Coal Ministry may issue notices to 58 companies this week

The decision to issue show-cause notices to the companies sitting idle on captive coal blocks was taken by a panel looking into the development of reserves

New Delhi: The Coal Ministry is likely to begin this week the process of issuing show-cause notices to 58 captive coal block holders, including PSUs, which have not started the development work of mines in stipulated time.

"The coal ministry is likely to issue show-cause notices to 58 coal block holders, both in public and private sector, sitting idle on them this week," a top official in the coal ministry said."Coal Minister Sriprakash Jaiswal gave go-ahaed to the proposal yesterday," he added.

The decision to issue show-cause notices to the firms sitting idle on captive coal blocks was taken by a panel looking into the development of reserves, sources said.

Concerned over the increasing demand-supply gap, the Ministry in January this year had reviewed the progress of mines allocated to companies, including Tata Steel, Coal India, SAIL and NTPC for captive use.

The progress of the blocks allocated to Jindal Power, Jindal Steel & Power, Balco and MMTC was also reviewed during the two-day meeting.

Last year, the Coal Ministry had cancelled allotment of 14 coal and one lignite block to six PSUs, including NTPC, and three private firms for failing to develop them.

However, in January, the government gave back six coal blocks of the deallocated mines to firms, including Damodar Valley Corporation (DVC), Tenughat Vidyut Nigam Ltd and NTPC.

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IDBI bank cuts loan interest rates by 0.25%

Following a cut in repo rate by the central bank, the lender has decided to cut its base rates and base prime lending rates from20th April

IDBI Bank’s loans, linked to Base Rate/BPLR, will become cheaper following a 25 bps reduction in Base Rate (to 10.50%) and BPLR (to 15.00%),  from 20 April 2012. The Bank has also decided to reduce the retail term deposit rates by 10-50 bps in various buckets having maturity of ‘six months and above’. Senior citizens will be eligible for additional interest of 50-75 bps above the normal interest rate.

From 20 April 2012, the revised interest rates on retail term deposits will be as under

 
 

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Don’t insist on minimum balance for basic savings bank deposit account says RBI

At present, minimum balance in the savings accounts varies from Rs500 to Rs25,000, depending upon the nature of the accounts

New Delhi: The Reserve Bank has advised banks to offer all customers a 'basic savings bank deposit accounts' which will not insist on a minimum balance, reports PTI.

“Banks are being advised to offer a 'basic savings bank deposit account' with certain minimum common facilities and without the requirement of a minimum balance to all their customers,” the RBI said in its credit policy.

However, the central bank did not disclose more about the 'basic savings bank deposit account' in its policy statement.

As far as customers' savings accounts in banks are concerned, at present, minimum balance in the savings accounts varies from Rs500 to Rs25,000, depending upon the nature of the accounts. It is higher in case of most private and foreign banks.

RBI has also advised banks to initiate steps to allot a unique customer identification code (UCIC) number to all their customers.

RBI said financial inclusion has been high on its agenda.

“The nomenclature of the account in this manner has tended to signify that these accounts are opened more with a view to indicating achievement of numerical targets under the financial inclusion plans,” it added.

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