Banking and Finance
VRS forces SBI to go for rightsizing
STATE Bank of India (SBI) has started cutting down its departments and is also merging some of them to cope with the strain that the organisation is now facing on account of the mass exodus due to its VRS scheme.
Oriental Bank drops plans for MF entry, insurance arm
THE plans of Oriental Bank of Commerce (OBC) to float its first set of subsidiaries has met a dead-end with the bank deciding to drop its proposal to float separate outfits to enter the insurance and mutual fund businesses.
Cement
Builders seek tripartite meet on cement price
THE Builders' Association of India has called for a tripartite meeting of cement manufacturers, Government and builders' representatives to deal with cement price hike.
Corporate
New range of modular switches launched
HYDERABAD: Techno Plastics (India) Pvt. Ltd., a Mumbai-based company manufacturing plate-type electrical switches, has launched `CPL Synchro', a new range of designer modular switches and accessories, in the State.
Karvy on revamp mode -- Plans to focus on Web-based operations
THE Karvy group has proposed to revamp its operations to offer more services to clients. Its plans include launching Web initiatives, strengthening personal finance advisory and providing more focussed stock broking facilities.
Cigarette manufacturers seek retention of QR
THE domestic cigarette manufacturers have urged the Government to refrain from dismantling quantitative restrictions (QRs) on cigarettes with effect from April 1, 2001.
Economy
Minister clarifies doubts over FDI
HYDERABAD: The State Finance Minister, Mr Y. Ramakrishnudu, said that ``the mistake committed during the year 1999-2000 (in the Economic Survey) is regretted and there is no intention whatsoever to mislead the honourable members on this issue'' and assur
ed the Speaker that such mistakes would not recur in future.
`Measures soon to help industry meet WTO norms'
THE anti-dumping mechanism was not a substitute for competitiveness, but only an instrument against unfair trade practices, according to Mr Prabir Sengupta, Commerce Secretary.
New norms for bonds issue by municipalities
THE Centre has allowed municipalities to issue tax-free bonds up to Rs 50 crore for financing urban infrastructure projects, barely three days before the Union Budget.
QR removal: Govt denies import surge threat
EVEN as the Congress staged a massive rally here on Sunday to draw attention to the plight of farmers as the remaining import curbs are set to be brought down by March 31, 2001, the Government refuted any threat of abrupt import surge so far on this coun
t as enough defence mechanisms were in place.
Health
CDR develops new telemedicine model
CDR HOSPITALS has developed a new telemedicine model for emergency care called eEmCare, to render cost-effective and better medical services to people in remote areas on real time basis. This will free doctors and patients from the traditional constraint
s of place and time.
PSU
Despite more contenders pulling out -- Fresh bids for AI, IA unlikely now
THE Government is likely to take the disinvestment process for Air India (AI) and Indian Airlines (IA) forward even if there is only one bid, as long as it exceeds the reserve price which is to be set for each of the two airlines.
Kerala PSUs post net loss of Rs 46 cr -- KMML, KSEB top list of 45 profit-making units
THE public sector undertakings in Kerala, numbering 106, incurred a combined net loss of Rs 46.22 crore during 1999-2000.
Policy
E.A.S. Sharma made ASCI Principal
HYDERABAD: Mr E.A.S. Sharma, former Secretary, Economic Affairs, will be the new Principal of the Administrative Staff College of India (ASCI). He will assume charge on March 1.
Power
Karnataka plans new formula to privatise power distribution
THE State Government is expected to come up with a new proposal to privatise distribution by unbundling the Karnataka Power Transmission Corporation Ltd. (KPTCL).
Rs 50-crore equity boost for PFC likely in Budget
THE Government is set to provide for an infusion of Rs 50 crore into Power Trading Corporation (PTC) as its equity contribution in the coming Budget.
Ministry to seek more funds for power scheme
THE Power Ministry will be seeking additional funds to strengthen the Accelerated Power Development Programme (APDP), which, among other things, aims at financing projects on a short-term and long-term basis to improve the power supply position from the
existing generating capacities.
Shipping
Chennai Customs to observe special period procedure
THE Chennai Customs Commissioner has announced a special period procedure to be observed from February 23 to March 4 in view of the Union Budget being presented on February 28.
States
`Spare coir industry from excise net'
BANGALORE: The Karnataka State Coir Industries Association has urged the Union Finance Minister to spare the sector from an impost of excise duty on rubberised coir products, which it said would lead to heavy mortality of units. Such an impost will affe
ct the brown coir producers, which is dependent on the rubberised coir industry.
Pipeline project draws flak
MANGALORE: The controversy surrounding the Rs 700-odd-crore Mangalore-Bangalore petroleum product pipeline is getting curiouser with the felling of trees to make way for the pipes continuing unabated despite protests by farmers, environmentalist organisa
tions and even a few religious leaders.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.
Assam bid to lure investors
THE 8th International Guwahati Trade Fair'2001, with Bangladesh as the partner country, was inaugurated here at the Judges Field on Friday by Assam Chief Minister, Mr Prafulla Kumar Mahanta. Organized by the Industries and Trade Fair Association of Assam
(ITFAA), the Trade Fair this year has about 150 participants from all over the country and MNCs including over 55 units from the SSI sector. The Bangladesh Stalls under a single roof is the outstanding feature of the Fair.
Sugar
Sugar surplus puts TN millers in a bind
FACED with increasing stocks, decreasing prices and shrinking markets, sugar millers in Tamil Nadu have come to a ``loose understanding'' to shore up prices.
Taxation
Assocham wants SAD abolished
THE Associated Chambers of Commerce and Industry (Assocham) has called for abolishing the non-cenvatable special additional duty (SAD) of four per cent in the forthcoming Budget.
Tea
Tea industry tells Assam to regulate licensing of bought-leaf factories
THE tea industry has cautioned the Assam Government against indiscriminate issue of licences for bought-leaf factories (BLFs), a phenomenon witnessed by the industry over the past two years.
Technology
India, Russia identify S&T tie-up avenues
INDIA and Russia have identified areas for collaboration in frontier science. Separate joint committees are to be set up by the Department of Science and Technology and the Russian Academy of Sciences for this purpose.
Telecommunications
Rural obligation: Paswan warns pvt operators
THE Union Communications Minister, Mr Ram Vilas Paswan, has said that all private basic telecom operators, who have not fulfilled their licence obligations of networking rural tracts, will either be penalised for delays or have their licences cancelled b
y the Government.
Convergence Bill `draconian, unacceptable'
THE Communication Convergence Bill, which the Union Communications Minister, Mr Ram Vilas Paswan, describes as a ``landmark legislation,'' came in for strident criticism at a seminar here on Sunday, where various speakers described it as ``foolish, thoug
htless, draconian and unacceptable.''
Textiles
4-day carpet expo in Delhi
NEW DELHI: The Union Textiles Minister, Mr Kashiram Rana, is to inaugurate the `Carpet Expo India 2001' fair here on Tuesday.
Transport
CII charts route for Mamata
THE Confederation of Indian Industry (CII) has said that in view of the precarious financial position of the Railways and, in particular, the continuous loss of marketshare in the overall transport network, the Railways is left with no options but to und
ertake restructuring, focus on corporatisation, commercialisation and privatisation.
FACING HOBSON'S CHOICE:
The Railway Minister, Ms Mamata Banerjee, and the Minister of State, Mr Digvijay Singh, perusing the Budget proposals in New Delhi on Sunday.
Railways must invest in remunerative projects: Assocham
THE Associated Chambers of Commerce and Industry of India (Assocham) said on Sunday that it expects the Railway Budget for 2001-02 to address the issue of cross-subsidisation of passenger fares.
