$4.3-bn World Bank loan for India to finance infrastructure projectsSeptember 23rd, 2009 NEW DELHI - The World Bank has approved $4.3 billion in loans for India to help finance infrastructure projects and support its economic stimulus programme. "This money will be directed towards four projects," World Bank country director for India Roberto Zagha told reporters in a video conference Wednesday morning, adding: "This is a crucial time to support Indian economic recovery."
Emphasising on infrastructure development, Zagha said: "Today's support will help maintain credit growth and continued infrastructure investments.
World Bank loans will be spent on infrastructure: MukherjeeSeptember 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said 95 percent of the $4.3 billion World Bank grant would be spent on developing the country's infrastructure. "The World Bank has sanctioned $4.3 billion loans for India.
Railway employees to receive bonusSeptember 17th, 2009 NEW DELHI - The Union Cabinet today approved the proposal of the Ministry of Railways for payment of Productivity Linked Bonus (PLB) equivalent to 75 days' wages for all eligible non-gazetted Railway employees. The move will benefit 13.05 lakh employees and it will cost the xchequer Rs 889 crore
The salient features of the PLB scheme evolved as a result of review of the scheme and approval of the cabinet on September 23, 2000.
IIFCL to raise Rs.3,000 crore by MarchSeptember 4th, 2009 KOLKATA - The state-owned India Infrastructure Finance Co Ltd (IIFCL) will raise Rs.3,000 crore from the domestic market by issuing bonds by March, a top company official said here Friday. "We have already raised Rs.1,000 crore and we intend to raise another Rs.3,000 crore by March 2010," said company chairman and managing director S.S.
UPA Government to launch housing scheme for slum dwellersJuly 17th, 2009 NEW DELHI - Housing and Poverty Alleviation Minister Kumari Selja today informed the Lok Sabha that the government is planning to launch a new housing scheme for slum dwellers and urban poor since the scheme is aimed at providing subsidy up to five per cent on a loan of Rs one lakh availed by the poor. "Government proposes to launch 'Rajiv Awas Yojana' in the country for slum dwellers and urban poor.
Chhattisgarh launches cheap rice and salt schemeJuly 8th, 2009 RAIPUR - Chhattisgarh's Bharatiya Janata Party (BJP) government Wednesday launched a food security scheme to provide rice at Rs.2 and Re.1 a kilogram and free salt to 3.7 million families. The new scheme has replaced the Chief Minister's Food Assistance Scheme under which rice was supplied at Rs.3 a kilogram.
Budget helps Indian economy to return to path of growth says ChidambaramJuly 6th, 2009 NEW DELHI J - Union Home Minister P. Chidambaram has hailed the union budget, saying it has been prepared with great skill and wisdom and with the objective of stimulating the economy and returning to the high growth path.
Government increases infrastructure fundingJuly 6th, 2009 NEW DELHI - Infrastructure development continues to be a priority area for the United Progressive Alliance (UPA) government with Finance Minister Pranab Mukherjee increasing public investment in this sector. "The investment in infrastructure for the growth of economy is critical.
New Scheme for poor to travel with dignityJuly 3rd, 2009 NEW DELHI - Railway Minister Mamata Banerjee today announced a new scheme 'Izzat' in the Railway Budget for 2009-10. Under the scheme, a uniformally priced monthly season ticket of Rs.
Visteon attorney says company making good progress on bankruptcy financingJune 19th, 2009 Attorney says Visteon making progress on financingWILMINGTON, Del. — Auto-parts supplier Visteon Corp.
Chrysler Financial to immediately stop dealer wholesale financingMay 2nd, 2009 Chrysler Financial to suspend dealer financingFARMINGTON, Mich. — Chrysler Financial says it's temporarily suspending financing for Chrysler dealers effective immediately.
NY investment adviser indicted on charges of masterminding $413 million Ponzi schemeApril 24th, 2009 NY adviser indicted in $413 million Ponzi schemeCENTRAL ISLIP, N.Y. — An investment firm owner masterminded a $413 million Ponzi scheme that fleeced more than 6,000 people, a federal indictment charged.
Indian exports decline as world trade growth turns negativeMarch 9th, 2009 WASHINGTON - India registered its first every year-over-year decline in exports as world trade growth turned negative in the last quarter of 2008, raising fears of a protectionist backlash, according to a new world bank report. Deteriorating growth in global trade has been underway for some time, said the bank in a paper for next Saturday's meeting of the Group of 20 finance ministers and central bank governors.
Allahabad Bank joins hands with Suzuki MotorcycleFebruary 15th, 2009 KOLKATA - City-based public sector lender Allahabad Bank Monday signed an agreement with two-wheeler maker Suzuki Motorcycle India for financing of Suzuki two-wheelers under 'AllBank Mobike' scheme. Under the scheme, the bank will provide loans to two-wheeler buyers at discounted rates, Allahabad Bank chairman and managing director K.R.
Exporters get higher insurance coverDecember 25th, 2008 NEW DELHI - The government Friday announced allocation of Rs.3.5 billion (Rs.350 crore) to the state-run Export Credit Guarantee Corp of India Ltd (ECGC) for providing higher risk cover to micro, small and medium exporters (MSME). The Cabinet Committee on Economic Affairs gave its approval for allocation of the amount that will increase the risk cover to the MSMEs from 85 percent to 95 percent.
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