Axis Bank to launch six more branches in Mumbai

Axis Bank plans to launch six additional branches in Mumbai, taking the total number of its branches in Maharashtra to 181 by 31st March

Private sector lender Axis Bank said it plans to launch six additional branches in Mumbai, taking the total number of its branches in Maharashtra to 181 by 31st March.

These branches, located in the Mumbai Circle, also include branches in Navi Mumbai and Turbhe, a press release said.

Axis Bank's deputy managing director, SK Chakrabarti, said, "Axis Bank is focused on taking its products and services into the farthest corners of the country. The Bank, to grow its network and achieve this, planned to open 350 branches across the country by the end of this fiscal and is well on course to achieve that target."

The Bank enjoys the patronage of the state government for collection of stamp duty through franking.

On Tuesday, Axis Bank ended 2.74% up at Rs1,422.60 on the Bombay Stock Exchange, while the Sensex gained 0.94% to 19,120.80.

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Shunglu panel blames CWG Organising Committee for tardy contracts execution

Sources say the investigation panel has found evidence of “collusive/partial bidding” and “manipulation of documents” in tenders for various projects.

New Delhi: The high-level Shunglu Committee has blamed the Commonwealth Games Organising Committee for the delay in executing contracts for the mega sporting event which led to cost escalation.

In a report submitted to the Prime Minister's Office, the Committee is understood to have found evidence of "collusive/partial bidding" and "manipulation of documents" in floating tenders, reports PTI.

Prime minister Manmohan Singh had on 25 October 2010 appointed the committee under the chairmanship of former Comptroller and Auditor General VK Shunglu to look into alleged corruption and managerial lapses in the conduct of the Commonwealth Games held in Delhi between 3rd and 14th October last year.

According to sources, the Shunglu panel has also questioned decisions of certain Organising Committee officials in finalising, floating and awarding a number of contracts. The Committee investigation is understood to have found fault with giving overlays contracts, they said.

Sources having access to the panel's report said that of a total of 540 contracts that were to be completed by 2009, the Organising Committee had executed 37, which had led to supply of inferior quality products at highly-inflated rates. The remaining 503 contracts were carried out by firms after January 2010, they said.

The Shunglu panel had on 31st January submitted its first report on alleged irregularities in awarding broadcasting rights for the event and recommended strict action against suspended chief executive officer of Prasar Bharti BS Lalli and former director general (Doordarshan) Aruna Sharma under the relevant sections of the Indian Penal Code and Prevention of Corruption Act for their alleged acts of omission and commission.

In its second and third reports on the Games Village and City Infrastructure respectively, it named Delhi lieutenant governor Tejinder Khanna and chief minister Sheila Dikshit for alleged inadequacies.

The Central Bureau of Investigation, the Central Vigilance Commission, the Enforcement Directorate and the Income-Tax Department are probing several cases related to financial and managerial bunglings in games-related projects carried out by the Organising Committee, civic and construction agencies like the Municipal Corporation of Delhi, Delhi Development Authority, Public Works Department, New Delhi Municipal Council and some others.

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COMMENTS

Dinesh

6 years ago

Congress Politicians knows the Scams before and at the time, but after I DON'T KNOW would be the answer adopted from PM. CWG needs to be investigated by SIT under the observations of SC and all the Culprits must be in TIHAR. The country is been LOOTED and Politicians don't give a damn till it's not picked up by SC. This Ministry should be suspended for 10 years.

FDI down by 30% to $ 1.2 bn in February; second consecutive month of decline

Effect of turbulence in global economy continues to hurt foreign investment in India, as recovery remains fragile in Europe

New Delhi: Foreign direct investment (FDI) in India registered a decline in February 2011, dipping by 30% year-on-year to $1.2 billion, in the backdrop of the financial turmoil in Europe.

In February last year, FDI amounting to $1.7 billion came to India. This is the second consecutive month of decline. In January this year, FDI plunged by 48% vis-a-vis the corresponding month in the previous year to $1.04 billion.

During the 11-month period from April 2010 to February 2011, FDI inflows into India declined by 25% to $18.3 billion. The country received FDI worth $24.6 billion during the April 2009-February 2010 period.

"The numbers are bad. We will not be able to touch last year's FDI figure," an official told PTI. "The government needs to take the matter seriously and initiate steps to boost investors' confidence."

Feeling the impact of the turbulence that battered the global economy in 2009-10, India's FDI dropped to $25.88 billion during the fiscal from $27.33 billion in the previous financial year.

"This year is not good for FDI. The global economic recovery is very fragile in European economies. India needs some policy actions to boost FDI," said DK Joshi, principal economist at CRISIL.

On its part, the Department of Industrial Policy and Promotion (DIPP) has initiated steps to streamline FDI procedures, including consolidation of all rules and regulations into a single document.

The main sectors that attracted foreign investment were financial and non-financial services, telecommunications, housing and real estate, construction activities and power. Mauritius, Singapore, the US and UK, the Netherlands, Japan, Germany and UAE have been the major investors in India.

As far as FII inflows are concerned, in February, foreign institutional investors pulled out $721.33 million, whereas they had invested $946.21 million in the corresponding period last year.

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