Insurance regulator IRDA has imposed a penalty of Rs 5 lakh each on two life insurers, state-run Life Insurance Corporation (LIC) and HDFC Life Insurance, for failing to meet rural and social sector obligation in 2008-09, Parliament was informed. The Insurance Regulatory and Development Authority (IRDA) has imposed a fine on LIC and HDFC Standard Life Insurance for non-compliance under the rural sector target during 2008-09, Finance Minister Pranab Mukherjee...

Orissa will move the Supreme Court against a high court order disapproving its grant of permission to South Korean steel major POSCO to prospect for iron ore in Sundergarh district, an official said on Saturday. A bench of the Orissa High Court July 14 set aside the permission granted to POSCO last year for prospecting iron ore in over 2,500 hectares in the Khandadhar hills in Sundergarh. "We have decided to appeal...

In a bid to protect food grains from spoiling due to inadequate storage facilities, Punjab and Sind Bank has come up with an initiative to extend credit for the construction of rural godowns in Punjab. The Punjab government is fully supporting this initiative and they have also got the green signal from the government of India. 'The bank will provide finance for construction of rural godowns of any storage capacity as per...

When former Karnataka Lokayukta N Santosh Hegde recently said that vested interests were controlling the mining industry, he was not exaggerating, considering that India registered over 182,000 cases of illegal mining across 17 states in the last five years alone. The Union government data show that Andhra Pradesh — the single largest contributor to the country’s mineral production of roughly Rs 1,28,000 crore — alone registered a 110 per cent increase...

As the Mayawati government went into damage-control mode in a bid to contain the fallout of the Aligarh incident — in which four persons were killed in police firing on August 14 (unofficial reports have claimed that six farmers were killed) — clashes were reported on Monday as agitated farmers resorted to ‘chakka jam' on the Aligarh-Mathura highway. According to Inspector-General (Law and Order) A.P. Maheshwari, farmers blocked the Aligarh highway...