Economy
India's financial conditions better over previous quarter: CII-IBA
Ahead of the Reserve Bank of India's fifth bi-monthly policy review for this fiscal next week, industry chamber CII on Sunday said the country's overall financial conditions have shown a healthy improvement, thanks to low cost of funds, strong liquidity, better external financial linkages and uptick in economic activity.
 
"The CII-IBA Financial Conditions Index at 70.3 for Q3 FY 2015-16 shows healthy improvement in the overall financial conditions in the Indian economy vis-a-vis the previous quarter," the Confederation of Indian Industry (CII) said, citing its latest survey.
 
The index is based on a survey of major banks and financial institutions on their expectations of key financial and economic variables determining financial conditions of the Indian economy.
 
A majority of respondent banks and financial institutions surveyed reported improvement or no change in overall financial conditions as against a deterioration over the previous quarter.
 
"It is heartening to note that financial conditions of the Indian economy are improving in tandem with the overall macro-economic outlook," said CII director general Chandrajit Banerjee.
 
"The scale of improvement in the financial conditions index for the current quarter will provide necessary comfort to RBI in continuing and further extending the accommodative monetary policy stance for supporting higher economic growth," he said.
 
A total of 36 leading banks, including 21 state-run ones, and financial institutions took part in the survey.
 
"The directional change in the performance of the financial conditions index augurs well for the Indian economy," Indian Banks' Association and Dena Bank chairman Ashwini Kumar said in the statement.
 
"With RBI reducing the repo rate by 50 basis points just before the beginning of the current quarter, a majority of respondent banks and financial institutions expect the overall cost of funds to decline in the current quarter," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Mudra Yojana hasn't grown the way I wanted: Modi
Prime Minister Narendra Modi said on Sunday that the pace of enrolment for the Pradhan Mantri MUDRA Yojana (PMMY) to help small entrepreneurs had not picked up the way he expected it to.
 
"Though the MUDRA (Micro Units Development and Refinance Agency) Yojana is in place to help small entrepreneurs, the speed at which I want to go with it has not been attained," Modi said in his Mann Ki Baat address on All India Radio.
 
"But the beginning is good. So far about 66 lakh people have benefited ... with Rs.42,000 crore spent. I am happy to announce that out of 66 lakh people, some 24 lakh are women," he said.
 
"And the majority of these beneficiaries are from among the Scheduled Caste, Scheduled Tribe and Other Backward Class, people who stand up and themselves take responsibility to take care of their families.
 
"...PMMY funds the unfunded and is thus focused on empowering people in the true sense," he said.
 
"It provides a boost to three Es - Enterprises, Earning and Empowerment. The scheme encourages enterprises, provides opportunity for earning, and in the truest sense empowers people. It is helping small entrepreneurs."
 
"The scheme is trying to help small workers such as barbers, laundrymen, milkmen, newspaper vendor..."
 
The prime minister said: "I got to know of Mamta Sharma from Bhopal, who got Rs.40,000 from the MUDRA Yojana. 
 
"She is now running a business of making wallets. She would make wallets earlier too but she would have a lot of problems because of heavy interest rates," he said.
 
The PMMY, under the MUDRA Bank, has been created for the development and refinancing of micro units.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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How mastermind of Punjab CM's assassination was caught
Former Delhi Police chief Neeraj Kumar says that nabbing the mastermind of Punjab chief minister Sardar Beant Singh's assassination was the most dangerous operation he ever undertook.
 
But as luck would have it, when mastermind Jagtar Singh Tara was tracked to a hideout in south Delhi, he was unarmed -- save a cyanide capsule that was hidden in his turban.
 
"We were half expecting the men inside to be sitting with Kalashnikov rifles, ready to fire. Instead, to our surprise and relief, we found a tall turbaned Sikh youngster sprawled leisurely in an executive chair," Kumar told IANS in an interview.
 
"Another Sikh, but without a turban, was also seated there, in a relaxed mode. We overpowered them in no time."
 
The man in turban admitted that he was indeed Tara. This was in September 1995, barely weeks after Beant Singh's assassination in Chandigarh by a suicide bomber shocked the nation.
 
Beant Singh became chief minister at a time when the Khalistan campaign was at its bloody peak in Punjab. Soon after he took charge of the state, security forces ended the decade-long saga of violence.
 
Kumar -- then with the Central Bureau of Investigation -- recalled those terse moments in an interview with IANS. "Jagtar Singh Tara's arrest was one of the most risky operations I did."
 
Beant Singh, the chief minister from 1992 to 1995, was killed by the Babbar Khalsa International (BKI) in a deadly suicide attack on August 31, 1995. Seventeen others were also killed.
 
Beant Singh had come down from his second floor office around 5.10 p.m. When he was about to get into his car in the VIP porch, the suicide bomber dressed in police uniform, Dilawar Singh, blew himself up.
 
Explaining the risky factors of the operation to catch Tara, Kumar said: "Tara was reported to be armed. He also had cyanide pill. We were unarmed and were four in number."
 
A deputy inspector general in the CBI then, Kumar knew that taking on Tara was a dangerous affair. 
 
"My decision to come to this point without a commando unit, without weapons and bullet proof jackets, without cordoning off the entire area, without taking some local residents into confidence, could all backfire, literally, within a matter of seconds.
 
"All our combined heroism could blow up on our face," Kumar said. 
 
Assisting Kumar were Assistant Sub-Inspector Anchal Singh, constables Dharambir Singh and Surinder Singh.
 
They suddenly barged into a shop in a small single-storey municipal market in Safdarjung Enclave in south Delhi. 
 
That's where they found their prey. "Fortunately, there was no weapon on either of the two men."
 
Kumar's book 'Dial D for Don', which is basically about the Indian underworld after the 1993 serial bombings in Mumbai that was blamed on the still fugitive mobster Dawood Ibrahim or "D Company", also has a detailed description about the arrest of Tara. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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