“The corporation has developed website www.uppclonline.com on which consumers could register themselves by entering their account number and bill number to pay their bills,” UPPCL chairman Avnish Awasthi said
The Reserve Bank of India had surprised all by slashing the repo rate at which it lends to the banks by 0.50% to 8% at its annual monetary policy announcement on 17 April 2012
Mumbai: Kerala-based Federal Bank cut its base rate or the minimum lending rate by 0.20% to 10.45% following last week’s Reserve Bank of India’s (RBI) reduction in the key policy rate, reports PTI.
The bank action will be applicable from 2 May 2012, it said in a statement.
The RBI had surprised all by slashing the repo rate at which it lends to the banks by 0.50% to 8% at its annual monetary policy announcement on 17 April 2012.
Reacting to the move, all the bankers had said this will lead to lower rates but some opined that the deposit rates will go down first and the reduced cost of funds will trigger base rates decreasing.
Other lenders like ICICI Bank, IDBI Bank and Corporation Bank have already announced cut in interest rates.
State Bank of India, the country’s largest lender has cut rates on select offerings, but is keeping the base rate intact.
Federal Bank reduced term deposit interest rates by up to 0.25% depending on maturity, the statement said.
The reduced deposit rates will be effective from 26 April 2012, it added.
The Working Group on fertilisers, set up by the Planning Commission for the 12th Five Year Plan (2012-17), had suggested that India should look at buying fertiliser mineral assets in over 20 countries to meet the domestic shortfall
New Delhi: Amid depleting resources and rising global prices of soil nutrients, the fertiliser ministry has proposed a Sovereign Wealth Fund (SWF) of $1 billion to acquire such assets abroad, reports PTI.
“We have proposed to the finance ministry about creating a SWF of $1 billion for acquiring of fertiliser mineral assets in foreign countries,” a source in the fertiliser ministry said.
The broad modalities about the nature of operation of the fund still need to be discussed, the source added.
India imports about 6 million tonne each of potash and urea and 7 million tonnes of Di-ammonium Phosphate (DAP) every year.
According to another source in the ministry, the nature of operation of the fund needs to be discussed in detail as there are some grey areas.
“We need to sort out whether it will be used for resource gap funding in case a private company is looking to acquire assets in a foreign country or to help public sector firms in acquiring assets,” he said.
Various committees and working groups have suggested the public private partnership (PPP) model for acquisition of assets, in which case the modalities of the fund will have to be cleared about the level of financial support for both public and private sector, the source added.
Recently, the Working Group on fertilisers, set up by the Planning Commission for the 12th Five Year Plan (2012-17), had suggested that India should look at buying fertiliser mineral assets in over 20 countries including Belarus and Canada to meet the domestic shortfall.
It had also recommended that in view of the risk and huge costs involved in acquisitions, the government should create a fund with an initial corpus of $5 billion.
Likewise, the Working Group on Mineral exploration and development (other than coal and lignite) for the 12th Plan in its report had emphasised on public-private partnership for the acquisition of fertiliser assets abroad.
The Planning Commission had also suggested setting up of a SWF with an initial corpus of $10 billion, mainly to invest in energy and mining assets abroad.
Industry body Fertiliser Association of India has also asked the government to create a SWF of $20 billion to acquire mineral assets abroad.