Companies & Sectors
Yes Bank gets RBI nod to start stock-broking biz

The new-age lender, amongst the last of the banks to be granted licences, will invest up to Rs25 crore and enter the highly competitive fray in early FY14

 
Mumbai: Private sector lender Yes Bank today said that it has received the Reserve Bank of India (RBI) nod to enter the equity broking business, reports PTI.
 
The new-age lender, amongst the last of the banks to be granted licences, will invest up to Rs25 crore and enter the highly competitive fray in early FY14, sources said.
 
A majority of its rivals are already into the equity broking business and addition of the product will add to Yes Bank’s bouquet of offerings.
 
The bank’s founder, managing director and chief executive Rana Kapoor said it has been granted approval by the RBI to establish a brokerage subsidiary and the timing for the same coincides with the bank’s thrust on retail.
 
The composition of the low-cost current and savings account (CASA) for the bank is among the lowest in the industry and it has been leveraging on the savings bank interest rate de-regularisation by the RBI to gain more deposits by offering higher interest rates.
 
“The latest offering will also further drive the bank’s CASA momentum, besides opening up avenues for fee income,” it said in a statement.
 
A slew of pure-play brokerages have been bleeding since the past one year so due to high volatility in the market and lowering of commissions by the exchanges. Mandates for takeover of some brokerages are also floating in the market.
 

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Core sector growth slows to 2.1% in August

The moderation in growth was on account of the negative growth in the production of natural gas, cement, fertilisers and crude oil, besides a decline in the growth rates of steel and electricity production

New Delhi: Eight core industries grew at a slower pace of 2.1% in August against 3.8% in the same month last year due to negative growth in crude oil, natural gas, fertiliser and cement, reports PTI.

 

During April-August this fiscal, the growth has slowed to 2.8% from 5.5% in the year ago period, according to official data released on Friday.

 

“The moderation in growth was on account of the negative growth in the production of natural gas, cement, fertilisers and crude oil, besides a decline in the growth rates of steel and electricity production,” it said.

 

Natural gas and crude oil production contracted by (-) 13.5% and (-) 0.6%, respectively in August.

 

Fertiliser and cement output also shrunk by (-) 2.1% and (-) 2.4% during the month under review.

 

Steel and electricity production slowed to 1.8% and 1.7%, respectively. In the comparable month, it was 7.9% and 9.4% in that order.

 

However coal and petroleum refinery output grew by 11% and 8.4% in August, against (-) 15.2% and 3.8% respectively.

 

The eight core sector industries have a weight of 37.9% in the overall Index of Industrial Production (IIP).

 

The growth in core sector industries in May, June and July, too, had moderated to 4%, 3.6% and 1.8%.

 

In the same months last year, it was 5.9%, 5.6% and 8.2% respectively.

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Right to Know Day: SC order halts work at state Information Commissions

It is indeed an irony that a judgement of the highest court of the land and the appointed custodian of all fundamental rights, has become a causal factor in the halting of dispute mechanism of an important fundamental right

 
International Right to Know Day (RKD) is celebrated on 28 September. The commemoration began on this day in 2002 when freedom of information organizations from around the world came together in Sofia, Bulgaria and created the FOI Advocates Network, a global coalition working together to promote the right of access to information for all people and the benefits of open, transparent, and accountable governments. 
 
Although the anniversary of the RTI (Right to Information) Act in India is two weeks away, Commonwealth Human Rights Initiative (CHRI), decided to do a rapid survey of the status of work in all Information Commissions on the eve of RTK Day. 
 
The organisation called up every one of the 28 Information Commissions affected by the Namit Sharma judgement of the Supreme Court of India. Readers will recollect that in this case of Namit Sharma versus Union of India [Writ Petition (Civil) No. 201 of 2010] the Supreme Court had directed that all second appeals and complaints under the Right to Information Act, 2005 (RTI Act) will be heard by a bench consisting of no fewer than two members and this bench will be presided over by an Information Commissioner who has a law background and judicial training (a serving or retired judge of the Supreme Court or a serving or retired chief justice of the high courts). 
 
A leading national daily had reported soon after this judgement was pronounced as to which Commissions had stopped functioning. Hearings on appeals were suspended in Maharashtra, Kerala, Assam and Rajasthan as the SIC sought clarifications, while proceedings were going on uninterrupted at the Commissions in Karnataka, Andhra Pradesh, Tamil Nadu and Uttar Pradesh.
 
CHRI’s findings about the status of work in Information Commissions around the country
 
More than a quarter (28.5%) of the 28 Information Commissions has halted work in the aftermath of the apex court’s judgement. The Central Information Commission continues to hear cases as before. The state Information Commissions of Assam, Arunachal Pradesh, Haryana, Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Rajasthan have halted work either on their own or upon the advice of the advocate general of the state or upon the advice of the state’s law department. However, in Kerala the advocate general has advised the state Information Commission to continue working. The state Information Commission in Jammu and Kashmir is not affected by this ruling as it is constituted under a separate RTI law enacted by the J&K Legislature. The apex court’s judgement is only restricted to the implementation of the RTI Act passed by Parliament.
 
Two of the seven state Information Commissions in north-eastern India (Assam and Arunachal Pradesh) have halted work. Work in all state Information Commissions in southern India continues as before. The Information Commissions of Madhya Pradesh and Maharashtra in central India have halted work while the Commission in Chhattisgarh continues to work while awaiting clarifications from the State Government about their future course of action.
 
The state Information Commission in Jharkhand has also halted work. It is headed by justice (retd) DK Sinha. Six vacancies in the Information Commission remain to be filled up. Despite the availability of a member with judicial training who also meets the direction of the apex court that all Information Commissions must be headed by serving or retired judges, work has been halted in Jharkhand. While the concern in many other state Information Commissions seems to be about the non-availability of a member with judicial training, in Jharkhand the concern seems to be about non-availability of non-judicial experts.
 
Other interesting findings
 
Goa is in the unique position of not having to make a decision about continuing or stopping work as there is no serving member on the Information Commission. 
 
In at least two state Information Commissions the CHRI team (Ms Nandita Sinha and Amikar Parwar) met with resistance from the staff when requested to disclose their designation. Despite working in Information Commissions the mindset of secrecy has not changed much amongst bureaucrats. They do not seem to know that this information is required to be disclosed proactively. 
 
Even more surprising is that most of the state Information Commissions that have halted work have publicly announced so on their websites. It appears that courtesy towards the appellants and complainants is not an important concern. Only Haryana State Information Commission has prominently posted an announcement on its website about the stopping of hearings.
 
India’s reputation as a model for people’s RTI is at stake
 
The Supreme Court’s judgement also said directed that persons with law background and judicial training must be preferred for appointment as first appellate authorities to dispose of first appeals. Given the hundreds of thousands of appellate authorities across the country it is not possible to cross check how many have actually stopped work. Perhaps a large majority of them many not even be aware of the Namit Sharma judgement.
 
There are some media reports about the government of India planning to approach the Supreme Court about difficulties with implementing the directions of the apex court. This is indeed a welcome move. 
 
It is indeed an irony that a judgement of the highest court of the land and the appointed custodian of all fundamental rights, has become a causal factor in the halting of dispute mechanism of an important fundamental right. This anomalous situation needs to be corrected at the earliest as many eyes at the international level are trained on these developments. The Indian success story about RTI cannot be allowed to sour.
 

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COMMENTS

Dipak Chatterjee

4 years ago

A SUPREME COURT JUDGE RETIRES AT AGE 65 YEARS WHICH IS ALSO RETIREMENT AGE FOR CHIEF INFORMATION COMMISSIONER. HOW CAN A RETIRED JUDGE BE APPOINTED C.I.C? HE CAN NOT BE, UNLESS PARLIAMENT AMENDS THE LAW SUITABLY AND TAILOR IT TO THE CONCERNS EXPRESSED BY THE TOP COURT IN INDIA.
ADVOCATE --DIPAK CHATTERJEE, LLM
MUMBAI

DrRKDGoel

4 years ago

At least in Gujarat the RTI ACt 2005 is not effective from very begening. The State of Gujarat on 14.11.2005 issued a GR not to give file notings toa n RTA Act applicant. This GR is cahnged on 27.7.2008 by the stste to give file notings to an RTI applicat with detailed orders to PIOs "what to do and what not to do" But most of the State PA /AA / PIO are not following the State directions and are still harassing the RTI Act applicant. These orders have no value for Mun. Comm PA of Vadodara Municipal Corporation Vadodara whos PIOs don't follow theses State Govt. directives.

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