Tata Steel suggests changes in mine allotment policy

Whether the industries vying for mining lease were contributing for the country should be taken into consideration before granting mining lease, the Tata Steel MD feels

Jamshedpur: Tata Steel's Managing Director HM Nerurkar on Wednesday said there should be change in allotment of mines policy and mine lease should be granted first to industries engaged in value addition, reports PTI.

"From the top of my voice, I have been demanding for drastic change in the allotment of mines and the prevailing auction of mine blocks (coal blocks) exist nowhere in the world except India," Mr Nerurkar told newsmen in reply to a question.

Whether the industries vying for mining lease were contributing for the country should be taken into consideration before granting mining lease, he suggested.
He said industries engaged in value addition downstream and creating jobs should get mining lease first.

Nobody was bothered about the mining sector, especially iron-ore, till early 2000, but spurt in activities was witnessed with the booming of the industrial sector after 2003-04, he said.

He suggested that small players in the mining sector should form co-operatives for smooth functioning of the sector.

Referring the private steel major's proposed steel plant in Karnataka, he said negotiations with the Karnataka government were in the final stages. "But we are not yet sure about the nature of land to be allotted to us."

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UIDAI Bill to be tabled in Monsoon Session: Montek

UIDAI is currently working under an executive order as the Bill was rejected by the Parliamentary panel in view of lack of proper groundwork, unjustified cost, and instance failure of such exercises in other countries

New Delhi: The government will introduce a bill during the Monsoon Session of Parliament to give legislative powers to the Unique Identification Authority of India (UIDAI) to facilitate its work relating to collection of biometric data of residents.

"We will bring it [UIDAI Bill] in the next Monsoon Session of Parliament instead of the forthcoming Budget Session," Planning Commission Deputy Chairman Montek Singh Ahluwalia told PTI.

The Commission, which is providing administrative support to the Authority, has been asked to draft the Bill that would provide legal sanctity to the UIDAI. The authority is currently working under an executive order.

"In the Budget Session, there are other things, that have to be done. It is not a big decision. We have lots of things to do like annual Plan discussions [with states]. We don't want to be pressurised [with too many engagements]," he said.

Earlier the bill for providing legislative powers to the authority for collection of biometric data and issuing unique identification numbers to all residents, was put off by the Parliamentary Standing Committee on Finance headed by former Finance Minster Yashwant Sinha in December.

The bill was rejected by the Parliamentary panel in view of lack of proper groundwork, unjustified cost, and instance failure of such exercises in other countries.

The UIDAI has recently wriggled out of a row, that continued for a year between Planning Commission and Home Ministry.

While the Home Ministry had raised doubts over the authenticity of data collected by UIDAI, the Planning Commission pitched for the project arguing that it was required for inclusive development.

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RBI asks banks to use credit info for corporates

Banks are using credit bureau information for lending to retail investors, but there it is used less in case of corporate accounts

Mumbai: The Reserve Bank of India on Wednesday said it expects banks to use credit bureaux information not just for retail borrowers but equally for corporates also, reports PTI.

"Commercial banks are increasingly using information from the credit bureaux to extend loans to retail investors more in comparison to corporates. "The impression, we have sometime back is that this is used actively for retail and not so much for corporates," RBI Deputy Governor Anand Sinha told a meeting organised by Credit Information Bureau (India) Ltd (CIBIL).

Noting that banks are using credit bureau information for lending to retail investors, Mr Sinha pointed out that this is less used in case of corporate accounts now.

Mr Sinha asked these bureaux to furnish timely and accurately for greater relevance. "The data should be furnished timely and accurately."

The RBI Deputy Governor expressed the hope that going forward, banks would do a better balancing act. "Now, there are three more credit information companies. I am sure, situation will definitely improve."

Referring to creation of unique customer identification numbers, Mr Sinha said the central bank is looking at it. "We are looking at it. The Financial Stability Board is advocating it and G-20 is also in favour of it," he said, adding issuance of the Aadhar numbers provides a lot of hope in this regard.

Talking about the rationale behind creation of credit information agencies, he said this would help in increasing lending activity to SMEs and poorer section of the society.

"Without proper credit information, bank lending will be sub-optimal with bad borrowers. Also, credit information will help in increasing lending to SMEs and the poor."

Mr Sinha emphasised on creating awareness among the customers about credit information bureaux.

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