Finance ministry to monitor takeover of non-banking finance firms by FIs
The Union finance ministry plans to scrutinise mergers and takeovers of non-banking finance companies by financial institutions. Official sources said that the ministry would seek complete financial details about such NBFCs. The ministry is likely to favour a due diligence by an independent assessor.
IBRD team to assess financial state of UP
Following a detailed pilot study on the prevailing financial condition of Andhra Pradesh, the World Bank will be conducting similar studies in the states of Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana. A World Bank team is likely to visit UP by mid-May.
Kelkar panel suggests Air India's privatisation
The Kelkar Committee report on the revival of Air India (AI) is learnt to have suggested privatisation of the national flag carrier. The report has recommended a disinvestment of government stake in the state-run airline to less than 51 per cent.
DoT secretary for cut in cellular licence fee
The Department of Telecommunication (DoT) secretary AV Gokak has said that there is a need to reduce excessive licence fee for private sector participation in sectors like cellular and wireless telephony. Gokak said that even if total competition was not possible in all parts of the system, competition may be introduced in some segments.
India calls for enhanced ODA for eco-protection
India on Friday accused developed nations of double standards on environment protection saying on one hand they fail to favour financial commitments to help developing states to meet environmental challenges while on the other hand use environmental standards as trade barriers.
Foreign banks, NBFCs in pact for transport lending
A clutch of foreign banks led by American Express Bank, CitiBank and Standard Chartered Bank have joined hands with non-banking finance companies (NBFCs) and small road transport operators (SRTO) to push up transport sector lendings. Public sector banks like the Bangalore-based Canara Bank and a few new private banks including TimesBank and UTI Bank are also entering into these tripartite agreements.
