Economy
LIC to invest Rs1.5 lakh crore in Railways over next five years

LIC will invest around Rs30,000 crore each year by subscribing to bonds issued by various railway entities such Indian Railways Finance Corp over next five years

 

Life Insurance Corp of India (LIC), the country's largest insurer will invest Rs1.5 lakh crore in development of various commercially viable projects for Indian Railways, one of the largest railway networks in the world.
 
The investment would be made over a period of five years. 
 
“LIC has taken the task of supporting Indian Railways... It is a commercial decision... LIC will invest Rs1.5 lakh crore over a period of five years,” Finance Minister Arun Jaitley said.
 
The investment would be done in bonds issued by various railway entities such Indian Railways Finance Corporation (IRFC), beginning next fiscal.
 
On an average, LIC will be subscribing bonds worth Rs30,000 crore over next five years, its Chairman SK Roy said after the signing of MoU between Indian Railways and LIC.
 
When asked about that what kind of interest rate LIC would earn from this investment, Roy said, “The rate is yet to be finalised. Since it is would be a commercial decision, it would be win-win situation for both.” 
 

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Maharashtra to take action against illegal mobile towers

The state government said it conduct an inquiry against the errant officials from municipal corporations, as well as electricity board, who provided power for these illegal mobile towers

 

Maharashtra government will soon take action against illegal mobile towers in the state, Minister of State for Home Ranjit Patil informed the Legislative Council on Wednesday.
 
Replying to questions raised by the Opposition, Patil said the government will conduct an inquiry within two months against illegal mobile towers built across the state.
 
He also informed the Council that 115 illegal mobile towers have been built in Akola district and conceded lapses on the part of the Akola Municipal Corporation.
 
The tower company had sought permission from the municipal corporation. Since it did not provide the required documents, the company was denied permission to build the towers, the Minister said.
 
But as it went ahead with the construction of towers, a notice was issued to it by the civic body to pay a fine. When the company refused to do so, its towers were sealed. The company later went to court against the municipal corporation and got its towers unsealed by paying the fine, Patil said.
 
The government will conduct an inquiry against the errant officials of the municipal corporation, as well as the electricity board who provided power for the functioning of these towers, he said.
 

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COMMENTS

MOHAN

2 years ago

Violation of MRTP Act?

Govt promotes nine as executive directors in public sector banks

Nine general managers are promoted as executive directors EDs in PSBs including Bank of Baroda, Bank of India, Canara Bank, Union Bank, Allahabad Bank, Syndicate Bank, Central Bank of India, Indian Overseas Bank and CUB Bank

 

The union government has promoted nine general managers from several public sector banks (PSBs) as executive directors (EDs).
 
According to a report from the Hindu, the nine general managers who have been appointed as executive directors are Ravindra Marathe ( from Bank of Baroda to Bank of India); KVR Moorthy (from Bank of Baroda to Bank of Baroda); Harideesh Kumar (from Vijaya Bank to Canara Bank); Kishore Piraji Kharat (Bank of Baroda to Union Bank); NK Sahoo (from Canara Bank to Allahabad Bank); Ravishankar Pandey (from Union Bank to Syndicate Bank); Rishab Lodha ( from Union Bank to Central Bank of India); Pawan Kumar Bajaj (from Bank of India to Indian Overseas Bank); and Charan Singh (from Bank of India to UCO Bank).
 
A panel headed by the Reserve Bank of India (RBI) Governor Raghuram Rajan had interviewed 35 candidates on 25 December 2014 in New Delhi.
 

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COMMENTS

Srinivasarao Ravindranath

2 years ago

How can it be CUB Ban for Mr Charan Singh? It is UCO Bank.

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