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Union Finance Minister Shri Pranab Mukherjee has said that National Bank for Agriculture and Rural Development (NABARD) should deploy new technology, innovate and create financially viable models that can take forward the process of financial inclusion. He said that the primary expectation of the nation from banks, including NABARD, in the next decade is to eradicate financial exclusion. He was addressing the Meeting of the Board of Directors of NABARD on its 29th Foundation Day, here today. NABARD is observing the 30th year of its existence as the ‘Year of Change’.
The Special Judge for CBI Cases has convicted Shri R.Shivakumar, the then Manager, UCO Bank, Davangere Branch (Karnataka) and 7 others for causing loss of Rs.85.20 lakhs to the UCO Bank. All the accused persons were sentenced to undergo Simple Imprisonment for one year with a fine of Rs.1,65,000/-.
The Forty-fourth PPPAC meeting, chaired by Secretary (Economic Affairs), Ministry of Finance met on June 20, 2011 and granted approval to 6 proposals of Ministry of Road Transport and Highways. These proposals are in five States. The list of proposal is given below. The estimated project cost of the approved proposal is Rs, 9773.85 crore. Since its constitution in January 2006, PPPAC has granted approval to 226 proposals, with an estimated project cost of `224464.51 crore. These include National Highways (hundred and seventy eight proposals), Ports (Twenty two proposals), Airports (two proposals), Housing (seventeen proposals) Tourism Infrastructure (one proposal) Railways (one proposal) and Sports Stadia (five proposals).
Now railway passengers can get their e-tickets on their cell phones instead of normal print-outs. Named as ‘m-ticket’, the mobile phone-based ticket booking system envisages a passenger to book his train ticket through mobile phones and carry the display ticket, sent to his cell phone through an SMS.
A draft Micro Finance Institutions (Development & Regulation) Bill, 2011 is now available on the website of Department of Financial Services, Ministry of Finance, Government of India. This draft Bill may be seen at http://finmin.nic.in/the_ministry/dept_fin_services/fin_services.asp . The Government, desires to have public comments and views of the stakeholders at the earliest on the draft Bill before finalizing the Bill. All comments and suggestions may be sent at [email protected].
The Finance Minister Shri Pranab Mukherjee has urged all Public Sector Banks/Financial Institutions to exert themselves in containing the downward trend of Asset Quality by devising suitable strategies for containing and rolling back NPAs. He was addressing the review meeting of the Chief Executives officers (CEOs) of Public Sector Banks/Financial Institutions, here today.
India’s exports have registered a growth of 46.4% during June 2011, at US $ 29.2 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-June 2011, exports have reached a level of US $ 79 billion at a growth of 45.7% while the imports were US $ 110.6 billion with a growth of 36% and a trade deficit of negative US $ 31.6 billion, during the same period. During the interaction, Shri Khullar also informed that India’s imports in June 2011 were US $ 36.9 billion registering the growth of 42.4%. Balance of trade for the month of June 2011 stood at negative 7.7 billion US dollar.
Long before the UPA Government came to office in 2004, coal blocks were being allotted under the prevailing law that is the Coal Mines (Nationalisation) Act, 1973. The allotment of coal blocks was only through a mechanism whereby applications were received and scrutinized by an inter-ministerial Screening Committee, which included representatives of the State Governments, where the coal block was situated. The same system was followed by the UPA Government since 2004. The process of inviting applications and their processing was done in a completely transparent manner involving the relevant stakeholders/ Governments. Most importantly, not a single coal block was allotted without the consent of the State Government concerned.
The Finance Minister Shri Pranab Mukherjee today released a new series of coins with improved design and revised size in the denomination of 50 paise, Rs. 1, 2, 5, and 10. Speaking on the occasion, Shri Mukherjee said that new coins will not only reduce the cost of moving materials but also are of user friendly size and weight. He said that security edging of new series of coins would be good for better recognition by visually challenged persons and will have improved counterfeit resistance.
Single Window web Interface – “The Indian Railway web Portal” – Launched for the Benefit of Multiple Rail users. E-Ticket on Mobile Phone now Possible through new Web Portal Facilitating Travel by Merely Displaying SMS Without Ticket Printout. No Travel Agents Allowed to use New Web Portal to Facilitate Convenient Booking by Normal Passengers
