Avoid sharp difference in rates on similar term deposits: RBI

“If the difference between retail and bulk deposit rates varies too much, then there is something wrong,” Reserve Bank deputy governor KC Chakrabarty said

RBI has asked banks to avoid offering sharply different rates on deposits with similar maturities, saying that something is wrong with lenders if their retail and bulk deposit rates vary too much.

"If it (the difference between retail and bulk deposit rates) varies too much, then
 there is something wrong," Reserve Bank deputy governor KC Chakrabarty said.

He asked banks to discourage moves to offer sharply different rates on deposits with very little differences in maturities.

Banks offer higher rates for bulk deposits to shore up their balance sheets, say industry observers. A 3-month deposit attracts as much as 11%, while a similar tenure retail deposit gets around 7% only.

Chakrabarty was talking on the sidelines of a function organised by the Centre for Advanced Financial Research and Learning (Cafral).

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Nuclear Power Corp hopes to end FY12 with Rs8,000 crore turnover

SK Jain, CMD, NPCIL, said that the company is expected to touch 32,000 million units of power production mark in the financial year as against 26,000 million units last fiscal

State-owned Nuclear Power Corporation of India (NPCIL) is expecting to finish this fiscal with a turnover of Rs8,000 crore, according to a top official of the nuclear power producer.

SK Jain, chairman and managing director, NPCIL, said the company is expected to touch 32,000 million units of power production mark in the financial year as against 26,000 million units last fiscal.

“This year March end, we are going to break all records of our performance. We are going to cross 32,000 million units of generation. This can be seen in the backdrop of 26,000 million units last year. So, a hefty 40% rise in generation,” Jain said in a press conference.

In revenue terms, also we are going to touch more than Rs8,000 crore turnover as against Rs5,000 crore last year, he added.

NPCIL has 20 nuclear power reactors under operation across the country.
Replying to a query, he said post Fukushima (Fukushima Daiichi nuclear disaster) all the NPCIL plants were revisited and were found to be capable of meeting any challenge.

He also said that the work at Kudankulam (atomic power project) has started on a war footing. He, however, did not give any time-frame citing regulatory issues.
Jain was chief guest at a function organised by Nuclear Fuel Complex on the occasion of handing over the first batch of steam generator tubes indigenously manufactured by it to L&T.

One day, India will become a major hub for exporting nuclear sub assembly equipment, Jain said.

"This is because the capability of India in producing nuclear equipment is going up and also cheaper by 25% than the European price," he said.

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Suzlon Group signs contract for 332 MW project

The offshore project is based in the German North Sea, around 35 km north of the East Frisian Islands in the Exclusive Economic Zone of Germany

Suzlon Group-subsidiary REpower Systems SE has signed a contract with PNE Wind AG to deliver 54 offshore wind turbines. The 6M turbines, each with 6,150 kW of rated power, are intended for the Gode Wind I wind farm.

The project is based in the German North Sea, around 35 km north of the East Frisian Islands in the Exclusive Economic Zone of Germany. This is the largest-ever offshore project with REpower turbines and one of the world's biggest open-sea projects with turbines in the multi-megawatt class.

The wind turbines are set to be installed and commissioned in 2015. At the Gode Wind I site, the water is between 28 and 34 meters deep.

The REpower 6M is the most powerful wind turbine ever to be installed on the high seas anywhere in the world. The turbine is produced in Bremerhaven, Germany. In 2009, 3 prototypes of the REpower 6M were installed onshore at the Ellhoft wind farm, near the German-Danish border. The first offshore installations were recently erected in the Belgian Thornton Bank wind project. REpower has already sold 150 of this type of turbine, including Gode Wind.

With 6150 kW of rated power, an individual turbine installed offshore can supply more than 6,000 households with electricity. As it has 332 MW of rated power, the Gode Wind I wind farm will generate enough electricity to provide power to approximately 3,24,000 households.

In the late afternoon, Suzlon Energy was trading at around Rs27.35 per share on the Bombay Stock Exchange, 0.37% up from the previous close.

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