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Cabinet clears petro bonds issue
The Union cabinet has paved the way for issuance of oil bonds and recapitalisation of three public sector banks by deciding to increase the corpus of the contingency fund from Rs 14,700 crore to Rs 32,490 crore. The cabinet has recommended the promulgation of an ordinance to help the government meet the additional requirement to the extent of Rs 15,090 crore for oil bonds and Rs 2,700 crore for recapitalisation of the banks.
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Centre divestment move threatens Balco recast plans
The government's proposed disinvestment drive has jeopradised the ongoing plans of the public sector giant Bharat Aluminium (Balco). The centre is scouting for an eligible suitors to take over 40% of the equity in Balco and retaining the the remaining with itself. However the government will aslo transfer the managing control along with the deal.
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Planning Commission completes draft Ninth Plan document
The planning Commission has completed the draft ninth five year plan document for consideration of the new government that will take over after general elections in March. The draft aims at attaining a 7% economic growth during the plan period (1997-2002) on an annualized basis with a projected outlay of Rs 875,000 crore including central assistance of about Rs 374,000 crore.
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Centre puts on hold plan to set up bank in Moscow
The State Bank of India's proposal to set up a bank in Moscow in association with the Exim Bank and MMTC has run into rough weather. Both the governments were very optimistic about the project, however the government of India has put on hold the proposal. The proposal was expected to strengthen banking and financial links between the two countries.
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