Money & Banking
Jain Irrigation gets RBI nod for setting non-banking financial company

The NBFC— Sustainable Agro-commercial Finance—will focus its activities on farms and farmers only and operate in the rural and semi-urban geographies of the country says Jain Irrigation

Mumbai: Micro irrigation major Jain Irrigation Systems (JISL) said on Friday that it has obtained regulatory approval from the Reserve Bank of India (RBI) to launch a non-banking financial company (NBFC), named Sustainable Agro-commercial Finance (SAFL), reports PTI.

The NBFC, to commence business activities in the post monsoon period, will focus its activities on farms and farmers only and operate in the rural and semi-urban geographies of the country, JISL said in a release.

SAFL will be the first NBFC in the country to provide agri-loans with a wide and diverse range of financing options for almost every agricultural need.

The main products will include MIS financing, agri-project financing, contract farming, small business loans, solar pumps and appliances financing, third party tie-ups among others.

SAFL, headquartered in Mumbai, is in an advanced stage of setting up around 25 offices in Maharashtra by the end of August.

The NBFC is targeting 40 offices in Maharashtra by December 2012.

Subsequently, in the second phase, offices will also be opened in the states of Karnataka, Andhra Pradesh, Tamil Nadu, Gujarat, Madhya Pradesh and Rajasthan.

Phase three will cover offices in the remaining states.

A pan-India presence through a network of around 150 offices is envisaged in a period of three to four years.

SAFL is a joint venture between Jain Irrigation and International Finance Corporation (IFC), a member of the World Bank Group, as equity shareholders with some banks and financial institutions joining the equity shareholding at a later stage.

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Goa launches 'Ladli Lakshmi' scheme

To get the benefit of the scheme, the parents should be living in Goa for 25 years and the girl should have been born and brought up in the state

Panaji: With an aim to prevent female foeticide in the state, Goa government on Friday formally launched the ambitious 'Ladli Lakshmi' scheme, reports PTI.

Under the scheme, girls who are 18 years of age and above would be provided Rs1 lakh each for their marriage.

While launching the scheme, Chief Minister Manohar Parrikar said the parents who get upset after having a girl child worrying about her future, will get help through the scheme.

The scheme, which was one of the BJP's promises during the recently held state Assembly elections, covers all the Goan girls between 18-40 years of age.

The girls who get legally married in the state would be provided Rs1 lakh under the scheme, with retrospective effect from 1 April 2012.

To get the benefit of the scheme, the parents should be living in Goa for 25 years and the girl should have been born and brought up in the state.

"For those who are born outside the state, the state government committee will scrutinise their applications," Parrikar said.

The state government has reserved a fund of Rs150 crore for the scheme, which will initially cover all those girls who got married since 1 April 2012.

"Even those girls who have completed 18 years can avail benefit of the scheme. The government will deposit money in their name in the bank, which can be withdrawn after showing the marriage certificate and declaration about the marriage," the Chief Minister stated.

Goa registers around 10,000 marriages every year.

Five banks would be empanelled and the Women and Child Welfare department would implement the scheme, which will supersede the earlier 'Kanya Dhan' scheme, which provided Rs25,000 to a girl attaining the age of 18 years.

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COMMENTS

bhupen

3 years ago

if she married to other state person then also scheme is applicable?

bhupen

3 years ago

if she married to other state person then also scheme is applicable?

Chidambaram to head EGoM on telecom?

The EGoM is to decide on a minimum or base price for auction of telecom spectrum or airwaves and few days ago, Sharad Pawar recused himself from the group citing attempts to drag him into controversies

New Delhi: Union Home Minister P Chidambaram may head the Empowered Group of Ministers (EGoM) on the allocation of telecom spectrum, which was reconstituted on Friday after Agriculture Minister Sharad Pawar declined to head it, reports PTI.

Official sources said Chidambaram's name tops the list of ministers who will be part of the EGoM from whose chairmanship Pawar recused earlier this week citing attempts to drag him into controversies.

Pawar's name does not figure as a member of the reconstituted ministerial panel. Defence Minister AK Antony, Telecom Minister Kapil Sibal, I&B Minister Ambika Soni, Law Minister Salman Khurshid, Minister of State in Prime Minister's Office V Narayanasamy and Planning Commission Deputy Chairman Montek Singh Ahluwalia continue to be members of the EGoM.

Sources said no date for the meeting of the EGoM has been fixed yet.

The EGoM was last week reconstituted after Pranab Mukherjee, who was heading it, resigned as Finance Minister to contest the Presidential elections. Pawar was named as the new Chairman of the ministerial panel and a meeting fixed for 2nd July.

But Pawar first postponed the meeting of the EGoM, which had last met on 5th June, and then approached Prime Minister Manmohan Singh recusing himself.

The EGoM is to decide on a minimum or base price for auction of telecom spectrum or airwaves. The Supreme Court, which in February cancelled 122 telecom licences issued during the tenure of the then telecom minister A Raja in 2008, and asked the government to complete spectrum auction by August 31.
 
The EGoM in its last meeting on 5th June had finalised broad modalities for auction of spectrum including the schedule and the quantum of airwaves to be sold, but there was no decision on reserve price, terms of payment and annual spectrum usage charges.

It was decided that 8-11 blocks of spectrum in the 1800 Mhz band, and 3-4 blocks in 800 MHz band, would be put up for sale.

The government will conduct a simultaneous, multiple round ascending e-auction, details of which would be notified separately.

The spectrum auction is vital for companies like Sistema Shyam Teleservices, Uninor and Videocon whose telecom licences have been cancelled by the apex court but they are still looking to continue their services with fresh permits.

The Supreme Court has mandated conducting the auction before 31st August, while giving these companies permission to operate till 7th September.

After that, they will have to get the spectrum through the auction process to continue operations.

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