Money & Banking
RBI to relax policy norms to encourage banking in Uttarakhand

RBI governor D Subbarao said the matrix of Uttarakhand is probably not very good in terms of number of villages per bank branch
 

Mussoorie: To expand banking network in hilly areas, Reserve Bank of India (RBI) said it will consider relaxing policy guidelines to encourage banks to open more branches in Uttarakhand, reports PTI.
 

“The Reserve Bank and the government, as the case may be, will relax the policy guidelines to see that there is greater penetration of banking system in the hilly areas,” RBI governor D Subbarao told reporters after the central bank's board meeting.
 

He said three state-run banks, State Bank of India, Bank of Baroda and Punjab National Bank have agreed to increase the credit-deposit (CD) ratio in five districts of Uttarakhand.
 

“In order to raise CD ratio, not only the banks will work, but the state government will also generate proposals for SME (small and medium enterprises) sector loans,” Subbarao said.
 

He also said the matrix of Uttarakhand is probably not very good in terms of number of villages per bank branch.
 

“We have told banks and state government to prepare an operational plan which will focus on taking banks to hilly areas, taking banks to uncovered districts,” he said.

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2G scam: Essar, Loop promoters get bail

Essar group promoters Ravi Ruia, Anshuman Ruia and Loop Telecom promoters IP Khaitan and Kiran Khaitan, besides Essar group director Vikash Saraf were directed by the Special Court to furnish personal bail bond of Rs5 lakh each and two sureities of like amount

New Delhi: Promoters of Essar Group and Loop Telecom on Friday were granted bail by a Delhi court in connection with a case arising out of the 2G spectrum allocation scam, reports PTI.

Essar group promoters Ravi Ruia and Anshuman Ruia and Loop Telecom promoters IP Khaitan and Kiran Khaitan, besides Essar group Director (Strategy and Planning) Vikash Saraf were directed by the court to furnish personal bail bond of Rs5 lakh each and two sureities of like amount.

Special Judge OP Saini also fixed 26th July to commence the trial against them by framing charges of conspiracy to cheat the government.

While the court said that all the accused were charged with the offence under Section 120 B (criminal conspiracy) read with Section 420 (cheating) of IPC, substantial charge of cheating was made out against Saraf.

"You all committed an offence punishable under Section 120 B read with 420 IPC and within my cognizance," the judge said.

"Secondly during the said period, you accused, Vikas Saraf got false representations made to the DoT officials through your subordinates/employees to the effect that the applicant company was in compliance of clause 8 of UASL guidelines and misled/cheated them into believing so and issuing LoIs, signing of UAS licences and allocation of spectrum and thereby you committed an offence punishable under section 420 IPC and within my cognisance," the judge added.

The court on 11th May had reserved the order on the framing of charges against the eight accused, including three companies- Loop Telecom Pvt Ltd, Loop Mobile India Ltd and Essar Teleholdings Ltd.

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Azure gets $70.35 million from Exim Bank for Rajasthan project

Azure Power received a long term financing of $70.35 million from US-based Exim Bank for expansion of its solar plant in Rajasthan

Mumbai: Azure Power on Friday said the US-based Export-Import Bank has approved $70.35 million for financing the company's solar power plant at Nagaur in Rajasthan, reports PTI.

"The company has received a long term financing of $70.35 million from Exim Bank for the solar power plant at Nagaur, Rajasthan," Azure Power said in a statement.

The plant is an expansion of Azure's existing 5MW Nagaur PV facility to 40MW, which is expected to be operational by February 2013.

"This investment enables the expansion of our Nagaur PV facility to 40MW, the largest solar PV project to be developed at a single location in India under the National Solar Mission. This is a great example of Indo-US cooperation in clean energy. With this project, we are committed to working towards meeting the grid parity objective of the national solar mission," company's Chief Executive Inderpreet Wadhwa said.

Azure Power is on track to complete investment of Rs1,000 crore in the Indian solar sector by March 2013, he said.

The company had commissioned the 5MW Nagaur plant in December last year.

"The 40MW solar plant, set up over 346 acres of wasteland, will have a positive impact on the social and economic development of the local community. It will generate reliable power as well as income for the community through local employment for construction, installation, security and maintenance of this facility," he said.

Once fully operational, the solar plant will reduce carbon emissions of up to 66,000 metric tonnes per year or in other words the equivalent of removing about 12,000 cars off Indian roads per year, Wadhwa added.

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