Punjab to disburse welfare funds online

The Punjab government has adopted the EBT model under which cash benefits to be disbursed to the beneficiaries would be directly transferred to their accounts

Chandigarh: The Punjab government has issued instructions to directly credit cash in the bank accounts of beneficiaries under various welfare schemes through Electronic Benefit Transfer (EBT) system to check delays and redtapism, reports PTI.

Informing this the state's Social Security and Health Minister Madan Mohan Mittal said the SAD-BJP alliance government in consultation with Reserve Bank of India has adopted the EBT model under which cash benefits to be disbursed to the beneficiaries would be directly transferred to their accounts.

Social Security Department had been giving cash benefits under various schemes like Shagun Scheme, Old Age Pension, Bebe Nanki Kanya Scheme and other financial assistance and it was felt that beneficiaries were facing problems due to late disbursal of amounts, cheques issued on wrong names or cheques issued after expiry of cheque, he said.

Chief Minister Parkash Singh Badal opined that late disbursal of financial assistance defeated the very purpose of such schemes and directed Finance and Institutional Finance Departments to coordinate with RBI and other banks for online credit of financial assistance, Mr Mittal said.

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Double home loan cap to Rs10 lakh: RBI to urban co-op banks

In order to promote housing for low income groups in major cities, the RBI asked urban cooperative banks to double the limit for home loans to Rs10 lakh

Mumbai: In a bid to promote housing for low income groups in major cities, Reserve Bank directed urban cooperative banks to double the limit for home loans to Rs10 lakh for consideration under priority sector lending, reports PTI.

As per the norms, assistance given to a non-governmental agency approved by the NHB (National Housing Bank) for refinance for construction or reconstruction of dwelling units or for slum clearance and rehabilitation of slum dwellers, subject to a ceiling of loan component of Rs5 lakh is classified as priority sector lending.

At present, RBI has hiked the ceiling to Rs10 lakh.

“Pursuant to the announcements made by the Union Finance Minister (in) the Budget Speech for the year 2012-13, it has been decided to increase the above limit from Rs5 lakh to Rs10 lakh,” RBI said in a circular.

RBI has already issued similar instructions to commercial banks and also regional rural banks.

Banks have to provide 40% of the total credit to the prescribed priority sectors including housing for weaker section.

Loans of such nature fall under indirect finance to housing sector as the final disbursement is done through NHB approved non-governmental agencies.

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Essar Oil signs pact with L&T for bitumen supply

Essar Oil will supply 15,000 tons of bitumen to L&T for building roads in Gujarat

New Delhi: Essar Oil on Monday said it has signed an agreement with engineering and construction company Larsen & Toubro (L&T) for supply of high quality bitumen, reports PTI.

As per the memorandum of understanding, Essar Oil would supply high quality bitumen from its Vadinar oil refinery in Gujarat to roads L&T is building in the state.

"The initial supply agreement is for a quantity of 15,000 tons over the course of the project and is likely to be extended to other projects in and around the state," the company said in statement.

Essar Oil (EOL) will provide supplies for the Kandla, Mundra and the Samakhaiyali, Gandhidham road Projects in Gujarat. "This cooperation will soon be extended to projects like the Kishangarh, Udaipur, Ahmedabad Road Project, among others," it said.

EOL has existing relationship with L&T under which it supplied about 60,000 tons of high quality bitumen over the last 18 months for L&T's various road projects.

"Essar Oil is fully geared to meet the supply for increased demand of high quality bitumen for road construction," said S Thangapandian, CEO, Marketing, EOL.

L&T currently has more than 15 road projects under various stages of construction or operations across states like Gujarat, Maharashtra, Tamil Nadu, Karnataka, Haryana, Andhra Pradesh and Rajasthan.

Essar Oil has the capacity to produce over 700,000 tons of bitumen per annum, the statement added.

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