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Tuesday,
October 23, 2001, Chandigarh, India  
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Credit policy pro-growth: Sinha
Bonds to dilute oil pool deficit
Eurasia Hongkong plans expansion
Take action against defaulters: AIBOC |
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Punjab plans livestock co-ops
SBP launches festival loan scheme
1 lakh visit CII fair
It’s the timing that
matters
HDFC Life declares first
bonus
FIR lodged against Jindal Industries
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Credit policy pro-growth: Sinha
New Delhi, October 22 “The RBI has come out with a forward looking policy for the next six months. Overall, the credit policy announced by the RBI today is pro-growth and it is now up to the trade and industry and the government to play their part,” Sinha said welcoming the busy-season policy. Sinha told reporters that the decision to cut bank rate by 50 basis points and CRR by 2 per cent would make available about Rs 6,000 crore additional funds to banks for lending. It is for the first time that CRR has been brought below 6 per cent. This will increase liquidity and increase lendable surpluses with banks, he said. The Finance Minister expected that the impetus given in the RBI policy would result in growth rate on the higher side of the band projected by the Central bank. Industry welcomes cut
Leading industry bodies and trade associations today welcomed the credit policy announced by the RBI saying reduction in the bank rate and CRR would certainly lead to reduction in lending rates. CII President Sanjiv Goenka said “it was an ideal combination of measures and would send positive signals to the stock market and industry which was expecting a reduction.” CRR reduction would immediately release Rs 8,000 crore into the system and would play a greater role in inducing banks to begin cutting deposit and lending rates, Goenka said. FICCI, while welcoming the cut in bank rate, said “this must lead to reduction in prime lending rates (PLRs) by at least one percentage point.” FICCI President Chirayu Amin said “the overall monetary policy stance of providing adequate liquidity for growth and revival of investment demand, flexibility in interest rate regime, maintaining option for further reduction in interest rates will greatly help the economy to overcome the present slackness.” Assocham President Raghu Mody termed the measures as “bold and investor friendly” and said the RBI Governor has been pragmatic in taking into account the present milieu in the world as well as the domestic economy. Fieo President K.K. Jain also welcomed the reduction in the bank rate and CRR and expressed hope that the commercial banks will pass on the benefits to the industry and exporters in particular. CII president also welcomed the implementation of prudential measures of the RBI, including the setting up of credit informtion bureau to collect, process and share credit information on the borrowers among banks and FIIs.
No change in investors’
preference
The RBI Governor Bimal Jalan today said the bank rate cut will not change the basic pattern of investors’ preference for deposits. “We do not see a fundamental change in the structure of investment with this measure (rate cut) introduced by us”, Jalan told reporters here after announcing the apex bank’s mid-term review of monetary and credit policy for 2001-02.
PTI
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Bonds to dilute oil pool deficit New Delhi, October 22 The Oil Pool Account, a complex mechanism to maintain stability of oil prices in the domestic market despite vagaries of international market prices, would have Rs 13,000 crore as deficit, which is the amount payable to the oil companies by the Government. The Petroleum Minister, Mr Ram Naik, told newspersons after a meeting with the Finance Minister, Mr Yashwant Sinha, here that the government would initially liquidate upto 80 per cent of the oil pool deficit by issuing tradeable bonds to oil companies. It has also been decided that from April 1, 2002, whatever subsidy is given on kerosene and cooking gas would be provided for in the Union Budget. The government is committed to bringing down subsidies on kerosene from the existing 41 per cent to 33.3 per cent and on cooking gas from the existing 45 per cent to 15 per cent. Mr Naik felt that such a sharp reduction in subsidy rates would be quite a burden on the customer and he may not be able to bear it. He said in monetary terms the reduction in subsidy would mean increasing the price of kerosene by Rs 1.20 and that of LPG cylinder by Rs 90 to Rs 100.
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Eurasia Hongkong plans expansion Chandigarh, October 22 Captain H S Gill, Resident Manager of Paramount Shipping and Management Company, who looks after the Indian operations of the Schulte group disclosed this to The Tribune here today. Capt Gill was on a three-day tour to the region on a recruitment drive. The Bernard Schulte group owns and manages more than 350 ships, including tankers, general carriers and bulk cargo vessels. For managing operations in the East, the group established Eurasia ship management company in Hongkong. The region assumes importance as it forms 10 per cent seafarers. “Despite being far from the sea, people in the region contribute substantially to the global requirements”, said Capt Gill. India seafarers, however, are at threat from the Chinese and those from the East Europeans, due to their being comparatively cheaper. “India has around 45,000 active seafarers and the number is almost stagnant for the last decade. Infact, a marginal downfall in the numbers has been witnessed and it is the high time India should start working towards improving this industry which fetches huge amounts of foreign exchange to the country”, said he.
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Take action against defaulters: AIBOC Chandigarh, October 22 Mr Agarwal said the government’s move to privatise the public sector banks is not in the interest of the country. It will result in closure of more than 22000 branches of rural and semi-urban areas and will push the industry to pre-69 period. He also felt that the industrial houses are trying to privatise the banking industry with an intention to capture its business of more than 16 lakh crore, 57,000 branches, more than 9 lakh officers and workmen and several billion worth assets with the result they donot required to pay their dues which otherwise will become NPA. Mr Agarwal also said the VRS in the banks was brought as a part of the privatisation move. However in spite of huge benefits offered to the officers and workmen, on an average 12 per cent have opted for VRS. This has resulted in a financial burden of Rs 15000 crore due to monetary compensation paid to VRS optees and additional work load on the remaining officers and employees.
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Punjab plans livestock co-ops Chandigarh, October 22 A two-member team, comprising Mark O’Conner and David Sellars from the LIC — Livestock Improvement Corporation — New Zealand will visit Punjab on October 28 to study the ground conditions for the proposed joint venture. Earlier, Punjab Milkfed delegation had visited Australia, New Zealand and Singapore in August last for selection of genetic material, dairy farm technology and explore export markets for Milkfed products in and around Singapore. If the proposals are mutually acceptable, Punjab will set up a livestock improvement project on a 300 acre farm in Ropar district. The milk producers’ societies have a membership of nearly 4 lakh. The per member milch animals average is three. Though Punjab has been into artificial insemination for decades and nearly 70 per cent cattle is cross-bred, it is being felt that genetic improvement is imperative to further raise milk production. Dairy is also perceived as a viable economic alternative to agriculture. Only last week the society for the advancement of research in animal sciences and college of veterinary sciences at Punjab Agricultural University, Ludhiana, held a national symposium on import and utilisation of exotic germ-plasm of dairy cattle. Veterinary scientists like M S Oberoi had cautioned on the introduction of new diseases of dairy animals due to import of germ-plasm. He suggested setting up of a microbiology laboratory exclusively to evaluate bovine semen and advocated accredited centers for certifying ‘’healthy’’ semen. The participants were made aware of the regulations governing imports and what was required in the post WTO regime.
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SBP launches festival loan scheme Chandigarh, October 22 The scheme has come as a Bonanza to the employees on the eve of festival season and has become instantly popular. A function was organised in its Rajindra Hospital branch and another at Bahadurgarh branch where J.R. Devgan, General Manager (Operations) of the bank has launched the scheme and handed over loan disbursement cheques to 40 employees of various organisations. Mr S.K. Sareen , DGM, was present on the occasion.
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1 lakh visit CII fair Ludhiana, October 22 More than one lakh people from the city and the neighbouring towns, including Jalandhar and Amritsar, visited the fair. They made inquiries to purchase products worth more than Rs 15 crore. Companies are hopeful that the actual purchases in the coming weeks would be near about this figure. They also sold products worth a more than Rs 1 crore also. Huge crowds were seen at the stalls in different sections. Mr Pikender Singh, Exhibition in charge, said out of 130 companies about 40 per cent had participated for the first time in the fair.
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BHEL joins Global Compact New Delhi, October 22 |
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Goodwill Network SBI branch Markfed Connect phone |
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