Money & Banking
Government bonds impede corporate bond market: RBI
The growth of the corporate bond market is largely impeded by the high government borrowings through the issue of bonds, said a senior RBI official.
 
Speaking at a conference here, Reserve Bank of India's (RBI) deputy governor R. Gandhi said the huge supply of government bonds is one of the impediments in the growth of the corporate bond market.
 
He said the role of insurance companies and pension funds have to be reassessed as they are hindered in the corporate debt market.
 
Gandhi also expressed RBI's concern about the corporate debt market as it is not to the central bank's satisfaction.
 
According to him, the corporate bond market is like a dwarf as compared to the government bond market.

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Saradha scam: Painter Shuvaprasanna grilled for nearly 5 hours
Painter Shuvaprasanna Bhattacharya was on Monday grilled for nearly five hours by the Enforcement Directorate in connection with a business deal he made with Saradha Group chief and now jailed scam kingpin Sudipta Sen.
 
Perceived to be close to leaders of West Bengal's ruling Trinamool Congress, Bhattacharya was quizzed over two sessions by sleuths of the ED, which is probing the money trail in the multi-crore-rupee Saradha ponzi scam.
 
Bhattacharya, who left the ED office in the afternoon, did not answer any questions from the waiting media persons.
 
The ED has in the past months questioned the painter twice regarding the sale of Devkripa Vyapar Pvt. Ltd, the holding company of Akhon Samay, a news channel.
 
Despite the channel never going on air, Bhattacharya is alleged to have sold it to Sen at an inflated price in 2011.
 
Bhattacharya, who earlier had submitted documents about the deal to the Central Bureau of Investigation (CBI) - which too is probing the scam - has repeatedly denied the charges.
 
The ED sent summons to both Bhattacharya and city businessman and Indian Super League franchise Atletico de Kolkata co-owner Harsh Neotia earlier this month.
 
Neotia is slated to appear before the agency on March 27.
 
The duo was also interrogated by the agency on October 13 last year.

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Railway platform tickets to cost Rs.10 from April 1
Come April 1, platform tickets in railway stations will cost twice as much -- Rs.10 from Rs.5 now, an official statement said on Monday.
 
"The ministry of railways has decided to upwardly revise the rate of platform ticket to Rs.10 per ticket from Rs.5 per ticket. The revised rate of platform ticket will be charged on platform ticket to be issued from April 1, 2015," the statement said.
 
"Directions have been sent to all zonal railways to print the revised tickets on top priority and ensure supply to all stations well in time. However, till such time the tickets are printed, the existing stock of tickets may be used with the rate corrected with a stamp," it added.
 
The ministry has also delegated the power to divisional railway managers (DRMs) to increase the rate of platform tickets beyond Rs.10 to regulate rush at platforms during specific periods like a rally, the statement added.

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COMMENTS

arun adalja

2 years ago

as there is no direct increase in the budget so they are finding out ways to increase something for their use.in metros nobody goes to railway station as it is a costly affair and wastage of time.railway must withdraw the increase.

Sudheer M

2 years ago

This is a welcome move. I have seen 1 person going in the train and 15 people coming to see him off, which creates unnecessary rush and crowd at the platform. Such crowd will create trouble and difficulty for people who are genuine passengers.

Kudos to government for this. There are work around like buying a short distance ticket which is cheaper than this etc.., but sure this will be a deterrent to many.

Sachin Purohit

2 years ago

I don't get this. From Ghatkopar to the nearest railway station - Vidyavihar or Vikhroli probably costs Rs.5. So are you saying that instead of taking a platform ticket to see off my relative, I can buy a ticket to Vikhroli instead of buying a platform ticket and save Rs.5? Then why buy a platform ticket? Unless the fares are also up and hence travel even to the nearest station is more than Rs. 10.

Rajendra Koti

2 years ago

They should make it possible to buy platform tickets using IRCTC portal.

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