Tuesday, July 21, 1998
Bank lendings to IRDP off target by 26%
The Centre has viewed with dismay that the bank lending for the country's single largest poverty alleviation scheme, Integrated Rural Development Programme (IRDP) has sharply fallen short of target by 26% in 1997-98. During 1997-98, the total credit extended by the commercial banks, cooperatives and RRBs amounted to Rs 1990.68 crore as against the target fixed for the year at Rs 2700 crore.
Department of Telecom set to be corporatised in April, 1999
The finance ministry and the telecom department have agreed on April 1, 1999 as the switchover date for corporatisation of the department. The finance ministry is also working on a way out to meet the financial liability of Rs 12,000 crore which will arise as terminal benefits to DoT employees when they leave government service to join the proposed corporation.
"Companies may crumble if slowdown continues"
A top official at one of the leading credit rating agencies on Monday warned of extensive loan defaults in the commercial sector if economic sentiment did not improve. Investment Information and Credit Rating Agency (ICRA) managing director PK Choudhury said that he was worried about the possibility of an economic gloom overtaking good companies.
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