With grant of bail to A Raja’s erstwhile private secretary RK Chandolia, only Mr Raja and former telecom secretary Siddharth Behura have been left in jail. All 12 other accused, arrested in the case, have now secured bail
New Delhi: Former telecom minister A Raja’s erstwhile private secretary RK Chandolia, arrested for his alleged role in the second generation (2G) spectrum case, was on Thursday granted bail by a Delhi court, reports PTI.
“The bail application is allowed,” special CBI judge OP Saini said, accepting Mr Chandolia’s bail plea.
With grant of bail to Mr Chandolia, only Mr Raja and former telecom secretary Siddharth Behura have been left in jail. All 12 other accused, arrested in the case, have now secured bail.
Mr Chandolia, who has been in jail since his arrest on 2nd February, this year, was granted the relief on furnishing a personal bond of Rs3 lakh with two sureties of the like amount.
The court had on Wednesday reserved its order on Mr Chandolia’s bail plea after hearing counsel for the accused and the CBI.
The CBI had opposed Mr Chandolia’s bail plea saying he, Mr Raja and Mr Behura were public servants and formed the ‘core sector’ of conspiracy and stood on a ‘different footing’ from those granted bail in the case.
“The core sector of conspiracy comprises these three gentlemen (Mr Raja, Mr Behura and Mr Chandolia) and they fall in the same category which is different from others who are granted bail,” special public prosecutor UU Lalit had said.
“These three gentlemen are on a different footing... It will be unrealistic to draw parity with those released on bail,” he had said.
Vijay Aggarwal, counsel appearing for Mr Chandolia, however, had contended that even the apex court has “not dissected the case and granted bail not to the individual accused but in the 2G case”.
The scheme under which 2% interest subvention is given to commercial banks for their concessional lending to exporters has been extended for the current fiscal year for handicrafts, handlooms, carpets and small and medium enterprises sectors
New Delhi: The government on Thursday approved additional Rs800 crore for extending interest subsidy to exporters till March 2012 in the backdrop of slowdown in major global markets in Europe and the US, reports PTI.
The scheme under which 2% interest subvention is given to commercial banks for their concessional lending to exporters has been extended for the current fiscal year for handicrafts, handlooms, carpets and small and medium enterprises (SME) sectors.
The approval was given by the Cabinet Committee on Economic Affairs (CCEA).
Till date, Rs1,654 crore has been released to RBI for reimbursement of interest subvention, whereas total requirement projected by RBI for the period up to March 2011 is Rs3,892 crore.
As much as Rs800 crore is required for implementation of the scheme till March 2012.
The Eurozone crisis has been biting Indian exports which grew year-on-year by 10.8% to $19.9 billion in October, the lowest in the last two years.
From a peak of 82% in July, export growth has been slipping to 44.25% in August, 36.36% in September and 10.8% in October.
Former RBI deputy governor and Cafral director Usha Thorat said ICT solutions are required to capture customer details, facilitate unique identification, ensure reliable and uninterrupted connectivity to remote areas and across multiple channels of delivery
Mumbai: The Centre for Advanced Financial Research and Learning (Cafral), an organisation set up by the Reserve Bank of India (RBI), on Thursday asked banks to use technology not only to scale up their operations but also to offer better services, reports PTI.
“To be able to ensure that the challenges of banking the unbanked are met effectively and converted into a growing and sustainable business model, there is no alternative for banks to adopt ICT (information, communication and technology) solutions on a very large scale and range,” Cafral director Usha Thorat told a seminar on banking technology here.
The former RBI deputy governor also said ICT solutions are required to capture customer details, facilitate unique identification, ensure reliable and uninterrupted connectivity to remote areas and across multiple channels of delivery.
Ms Thorat also stressed upon the importance of IT-enabled solutions to provide better customer service and bring the cost down.
“Delivery of banking services through IT-based solutions, such as mobile phones and smart cards, while keeping costs low, enables scaling up and increasing outreach through a technology that is rapidly innovating,” she said.
Referring to the challenges faced by the domestic banking system, she said issues like increasing the outreach and rising competition in the financial services space are to be addressed by the banks in the future.
“To meet the challenges of the next decade, banks will have to exploit technology, raise capital, gear up their capital planning, risk management, pricing systems and pursue HR policies to attract talent,” she added.