Base rate and BPLR

Base rate is the benchmark reference rate and almost all categories of loans are priced with reference to this rate. Banks cannot lend below this rate. One basis point is equal to 0.01 percentage points. The public sector bank plans to take up review of the bench mark prime lending rate (BPLR) shortly.

Restructured loans will account for 3.5% of total advances: CRISIL

The total amount of loans that are likely to be restructured by banks over 2011-12 and 2012-13 is estimated at nearly Rs 2-lakh crore, according to Crisil.

Bank’s non-performing assets are set to increase to 3.2 per cent by March 2013, from 2.9 per cent as at December 2011.

Losses of 62 CPSEs at Rs 21,693 crore

The losses incurred by Central Public Sector Enterprises (CPSEs) rose 34 per cent in 2010-11 to Rs 21,693 crore.

Jawaharlal Nehru National Solar Mission (NSM)

Under the Government’s Jawaharlal Nehru National Solar Mission (NSM) that started in January 2010, the country aims to have 2,000 MW of installed solar power generation capacity by 2013, which would be further increased to 10,000 MW by 2017 and to 20,000 MW by 2022. Reliance Power was one of the successful bidders to develop 470 MW of concentrating solar power capacity under the first phase of the NSM.

ADB to fund Reliance Power’s 100 MW solar plant in Rajasthan

To help boost private investment in renewable energy, multilateral lending agency ADB announced $103 million loan to Reliance Power for setting up a 100 MW solar plant in Jisalmer, Rajasthan.

Aviation sector can borrow abroad for working capital

The RBI has allowed aviation companies to resort to External Commercial Borrowing (ECB) for working capital purposes. The ECB will be allowed to the airline companies based on the cash flow, foreign exchange earnings and their capabilities to service the debt, according to the RBI notification. The RBI has given aviation companies time up to May 2014 to raise fund through the ECB route. The overall ECB ceiling for the entire civil aviation sector would be $1 billion and the maximum permissible ECB that can be utilized by an individual airline company will be $300 million.

Corporates got tax sops worth Rs 88,263 crore in 2010-11

Tax exemptions cost the Government Rs 1,38,921 crore in revenues in 2010-11, says CAG report on direct taxes. The Comptroller and Auditor General said that corporate sector accounted for 63.5 per cent (Rs 88,263 crore) of the revenue foregone of 2010-11.

CII

CII – Confederation of Indian Industry

President of CII – Mr Adi Godrej 

Advisory panel on accounting standards reconstituted

The National Advisory Committee on Accounting Standards (NACAS) has been reconstituted. It will now be headed by Mr M.M. Chitale. The committee’s advice forms the basis for deciding accounting standards and policies to be followed by corporations.

Kudumbashree to be replicated in other States

Kudumbashree mission in Kerala that aims for empowerment of women through self-help groups, the Rural Development Minister, Mr Jairam Ramesh has said the Government was working to replicate the model in other states. The programme was launched by the Kerala State Government in 1998 for wiping out absolute poverty from the State through concreted community action under the leadership of local self governments. The programme has 37 lakh members and covers more than 50 per cent of households in Kerala. Kudumbashree means prosperity of family.

Delhi to host global grains meet

An international grains conference with focus on global and national grains market outlook for 2012 will be held in New Delhi on May 1.

SBI launches ‘virtual’ card for online transactions

State Bank of India has launched a ‘virtual’ electronic debit card for e-commerce transactions. The ‘State Bank Virtual’ card can be created by a customer using the banks Internet Banking facility with transaction rights. The product allows the user to create a virtual card for any online transaction and the customer is not required to share the details of the principal account on the merchant Web site. The features of the virtual card are: no charge on creation of the card and the customer can create any number of cards at the same time. The card is created for each online transaction and is valid for a maximum of 48 hours. The minimum amount with which the card can be loaded with is Rs 100. There is no upper limit.

Calcutta Stock Exchange brokers can now trade on NSE derivatives

The Calcutta Stock Exchange (CSE) has received market regulator Securities and Exchange Board of India’s (SEBI) approval to begin derivative trading to enable its members to trade on NSE’s F&O Platform.

BRICS nations keen on development bank

India and the other members of BRICS (Brazil, Russia, India, China and South Africa) grouping have agreed to establish a task force to come up with recommendations to set up a development bank.

India will further open market for least-developed countries

Four WTO members India, China, Chinese Taipei and Korea reported their commitment to open their markets for products from the least developed countries, to improve market access conditions for exports from the poorest countries.

India to join telescope building project

India has decided to join a project to construct the world’s largest telescope in the US for which a budget of Rs 700 crore has been sanctioned by the Department of Atomic Energy. Along with the US, Canada, Japan and China are members of the project and have started the early construction phase of telescope, which is expected to be completed by 2019.

CWC to operate check post at Attari

The Union Government has entrusted with the public sector Central Warehousing Corporation (CWC), the operation of the Integrated Check Post (ICP) inaugurated recently at Attari (India-Pakistan border in Punjab) in the presence of the dignitaries from both the countries. The ICP is set up by the Land Ports Authority of India under the Union Home Ministry at a cost of Rs 150 crore.

India second most economically confident country

Indians continue to be among the world’s most confident people about their economy on account of moderating inflationary pressure and the easing of tight money policy stance of most economically confident nation for the second consecutive time. Saudi Arabia tops the table. China is the third most economically confident country followed by Sweden, Germany, Canada and Australia.