Companies & Sectors
Solar energy can fill demand-supply gap of power: Kakodkar

Amidst the growing demand of power, renowned nuclear scientist Anil Kakodkar, has termed the demand-supply gap as eternal and said solar energy could be the future source of energy


Jodhpur: Renowned nuclear scientist Anil Kakodkar has termed the demand-supply gap of energy as eternal, and said solar energy can fill the void, reports PTI.
 
"The need of energy will always exceed the supply and for this we will have to keep looking for alternative sources of energy," said Kakodkar, the former chairman of the Atomic Energy Commission of India.
 
"And solar energy is a big hope in meeting this ever growing demand of energy," he said.
 
He termed the solar energy as a future source of energy amidst the growing demand of power.
 
Kakodkar, currently chairman of the Solar Energy Corp of India, was in Jodhpur with his team for discussions with the IIT-Jaipur on solar energy research.
 
The IIT-J has set up a Centre of Excellence to further the research and experiment on the solar energy in the Western Rajasthan and has set up a solar thermal plant.
 
Kakodkar said after developing a demonstration facility of the solar thermal set up, we will resort to continuous research on it.
 
Terming the demand-supply gap of energy to be eternal, Kakodkar said the need of energy will always exceed the supply and for this we will have to keep looking for alternative sources of energy.
 
IIT Jodhpur has earmarked a 200-acre land on its campus for creating a solar park, comprising various technologies under one roof.
 
A cluster of R&D labs for solar thermal research shall be established in this solar park under the Research grant obtained from the MNRE (Government of India).
 
An international centre for solar energy technologies is planned to be set up on the IIT Jodhpur campus with the technical assistance and grant from ADB (Asian Development Bank) for capacity building and for promoting innovation and entrepreneurship in the filed of Solar Energy.

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Bangladesh army hero charged over $400 million Ponzi scam

Bangladesh Police accused retired Lt Gen Harunur Rashid, the president of Destiny Group, and 21 other senior officials of the group of stealing money from two projects set up by the direct-selling company between 2006 and April 2012  

 
Dhaka: Bangladesh's anti-graft agency has charged a former army chief and war hero with stealing $400 million from nearly two million investors through alleged Ponzi schemes, reports PTI quoting police.
 
The agency accuses retired Lieutenant General Harunur Rashid, the president of Destiny Group, and 21 other senior officials of the group of stealing the money from two projects set up by the direct-selling company between 2006 and this April.
 
"In total, they embezzled 32.8 billion taka ($402 million)," police inspector Shariful Islam told AFP, quoting from the case records.
 
A Ponzi scheme is an illegal investment scheme that involves paying returns to investors out of money paid in by later investors, rather than from revenues generated by any real business transactions.
 
The Destiny Group allegedly collected 23.35 billion taka ($286 million) for a tree harvesting project, Islam said.
 
The other project was a credit society in which the Destiny Group collected deposits and said the money would be returned with a substantial rate of interest within a certain number of years.
 
Destiny Group, with nearly 1.7 million investors, had been suspected by authorities of running Ponzi schemes since it was set up in 2000.
 
The Bangladesh central bank froze the accounts of the company's directors in May after a probe found suspected gross irregularities.
 
General Rashid led Bangladesh's powerful military in the late 1990s. He is also one of the country's most decorated war heroes.
 
None of the accused has been arrested and no court date has been set. 
 
The company denied any wrongdoing. "We are going to fight for justice at the court," Destiny Group managing director Mohammad Rafiqul Amin, one of the accused, said.
 

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SBI cuts interest rate on home, car loans by up to 0.5%

SBI cut interest rate on home loans of up to Rs30 lakh to 10.25% while the new car loan would be available at an interest rate of 10.75% for seven year loan

 

New Delhi: State Bank of India (SBI) has slashed lending rates on car and home loans by up to 0.5%, a day after 1% cut in SLR by the Reserve Bank of India (RBI), reports PTI.

SBI has reduced interest rate on home loans of up to Rs30 lakh to 10.25% from existing 10.50% (after 0.25% concession over the card rate), a senior bank official said.

On the home loans of beyond Rs30 lakh but less than Rs75 lakh, the new rate will be 10.40% against the existing 10.75%, down 0.35%.

The new rates will be effective from 7th August, the official added.

The base rate or minimum lending rate of SBI stands at 10%. Base rate is the benchmark rate below which a bank cannot lend.

With regard to the car loan, the reduction is to the extent of 0.5%. The new car loan would be 10.75% against the existing rate of 11.25% for a seven-year loan.

Now for every Rs1 lakh, a customer has to pay Rs1,699 EMI against Rs1,725 per month earlier. SBI claimed this as the lowest EMI. With the reduction, a borrower would end up saving Rs312 per year on every one lakh.

on Tuesday, RBI in its quarterly monetary policy review reduced statutory liquidity ratio (SLR), the amount of deposits that have to be invested in government bonds and other liquid assets, by 1%.

RBI Governor D Subbarao cut SLR to 23%, thereby releasing around Rs68,000 crore of additional liquidity into the system, even as he left all the key interest rates unchanged in the anti-inflationary stance.

Soon after the policy review yesterday, SBI had hinted at lowering lending rates to retail customers.

"The one percentage point reduction in the SLR will release an additional Rs10,000 crore for SBI. That coupled with Rs6,500 crore released through the reduction in export refinance, may lead the bank to cut lending rates in retail," Chairman Pratip Chaudhuri had said.

It is always better to deploy money at 10.50% return than the average of 7.5% which the SLR gives, Chaudhuri had said.
 

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