector and have agreed to move further on signing an agreement to promote bilateral tourism relations. This was decided at a meeting between the visiting Japanese Senior Vice Minister of Land, Infrastructure, Transport and Tourism,

Govt invites bid for operation, management and transfer of six airports through PPP

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Following the Inter-Ministerial Task Force recommendations for Operation, management and development of select airports on Public Private Partnership (PPP) basis, the government of India has raised the bid for selection of the prospective bidders for Chennai and Lucknow Airports. “The requests for qualification for these two airports are invited

Do not include failed ATM transactions in profit and loss accounts: RBI to banks

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The Reserve Bank of India on said failed ATM transaction amounts represent unclaimed balances and directed banks not to include them in their profit and loss accounts, reported PTI. The RBI said it was brought to its notice that some banks were transferring credit balances pending reconciliation due to failed cash retraction, sensor failure and techni

Adopt simple procedure for settlement claim of a deceased depositor: RBI

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The Reserve Bank has directed banks to adopt a simple procedure for hassle-free settlement of claims of a deceased depositor, reported PTI. "We have been receiving feedback from public that banks are not following the simplified procedure as advised...Banks are therefore, advised once again that they should strictly comply with the instruc

Indian Railways to develop fuel efficient CREDI system

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In order to alleviate the effect of rising fuel prices and increasing pollution from transport sector, Research Development Standard Organisation (RDSO), the research wing of Indian Railways is in the process of developing a highly fuel efficient, Common Rail Electronic Direct Fuel Injection (CREDI) system for its fleet of diesel locomotives, Ministry

DBS India plans to focus on deposits, SMEs: Media Report

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In a bid to protect the asset quality and cope with the economic slowdown, DBS Bank India has planned to focus on deposits, SMEs, said Business Standard. The Bank would also step up action on the retail liabilities (deposits) front and emphasise on the small and medium enterprises segment to garner business through cash management, foreign exchange ma

RBI allows new banks to revise base rate methodology within a year of commencement

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The applicants soon to get banking license will be allowed to alter their base rates methodology within a year from the date of commencement of their business operations in India, Reserve Bank of India said.

“Banks that will commence their banking business in India after September 2 will be allowed to revise their Base Rate methodolog

No proposal to put time schedule restrictions on petrol pump operations: Petroleum Ministry

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The Ministry of Petroleum and Natural Gas has clarified that there is no proposal under consideration of the government to allow sale of petroleum products from the retail outlets only during certain hours. The Ministry has denied the media reports in this regard which had stated that petrol pumps may be ordered to shut operations between 8.00 pm and

R&D now mandatory “non- financial parameter” for CPSEs: Praful Patel

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The Minister of Heavy Industries & Public Enterprises, Praful Patel has said Research & Development (R&D) in Central Public Sector Enterprises (CPSEs) is now a mandatory “non- financial parameter” of performance of the companies. The ministry has taken this step for promoting R&D in CPSEs has also fixed R & D target alo

Govt plans to invest $120 bn on development of airports infrastructure

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The government is planning to invest over USD 120 billion in the development of airports infrastructure (construction of new airports, expansion and modernization of existing airports) & development of low cost airports all across the country, said K.N. Srivastava, Secretary, Ministry of Civil Aviation. “The government has taken significant

Vodafone likely to award $200 mn contract to NSN

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In a bid to upgrade its 2G and 3G networks, the Indian arm of Vodafone Group is likely to award a nearly $200-million contract to Finland's Nokia Solutions and Networks (NSN), said Economic Times. According to the reports, the deal will involve supply of higher capacity base stations, switches and core network systems by NSN for both 2G and

Govt to set up 50 new low-cost airports by this year: Secretary, Civil Aviation

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In a bid to give boost to civil aviation sector and increase air connectivity to Tier-II and Tier-III cities, the government has decided to set up 50 new low-cost airports this year and 50 more next year, said K.N. Srivastava, Secretary, Ministry of Civil Aviation. Speaking at a conference organized by ASSOCHAM, Srivastava said, “The state-owned

16 PSU banks fails to meet FY 13 target of priority sector lending

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According to the report of Reserve Bank of India, about 16 public sector banks and 10 private sector banks could not meet their lending targets to priority sector in the year 2012-13, said the media report. The priority sectors under the target included, agriculture, micro and small enterprises (MSEs), education and housing among others.

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Rupee recovers on back of Reserve Bank Of India intervention

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The Indian currency extended the gains for the second day on Friday on back of suspected intervention of the Reserve Bank of India (RBI) in the currency market. After recording the sharp gains of over 3 per cent on Thursday, the rupee gained 1.35 per cent to close at 65.71 on Friday. However, despite the gains of last two days, the rupee recorded the

Bank NPAs to come down as stalled projects come on stream: PM

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With the Indian banking sector grappling with rising bad loans, the Prime Minister Manmohan Singh on Friday said that this has mainly been because of the liquidity problem in system as many projects were stalled. Singh said stalled projects hindered the debt servicing capability of borrowers who, however, will definitely repay their loans once their p

FICCI releases 12 point ‘Manufacturing Mandate’ to create job

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Expressing concerned over the slowdown in growth and employment in manufacturing, FICCI, President, Naina Lal Kidwai on Thursday unveiled its twelve point ‘Manufacturing Mandate’ with a focus on job creation and skill development. Kidwai urged the government that the magnitude of the task ahead of us is enormous and we need to prioritise p

Corporate-run banks can serve economy better says D Subbarao

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The outgoing Governor D Subbarao , shielding the decision to allow corporates to enter the banking fray said that it will serve the economy better by entering the field. "Of course, there are pros and cons of that (granting bank licences to corporates), but after weighing on the pros and cons, we determined that the economy will be better served