ONGC will pay Rs13,200.10 crore and another Rs1,846.55 crore will come from OIL as fuel subsidy for paying to oil marketing companies like Indian Oil, HPCL and BPCL
The Oil Ministry has fixed the subsidy payout by upstream companies such as Oil and Natural Gas Corp (ONGC) and Oil India Ltd at Rs15,546.65 crore for the April-June quarter. Of this, ONGC will pay Rs13,200.10 crore and another Rs1,846.55 crore will come from OIL. State gas utility GAIL will pay Rs500 crore, official sources said.
Indian Oil Corp (IOC) will get Rs8,107 crore from upstream companies in fuel subsidy support for the first quarter, while Hindustan Petroleum Corp Ltd (HPCL) will get Rs3,608.88 crore. Bharat Petroleum Corp Ltd (BPCL) will get Rs3,830.56 crore from the fuel subsidy.
Fuel retailers IOC, HPCL and BPCL sell diesel, domestic LPG and kerosene at Government controlled rates which are way below the cost. The losses they incur are compensated through a combination of Government cash subsidy and support from upstream firms.
Insurance Bill is likely to be taken up for discussion in the Rajya Sabha on Monday
The Rajya Sabha is likely to take up on Monday the Insurance Bill, which seeks to hike foreign investment cap in the sector to 49% with a rider that management control remains with Indian promoters.
The Bill, which was listed in the Rajya Sabha agenda on Thursday, could not be taken up for discussion as the Opposition wanted more time to go through the amendments. The government has proposed as many as 97 amendments to the original Bill.
Finance Minister, Arun Jaitley, in the Budget 2014-15 speech had said that the insurance sector was investment starved and there was a need to increase the composite cap in the sector to 49%, with full Indian management and control, through the FIPB route.
Once approved by Parliament, it would help insurers to get the much needed capital from overseas partners.
Last week, the Cabinet gave a go-ahead to hike the foreign direct investment (FDI) cap in insurance sector to 49% with a rider that management control will remain in the hands of Indian promoters.
The approval to hike the FDI limit from the current 26%, a proposal which has been pending since 2008, is expected to attract long-term capital, besides improving the overall investment climate.
Bank of Baroda's CMD Mundra assumed charge as RBI's deputy governor, a position that was lying vacant since April when Dr Chakraborty vacated office
SS Mundra, the chairman & managing director (CMD) of Bank of Baroda (BoB), took over as the new Deputy Governor of Reserve Bank of India (RBI) for a three-year term, on Thursday.
RBI has four deputy governors, but since April when Dr KC Chakraborty demitted office, the position of the fourth deputy governor was vacant.
Following Mr Mundra's appointment, RBI now has four Deputy Governors. Of the four deputy governors, two are selected from outside RBI, while the other two are from within. Of the two outsiders, one is a commercial banker and the other an economist. Earlier in July, the central bank extended Deputy Governor HR Khan's term by two years. The other two deputy governors are Urjit Patel and R Gandhi.
Mr Mundra took charge as chairman and managing director of BoB in January 2013. Prior to his elevation, he was the executive director of Union Bank of India since 2010.
Born on 18 July 1954, Mr Mundra holds a Masters Degree in Commerce and is a Certified Associate of the Indian Institute of Banking & Finance (CAIIB). He started his career as a probationary officer with Bank of Baroda in 1977 and has more than three decades of experience in the sector.
Mr Mundra has also held key leadership positions such as the zonal head of the Maharashtra & Goa zone. He was also the chief executive of Bank of Baroda’s UK operations for three years.