Over 50 depositors of the Punjab & Maharashtra Cooperative (PMC) Bank were detained by Mumbai Police, on December 15, after they protested outside the residence of Chief Minister Uddhav Thackeray in Mumbai, police said.Later, Thackeray met a delegation of depositors of the troubled lender and assured that his government will take necessary steps to ensure justice to the bank's customers.Nearly 500 depositors of the troubled bank initially gathered outside an office of the Reserve Bank of India (RBI) in the Bandra-Kurla Complex (BKC) but they later headed towards 'Matoshree', the residence of Thackeray in suburban Bandra, in a bid to meet him, a police official said.Close They assembled outside the gate of Thackeray's residence, shouted slogans against the RBI and demanded that their delegation be allowed to meet the chief minister, the official said. related news Idea of nationwide NRC equivalent to demonetisation of citizenship: Prashant Kishor Prime Minister Modi pays … [Read more...] about PMC Bank depositors held after protest, CM Uddhav Thackeray assures all help
Infrastructure development bank
There is a need to change the development paradigm and aim for a climate resilient development, moving away from traditional metrics, Vice President M Venkaiah Naidu said.Address the fourth Asia Pacific Forum on Urban Resilience and Adaptation that began here on Monday, he said, "The new urban infrastructure should be low-carbon, green and climate resilient."In a series of tweets, Naidu also emphasised that climate vulnerability and its likely impacts should be factored in all development strategies.Close The three-day event is being hosted by the South Delhi Municipal Corporation in association with UN (ICLEI – Local Governments for Sustainability). related news Prime Minister Modi pays tribute to Sardar Vallabhbhai Patel on 69th death anniversary People light candles for Sam in Guwahati; AASU leader meets family 10 held from 2 boats off Mumbai coast with US dollars, drugs This event is being organised in India for the first time and 31 countries are taking part in … [Read more...] about Need to change development paradigm, aim for climate resilient development: Venkaiah Naidu
To avoid delay in construction projects, the CPWD has introduced an online system through which contractors can report hindrance to top officers and the agency will take action against erring officials. The Central Public Works Department is the prime construction agency of the central government.According to the CPWD, the 'Online Delay Control System' will be adopted for all new construction projects.An official said a contractor will have to register himself through a form on the CPWD website for the newly-developed system where he can report any hindrance about a particular project.Close "Once the contractor reports hindrance, it will be visible to all officials concerned of the project. related news 'Gamosa' to 'Joi Aai Asom', the signs of pride that shaped Assam protests Three booked for stealing & leaking bank customers' data PM Narendra Modi arrives in Kanpur to chair first meeting of National Ganga Council "Thereafter, an executive engineer will seek comments … [Read more...] about CPWD brings in online system for contractors to report hindrance in projects
Rahul AgarwalIn its latest Monetary Policy Committee (MPC) meeting on December 5, the Reserve Bank of India kept key rates unchanged at 5.15 per cent (lowest in nine years, after five straight cuts with a cumulative 135 bps reduction this calendar year, to boost the country’s sagging economy.RBI retained its 'accommodative' policy stance, which suggests that this is a pause rather than an end to the loosening cycle, and it still has room for a rate cut. Core inflation, which excludes energy and food items, slid beyond a seven-year low of 3.47 per cent, which clearly indicates that there is hardly any demand for non-food items in the market.Close Usually, a rate cut helps revive economic growth as it allows retail customers to avail cheaper loans and works like a big booster for the large industrial sector, who will be able to avail bulk loans at lower interest rates. related news Reliance forms a base, recommend delta appreciating based … [Read more...] about Are the RBI’s repo rate cuts enough to reinforce GDP growth?
Vibhuti GargThe Indian power sector is under huge stress and struggling with issues across the value chain: thermal generation exposed to a huge non-performing asset (NPA) burden of over Rs 10 trillion ($144 billion) as of FY2018; an inadequate transmission network leading to grid congestion and curtailment; and, increasing indebtedness and the deteriorating financial health of distribution companies (discoms). Support for the under-recovery of discoms selling electricity at below-market prices, usually for residential and agricultural users, was the single-largest source of energy subsidy expenditure in FY2017: Rs 74,925 crore ($11.2 billion).In particular, thermal power plant developers are under huge pressure. Capacity utilisation rates have been below 60 per cent over the past two years, combined with excessive financial leverage that makes debt servicing extremely difficult. Further, late payments by loss-making DISCOMs and renegotiation of tariffs on power purchase agreements … [Read more...] about Climate Crisis | How to untangle the mixed signals on coal in India?