Suzlon to set up 3,000 MW in Andhra Pradesh

Suzlon will play the role of a developer and facilitate the channelisation of investments into the state through its customers investing in wind energy.

Wind turbine manufacturer Suzlon Energy has signed a memorandum of understanding (MoU) with the government of Andhra Pradesh for the development of wind capacity in the state totalling 3,000 MW between 2012 and 2016, creating potential investments of up to Rs18,000 crore. The announcement was made through a filing to the Bombay Stock Exchange.

Under the MoU, the state government will facilitate Suzlon in obtaining necessary permissions, registrations and clearances for the development of the wind farms. Suzlon, in turn, will play the role of a developer and facilitate the channelisation of investments into the state through its customers investing in wind energy.

The MoU covers the development of new capacity in windfarms across the state, with development planned in the districts of Tallimadugula, Alankarayanipeta, Gandikota, Vajrakarur, Tirumalayapalli and other parts of Andhra Pradesh.
In the late afternoon, Suzlon Energy was trading at around Rs22.45 per share on the Bombay Stock Exchange.

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SBI slashes processing fees on home loan

The State Bank of India (SBI) has cut down processing fee on home loan above Rs75 lakh to Rs10,000 from Rs20,000.

The State Bank of India (SBI) has cut down processing fee on home loan above Rs75 lakh to Rs10,000 from Rs20,000, while for loans between Rs30 lakh-Rs75 lakh, the fees has been reduced to Rs6,500 from Rs10,000 earlier, a senior SBI official said.

The new fee structure is applicable starting January 11, the official added. The official, however, added that the processing fee for loans below Rs30 lakh continues to be 0.25% of the loan amount.

The reason for slashing fee is to promote home loan products of the bank, the official said.

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IRDA: Agent training institutes to register as company or trust by June

“Existing accredited entities (ATIs), other than the companies/societies, trusts, have to convert themselves into companies, societies or trusts within 6 months...:” IRDA Circular

In order to eliminate non-serious players, the Insurance Regulatory and Development Authority (IRDA) has asked all existing agent training institutes (ATIs) to register either as a company or trust by June.

“Existing accredited entities (ATIs), other than the companies/societies, trusts, have to convert themselves into companies, societies or trusts within 6 months...,” the IRDA said in a circular.

The IRDA has said that only those entities with more than three years of experience in training for financial or insurance products will be eligible for accreditation as institutes for training insurance agents. The initial approval will be for three years and consideration of further renewal for next three years.
Further, ATIs are required to maintain the attendance record by way of biometric system and put in place an effective mechanism for the same by April 1, 2012.
These entities play an important role in training agents for selling insurance products as the sector is battling the curb the menace of mis-selling. Mis-selling refers to sale of a financial instrument without fully disclosing the pros and cons of it to an investor.

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