Business & Economy

India Inc in the middle of
very busy credit season

What is India News Service, Monday, 18 October 2004, 2000 hrs IST

The offtake of non-food credit increased by Rs 1,76,496 crore year on year on October 1, 2004.

This was the highest credit growth in the first half of a fiscal year in the last decade, bankers said. Data available on the Reserve Bank of India website since 1997 do not have a parallel. 

In the previous corresponding six-month period, non-food credit increased by Rs 92,330 crore. The total outstanding non-food credit now stands at Rs 8,97,267 crore.

RBI allows banks to extend guarantees to foreign airlines: The Reserve Bank of India (RBI) has allowed authorised dealer banks to issue bank guarantees to foreign airlines in connection with their ticketing business.
 
IIM among top B-schools: The Indian Institute of Management, Ahmedabad, figures amongst the world's top 100 management schools in a survey published by the London-based weekly, The Economist. The institute has been ranked 64.

Govt to constitute dispute redressal body for power: The Government has shortlisted 26 names including that of incumbent Central Electricity Authority chairman H L Bajaj, Delhi Electricity Regulatory Commission chairman V K Sood and a host of retired bureaucrats and CMDs of PSUs for the posts of two members in the proposed appellate body for the power sector.
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Reverse mortgage: An answer for old age pension
Through reverse mortgage a property owner will be able to secure an increasing life pension.

Singapore pact gets final touches: The Indian government may take a tough stance on granting flexibilities to Singapore banks under the Comprehensive Economic Cooperation Agreement (CECA), which is currently under negotiation.

IOC, Petronet to bid together for Enron assets: Indian Oil Corp and Petronet LNG Ltd may team up to bid together for the bankrupt US energy firm Enron Corp's 2,184 mw power plant and an adjacent liquified natural gas (LNG) import terminal at Dabhol in Maharashtra.

Aiyar asks Karnataka to reconsider M\92lore project: The Union Petroluem Minister has suggested a techno-economic feasibility study be conducted before making any commitment on the petrochemical project.
 
PNB lowers retail loan rates before festive season: IN what could trigger another interest rate war, Punjab National Bank has announced an array of concessions under its festival bonanza including 0.50 per cent cut in housing loans at 7.75 per cent. 

 



Overall:

Credit season on full swing: India has recorded the highest credit growth in a decade.  

IIM won global acclaim: The Ahmedabad centre entered The Economist's hall of fame.

IOC will bid for Enron assets: Indian Oil Corporation has tied up with Petronet to bid for the failed project's assets.