Multiple LPG connections can now be surrendered online: Media Reports

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LPG consumers holding two or more gas connections would now be able to surrender their extra connections online by just providing some details on their respective company’s website, said the media reports. Once the online form is submitted by consumers, it would become responsibility of the LPG dealer to get the surrender formalities completed,

RBI cancels licence of Ghaziabad Urban Co-operative Bank

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The Reserve Bank of India (RBI), on Monday, said Ghaziabad Urban Co-operative Bank Ltd had ceased to be solvent and after failing to revive it with various efforts, it decided to cancel the licence of the bank on November 16, 2012. RBI highlighted that every depositor will be entitled to repayment of his/her deposits up to a monetary ceiling of Rs 1 l

RBI will intervene in forex market only to curb excessive volatility; no set target for rupee: Gokarn

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The Deputy governor of Reserve Bank of India (RBI) Subir Gokarn, on Monday, said that the central bank will stick to its policy of ‘non-interventionist’ in case of forex market and will intervene only to curb excessive volatillity in the exchange rate. Gokarn also said that RBI has not fixed any target or band for Indian currency, which re

Assocham asks for market based pricing policy for drugs

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The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has asked government to introduce market based pricing policy for drugs. Assocham said that such a policy would help promote investments in the sector leading to production of quality medicines. Assocham said, “Market-based pricing policy will encourage investment in quality a

FinMin directs PSU banks to restore investors’ confidence in them

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The finance ministry has finally spotted the root of problems being faced by Indian state-run banks which are tumbling on bourses, underperforming their private sector peers while facing the threat of rating downgrade. Media report said that the ministry has told PSBs to revive the investors’ confidence in them, by either hard-selling their grow

Moily approves proposal to hike OMCs’ financial contribution towards every free LPG connection in

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The Petroleum Minister Veerappa Moily has approved the proposal of Delhi Government to increase the financial contribution of oil PSUs towards every free LPG connection in Delhi, under the initiative called ‘Delhi Kerosene-free city’. As per the initiative, oil PSUs and Delhi government have agreed to provide free LPG connections to the po

Oil Ministry must decide whether to raise LPG cap

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The Finance Ministry on Sunday stressed that the decision to raise the limit on supply of subsidized Liquefied Petroleum Gas (LPG) rests with the Petroleum Ministry and it must bring forward such a proposal if it wishes. Some members within the Congress party have been calling for the increase in the cap of subsidized LPG cylinders. “Supply of)

Indian banks grappling with surging bad loans

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Non-performing assets (NPA) at Indian banks have risen sharply in the last few months as India Incorporation struggles to pay its financial dues on time amid a worsening slowdown in Asia’s third largest economy. For some domestic lenders, bad loans haven surged by as much as 85 per cent since the start of the fiscal 2012-13 amid record high leve

Failed 2G auction brings cheers to telecos’ shareholders

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Shares of the top four telecom companies rising over 7.5 per cent in just four trading sessions since November 12 when 2G auctions started, as compared to 2 per cent decline in benchmark index Sensex, indicates that telecom shareholders have gained impressive returns even as the government failed. Experts said that 2G auctions, which garnered Rs 9,407

M&As in banking sector may now need both RBI and CCI’s nod

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The merger and acquisitions (M&As) in the banking sector is set to get tougher as government may now make it compulsary to secure the approval of both fair market watchdog—the Competition Commission of India (CCI) and sectoral regulator--the Reserve Bank of India. A media report said that government may amend the CCI Act to make even volunta

DoT seeks legal opinion on entry fees refund to telecom operators issue

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The Department of Telecommunications has sought the Attorney General's opinion on the matter of giving back entry fee to telecom operators whose licences were cancelled by the Supreme Court, after an EGoM decided to adjust fees of only those companies who win spectrum in the auction. According to the media reports, DoT seeked an opinion on "w

FDI to help retail industry grow to $1.3bn by 2020

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Foreign Direct Investment (FDI) in retail could lead to an estimated 25 per cent growth over the next year in the organised retail and double its size to USD 1.3 trillion by 2020. On the other hand, country’s traditional retail industry is expected to grow only 5 per cent. R.V. Kanoria, president of the Federation of Indian Chambers of Commerce

Government ready to tweak FDI norms in aviation: Finance Minister P. Chidambaram

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Finance Minister P. Chidambaram has said that the government is ready to tweak FDI norms in the aviation sector if there are “willing buyers and willing sellers”. According to the reports, Chidambaram said, “What is there to tweak, we have allowed 49 per cent. Let us see whether there are potential investors. These are executive dec

DIPP clears IKEA’s Rs 10,500-cr investment proposal, application waiting FIPB approval

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The Department of Industrial Policy and Promotion (DIPP), which is under the Commerce and Industry Ministry, has given its nod to Swedish furniture major IKEA, which is looking to invest Rs 10,500 crore, the largest in single brand retailing, to set up stores in India. IKEA now need the approval of Foreign Investment Promotion Board (FIPB), said Comme

Banks set to hit bond market for funds on hopes of credit growth picking up pace in H2

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Indian banks, hoping to see credit growth picking up pace in the second half of the current financial year, are now planning to raise funds by privarte placement of corporate bonds, said a media report. The report said State-run lender Oriental Bank of Commerce (OBC) has been planning to issue lower tier-2 10-year bonds to raise Rs 1,200 crore next we

New bank licences may take 8-9 months after amendment in Act: Subbarao

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Just a day after finance minister P Chidambaram said government wanted Reserve Bank of India (RBI) to start the process of finalising guidelines and receiving applications from interested players in bnaking sector, the central bank governor D Subbarao has said that it would be allowed to do such things only after Act was amended. He stressed that RBI

Urgent need for cooperative banks to professionalise: D Subbarao, RBI Governor

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D Subbarao, Reserve Bank Governor questioned the credibility of cooperative banks and said that there was an urgent need to for such banks to professionalise their governance which would help the financial inclusion agenda. Speaking in an international seminar on cooperatives, Subbarao said, “Governance in cooperative banks lacks professionalism

Govt plans to conduct another 2G auction by March 31

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Not let down by the flop spectrum auction, the government is planning for another auction by March 31, said Telecom Minister Kapil Sibal. The forth coming auction would be held for the circles that remain unsold in the recent auction. “The "intent" is to have the auction of spectrum in four circles, including Delhi and Mumbai, before t

Irresponsible journalism can have serious consequences, but censorship is no answer: PM

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Supporting the notion of keeping media free and away from censorship, Prime Minister Manmohan Singh said censorship was no answer to irresponsible journalism, and favoured self regulation by media. "As a country, we believe in complete independence of the media from external control… It is true that sometimes irresponsible journalism can h

Govt extends deadline for filling LPG KYC form to Nov 30

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With the large amount of task remaining to attain the whole concept behind filling the Know Your Customer (KYC) form by LPG consumers, the government has extended the deadline by 15 days to month-end. “Considering the mammoth exercise, the deadline on the request of oil companies has now been extended till November 30,” said an oil indust

LPG cylinder prices up by Rs 11.50 in Delhi: Media Reports

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After government increased the commission for dealers in October, LPG gas in Delhi now costs at Rs 410.50 a cylinder, as against the previous cost of Rs 399 per cylinder. As a result, residents of the country’s capital would now have to bear an extra burden of Rs 11.50 on every subsidized LPG cylinder, said the media reports.

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Sebi allows mutual funds to participate in CDS transactions

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The market regulator Securities and Exchange Board of India (Sebi) has allowed mutual funds to participate in Credit Default Swap (CDS) transactions by investing in repo or short-term repurchase of forward contract of corporate debt securities having ratings of at least AA. CDS transactions are generally meant for hedging the risk associated with bond

Petrol prices cut by 95-paise per litre

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Indian oil and marketing companies today slashed the price of petrol by 95 paise per litre (minus state levies), effective midnight. Speaking about the price cut, Indian Oil said, “Presently, international oil prices are relatively stable. However, there has been significant volatility in the rupee/dollar exchange rate and is currently very wea

Govt extends deadline for filling of “Know Your Customer” forms by 15 days

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The government extended the deadline for filling the “Know Your Customer” or KYC form by LPG consumers to month-end or 15 days. Earlier too the government had extended the date by 15 days till November 15. The KYC program is a step taken by government to remove multiple LPG connections that a person has.

The move follows the gov