Centre proposes 5-year term for CMDs of PSBs

The Finance Ministry is confident that the `Pradhanmantri Jan-Dhan Yojna' announced on August 15th by the Prime Minister will help in economic growth. Addressing an event in Mumbai on Wednesday, Financial Services Secretary, Mr. G S Sandhu said the government is going to link micro insuranc...

Bad loans: Fin Min mulling changes in SARFAESI, DRT laws

Fin Min orders forensic audit of Dena bank and Oriental Bank of Commerce

The government has initiated a forensic audit of the state-run Oriental Bank of Commerce and Dena Bank. This was after some reports suggested that OBC had allegedly siphoned off Rs.80 crore and Dena Bank Rs. 256 crore from their fixed deposit customers.Speaking to reporters in Mumbai today, Financia...

Cabinet approves Digital India Project; Gives nod for Nagpur Metro rail project

Union Cabinet today approved Digital India Project to transform the country into digitally empowered and knowledge economy. The programme will be implemented in phased manner till 2018.The Digital India is transformational in nature and would ensure that Government services are available to citizens...

Enough scope for reduction in home prices from higher perch : RBI Deputy Gov S S Mundra

The newly appointed RBI Deputy Governor S S Mundra today said that there is enough scope for home prices to come down from the higher perch because of huge inventory pile-up in several markets. Addressing a realty summit in Mumbai, Mr. Mundra said housing shortage is very severe among the weaker sec...

Government to bring a blueprint of affordable housing policy

The government will soon be coming out with a blueprint of its affordable housing policy. Addressing a realty summit in Mumbai today, Financial Services Secretary G S Sandhu said, the Centre and the states, financial institutions, developers and local bodies are important stakeholders who will have ...

Yet to get a proposal from RBI on COO appointment: Finance Ministry

Ending speculation regarding the post of Chief Operating Officer for the Reserve Bank, the Finance Ministry today clarified that it has still not received any proposal in this regard. Speaking to reporters in Mumbai today, Financial Services Secretary G S Sandhu said, the government will definitely ...

Govt orders forensic audit on OBC, Dena Bank in fixed deposits scam

The government has initiated a forensic audit of the state-run Oriental Bank of Commerce and Dena Bank. The move comes after some reports suggested that OBC had allegedly siphoned off Rs. 180 crore and Dena Bank, Rs. 256 crore from their fixed deposits customers.Speaking to reporters in Mumbai today...

AP Budget post-bifurcation shows deficit

Andhra Pradesh Finance Minister Yanamala Ramakrishnudu presented a deficit budget for the current fiscal today in the State Assembly. Presenting the first budget of the TDP government after a gap of ten years, he proposed an expenditure of 1 lakh 11 thousand 824 crore rupees during the 2014-15 fisca...

2015-16 to be observed as Water Conservation Year: Uma Bharti

Water Resources Minister Uma Bharti has stressed the need for interlinking of rivers to save excess water from floods. Speaking at an International Seminar in New Delhi today, Ms Bharti said that her Ministry has finalized 30 river interlinking projects which will be implemented in the next 10 years...