New Delhi

Govt splits BBNL, USO (F) top posts to speed up projects

Government has split the post of CMD and USO Fund Administration (USOF) and has appointed Sarvesh Singh of Indian Railways Signal Services Engineering (IRSSE) for a period of five years at Bharat Broadband Network Ltd , in an indication to speed up the implementation of the Centrally funded telecom projects across the country which has either been delayed or stalled.

India set to overtake China in oil use

After surpassing China to become the world’s fastest growing economy, India is all set to repeat the feat in the energy sector dodging its neighbour to become second biggest consumer of fossil fuel globally.

Exporters may get incentives based on R&D, specific clusters under new FTP

Exporters are likely to get incentives based on parameters like research and development, product-specific clusters and production pattern under a five-year foreign trade policy (FTP) to be released later this year, an official said.

The commerce ministry is working on recasting the existing export incentive schemes in line with the global trade norms of the World Trade Organisation (WTO).

Special terms for IL&FS debt likely

The ministry of corporate affairs (MCA) will approach the Reserve Bank of India (RBI) to seek a special dispensation on provisioning norms for public sector banks having exposure to debt-ridden IL&FS.

The finance ministry on Tuesday called a meeting to explore ways for a faster resolution of the infrastructure company’s liquidity issues and a relaxation in provisioning norms was suggested in the meeting. Higher provisioning norms and high levels of non-performing assets (NPA) have limited the banks’ ability to lend further to the company.

ONGC share buyback to open on January 29

State-owned Oil and Natural Gas Corp's (ONGC) Rs 4,022 crore share buyback programme will open on January 29 and close on February 11, the company said in its offer letter to shareholders.

ONGC's board had on December 20 approved buyback of 25.29 crore shares for Rs 159 apiece as part of the government plan to get cash-rich PSUs to part with their surplus.

The government, which holds 65.64 per cent stake in the company, stands to gain about Rs 2,640 crore from tendering some of its shares in the buyback programme.

Advances, margin boost Kotak Bank net profit by 13.5%

Private sector lender Kotak Mahindra Bank Monday reported a 13.54 percent growth in consolidated net profit  for the three months to December at Rs 1,844 crore, driven by core income growth on higher advances and wider margins.

On a standalone basis, net profit came in at Rs 1,291 crore, a 23 percent higher over the year-ago period.

The core net interest income grew 22.76 percent to Rs 2,939 crore, driven by a 23 percent surge in advances and also a widening of margins to 4.33 percent.

Rs 42,000-crore BharatNet projects face delay, cost overrun

Several government telecom projects funded by the Universal Service Obligations Fund (USOF) are facing time and cost overruns for reason like delay in tendering and decision making, legal issues through PILs, allegations of outdated technologies, and internal rows between its two implementing agencies like BSNL and BBNL over billings and other aspects of the projects.

USOF, having a corpus of Rs 50,000 crore, is funded out of the 5 per cent levy collected from private telcos to fund government telecom projects.

Interest-free, Rs 1 lakh loan for farmers soon

Farmers in the country have a reason to smile, as another booster package from the Narendra Modi government is in the works, which aims to provide interest-free loan up to Rs 1 lakh to small and marginal farmers covered under the Kisan credit card (KCC) scheme.

Nature resort from WelcomHeritage

WelcomHeritage recently added a new nature resort in Amritsar ‘Ranjitvilas’ to its vast portfolio of heritage properties. It is the 33rd operational property of the 40 alliances, spanning across 15 states and the first one for the ‘farm-stay’ option of the group.

Ranjitvilas, a property developed and approved by the Punjab Heritage & Tourism Promotion Board under it’s Farm Tourism Scheme, is a joint venture of four family members of Late Sardar Ranjit Singh Makhni.