-IANS Prime Minister Manmohan Singh Friday approved setting up a monitoring system to fast track implementation of major projects with outlay of over Rs.1,000 crore, a day after the official data showed contraction in manufacturing activities. "In order to address the issue of major investment projects being delayed for a variety of reasons, the Prime Minister has approved setting up of an Investment Tracking System to ensure speedy implementation of such projects,"...

-The Times of India R V Raju, a retired IPS officer and former director general of National Investigation Agency, has been appointed on an advisory board of the Central Vigilance Commission (CVC) to monitor and assist CBI in cases of commercial fraud and Banking irregularities. Raju was appointed on the CVC board along with R Ramachandran, a former CMD of Andhra Bank. With the induction of two new members, the CVC has...

Delhi high court to hear central bank challenge to CIC order seeking information on defaults by top industrialists The Reserve Bank of India (RBI) has challenged an order by the Central Information Commission (CIC) asking the central bank to disclose names of the top 100 industrialists who have defaulted on loan repayments. In a writ petition to the Delhi high court, which is scheduled to be heard on 29 May, the central...

Most states now levy greater tax on petrol than the central government, without having to share the subsidy burden. After last week’s increase in prices, state sales tax/VAT on petrol is more than central excise in most cases. The central government levies a fixed excise duty of Rs 14.78 on every litre of petrol. But, states levy an ad valorem tax which, in absolute terms, increases with every price increase of...

The Reserve Bank of India, RBI, and the finance ministry seem to have differences on the way banks should go about ensuring financial inclusion. While both the regulator and the ministry are passionate about providing Banking services at low cost to the disadvantaged, a difference of opinion between the two has confused bankers.  Recently, the finance ministry told banks that every business correspondent outlet should be converted into an ultra-small branch....