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Wednesday, April 22, 1998
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Gupta committee wants interest rates on agriculture loans deregulated
The RV Gupta committee on agriculture credit has called for interest-rate deregulation on farm loans. The one-man panel submitted its report to the Reserve Bank of India (RBI) governor, Bimal Jalan, on Tuesday. The committee favours allowing banks to fix interest rates on agricultural loans and offer finer rates to borrowers with a good track record.
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Fourth-tier guarantee for power projects on cards
Plans are afoot to introduce a fourth tier of guarantee for power projects to overcome the limited escrow cover capacity of state electricity boards (SEBs) and weak financials of state governments. The first three-tiers comprise the line of credit of banks and institutions, followed by escrow cover and state government guarantee.
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Maharashtra woos private sector for power generation from waste
The Maharashtra government will offer a host of concessions to the private sector to encourage power generation from solid-waste, sewerage, bio-mass and agricultural waste. The sops include sales tax rebate for six years after the commencement of the project based on solid-waste, 50% sales-tax rebate on the investment on plant and machinery, new building, land and technological developments and design, 100% rebate on octroi or entry tax on the purchase of necessary equipment in the installation of project, provision of land by the local civic body at a nominal rate of Rs 1 per sq mt per year, and assured water and power supply for the functioning of the project.
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Srikrishna report not to be tabled in legislature now, says Manohar Joshi
The Maharashtra government on Tuesday announced its inability to table the Srikrishna commission report on the 1992-93 communal riots and the March 12, 1993 serial-bomb blasts in Mumbai, and the action-taken report (ATR) during the legislature's ongoing budget session, ending April 24. This is contrary to its announcement made on the eve of the session that the report would be tabled within two weeks of its commencement on March 16.
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Nine private banks' advances spurt 41%, deposits leap 62%
Nine new private banks have recorded a 41% growth in their total advances during 1997-98, while their deposits have grown by 62%. Total advances of the nine banks -- IndusInd, UTI Bank, ICICI Bank, HDFC Bank, TimesBank, IDBI Bank, Global Trust, Centurion and Bank of Punjab -- stood at Rs 11,014 crore as on March 31, 1998, against Rs 7,809 crore the previous year.
Ministry to formulate textile policy afresh
The Union government is formulating a new textile policy in the light of changes both at home and abroad. An expert committee will be appointed to review the existing policy framed in 1985. The ministry also proposes to launch a Technology Upgradation Fund for the textile and jute sectors during the Ninth Plan.
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 Hoteliers plan meeting with Hegde
Minister rejects gloom, calls for "buy Japan"
Row over ECB chief may cloud EU meet
World Briefing
French minister sees ECB deal by May 2
Swadeshi Jagran Manch, RSS hatch plan to muscle way into key ministries
Financial Briefing
Bankers expect easy-money policy
Executive Briefing
PFY-makers seek wider gap in import duty on final products
Japan records decline in sugar consumption
Telecom bodies plead with Centre for core panel
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