BHUBANESWAR FRIDAY, NOVEMBER 16, 2012 | 13 Business FM hints at help for stressed sectors ‘All KCCs to be converted to New Delhi, Nov 15: Finance Minister P standard accounts. ATM cards by March, 2014’ Chidambaram Thursday indicated that the "I think all the chairpersons are sensitive to Government may help some of the stressed this matter and am sure we will see through sectors like infrastructure, steel and con- this difficult period before the economy re- struction to recover from the current slowdown covers and the accounts become standard ac- and hoped that interest rates will come down counts," he said. to boost economic revival. On RBI's recent decision to maintain Addressing a press conference after a meet- status quo on interest rates, Chidambaram ing with heads of public sector banks, he stated, "It is a matter of judgement. The RBI said, the Indian economy was not contract- has made its judgement. RBI also added two ing like in many other countries but it is or three paragraphs at the end which points growing at a slower rate. to the future and as I also said future is The Minister said Government would soon more promising.” PTI PHOTO finalise capital infusion for the PSU banks and He said the recent Index of Industrial Chief Executives of public sector banks and financial institutions during a meet- the beneficiaries would include Indian Overseas Production (IIP) figures do not reflect a ing with Finance Minister P Chidambaram (not in picture) in New Delhi, Thursday Bank, Central Bank of India and Bank of trend. "I don't think there is a contraction in Maharashtra. the Indian economy...Our economy is grow- New Delhi, Nov 15: State-owned banks be converted to ATM cards," he said. The Government had proposed to inject ing, it's growing at a slower rate." have been asked to strictly adhere to the March, As per NABARD, as on March 31, Rs 15,000 crore of capital in the PSU banks. The Finance Minister said contraction is a 2014 time-line for converting all Kisan 2012, the banking system has issued 11.39 As regards issuance of new banking licences, wrong word to use. May be in one or two sec- Credit Cards (KCCs) to ATM cards, Finance crore KCCs and sanctioned loans to the Chidambaram said he had written to the tors, there is a bit of dip but overall the econ- Minister P Chidambaram Thursday said. tune of Rs 5,21,617 crore since the inception Reserve Bank to initiate the process of issu- omy is not contracting. He said the banks can "All KCCs will be converted to ATM of the scheme in 1998-99. ing guidelines and start accepting the licences reduce interest rates only to some extent only cards. I have impressed upon all chair- The Finance Ministry has also asked banks pending approval of the Banking Regulation and further lowering was not possible unless persons of the banks that this time-line must to issue KCC to all eligible farmers. On Amendment Act by Parliament. RBI brings down the key rates. be strictly adhered to," Chidambaram said opening of new branches, Chidambaram Referring to problems of some sectors, he "Further benefit needed to be passed on to following a meeting with the chief exec- said banks plan to open 3,955 branches said, "Non Performing Assets (NPAs--bad help to recover. If the economy improves, growth because a loan has become bad. "In fact it (RBI the consumers, interest rates have to come down. utives of State-run banks. in the current fiscal. "In terms of banks debts) is a problem that is a reflection of the improves and the sector will recover. But in guideline) allows for restructuring of an ac- So we have to wait for that date when the in- State-owned lenders were asked to con- branches, in 2011-12, we opened 4,931 slowdown in the economy. This is a reflection the meanwhile we will have to do some hand- count and a bit of handholding to help the terest rates come down", the Minister said. The vert more than 11.39 crore KCCs to ATM branches. Of these 1,098 were in mi- of some sectors which are under stress. So we holding and try to help these sectors recover." sector or industry or the unit to tide through RBI is slated to announce mid-quarterly re- cards within two years starting from April nority concentrated districts. This year the will have to look at it sector wise and try to Chidambaram said RBI's guidelines do this difficult period and when the economy view of monetary policy December 18 and 1, 2012. "We will monitor it every quar- plan is to open 3,955 branches," find ways and means as to which sectors need not prohibit restructuring of accounts just recovers, these accounts will indeed become third quarter review January 29. PTI ter. All KCCs must be converted and will Chidambaram said. PTI

IN BRIEFS AVIATION MARKET SBI PENSIONERS’ MEET Rate cut would depend on inflation: Chakrabarty Bhubaneswar: State Bank of India (SBI) is going to organise the Annual Meet of Asia flying Pensioners at Jayadev Bhavan here November New Delhi, Nov 15: Indicating that the re- by 0.25 per cent to infuse additional liq- will slash the policy rates in January. 18. The meeting will discuss on issues and solu- duction in key interest rate would depend upon uidity of Rs 17,500 crore into the finan- Subbarao had said he might take some ac- tions of different kinds related to employee price situation, RBI Deputy Governor K C cial system. Accordingly, the CRR or the tion in the next policy review. The third pension. All retired officers, employees of SBI high despite Chakrabarty (in photo) Thursday said its com- portion of deposits banks have to park quarter review of monetary policy is sched- and IBI are likely to attend the meet. PNN fort level for inflation is 4-5 per cent. with the RBI now stands at 4.25 per cent, uled for January 29, 2013. Talking about the "We are looking for 4-5 per cent inflation while the repo rate, at which RBI lends to deteriorating asset quality of the banks, RSP AWARDED slowdown which is our comfort level," he said on banks, has been retained at 8 per cent. Chakrabarty said, "NPA is high, the situa- Rourkela: Rourkela Steel Plant (RSP) has New Delhi, Nov 15: Asia remains a the sidelines of the meeting of heads of The reverse repo, at which RBI absorbs tion is disturbing but it is not alarming. At bagged the prestigious 'Greentech "relatively bright" aviation market de- public sector banks with Finance Minister excess liquidity through borrowings from some point of time our NPA was 12 per cent." Environment Gold Award' for the ninth con- secutive year for achievements in the field of spite the recent slowdown, with a fast- P Chidambaram here. banks, remains at 7 per cent. The central Non-performing assets (NPAs) of the banks eco-friendly steel making. The award was expanding middle class providing the Inflation, as measured by the Wholesale bank in October also raised the March-end have been on the rise for past several months presented by A K Hazarika, Former Director of launchpad for further growth, a study by Price Index (WPI), for the month of inflation target to 7.5 per cent, from 7 per due to slowdown in economy. The Gross NPAs ONGC Ltd, during the 13th Annual Greentech an airlines' body said Thursday. October stood at 7.45 per cent, much above cent projected earlier. of some public sector banks, including State Environment & CSR Global Conference organ- While China continues to be the largest the RBI's comfort level. Concerned over Subbarao had also hinted that infla- Bank of India, Punjab National Bank and ised at Hyderabad recently, RSP sources said engine for growth in Asia, other parts of persistent inflation, RBI Governor D tion could rise above 8 per cent in the near- Central Bank of India, have crossed 4 per Thursday. On behalf of RSP, the award was the region were also seeing significant in- Subbarao refrained from cutting bench- term. The RBI Governor, who had sug- cent of total assets at the end of September, received by U K Sarkar, GM (Coal & Coke) and creases in demand for travel with a fast- mark interest rate in half-yearly monetary gested a reasonable likelihood of further 2012. "We are asking banks to manage NPA P C Dash, AGM (Environment Engineering), expanding middle class providing a policy review last month. policy easing in the fourth quarter of this portfolio better and there is enough scope company officials said. "brighter outlook" for Asian carriers, the However, RBI reduced cash reserve ratio fiscal year, was evasive on whether he for that," Chakrabarty said. PTI KYC DEADLINE EXTENDED latest study by the Association of Asia Pacific New Delhi: The Government Thursday Airlines (AAPA) has said. extended by 15 days the deadline for filling The outlook for the Asian market "re- Sensex down the Know Your Customer (KYC) form by LPG mains relatively bright" for 2013 despite consumers to month-end. In a nationwide a recent slowdown in traffic growth, Deferred payments for spectrum exercise to weed out multiple or ghost con- challenging conditions in the cargo sec- 147 points nections, the Government had previously tor, stubbornly high oil prices and con- Mumbai: extended the deadline for customers to fill KYC forms by 15 days till November 15. tinued economic weakness in Europe, it Extending "Considering the mammoth exercise, the said. While it is unlikely that the peak of may get Govt minimal revenue losses for the deadline on the request of oil companies has 2010 would be reached anytime soon, Asia fifth straight now been extended till November 30," an oil remains a dynamic and generally profitable New Delhi, Nov 15: The Government's 4,018 crore and Rs 2,221 crore respectively. day, the BSE industry executive said here. high growth market that outperforms net revenue from the just concluded 2G spec- Idea Cellular won spectrum in eight benchmark all other regions, AAPA Director General trum auction may be only a few hundred circles for Rs 2,031 crore. Uninor paid Rs Sensex RIL GETS DGH NOD Andrew Herdman said. crores of rupees after adjusting the entry 1,658 crore for licences in 2008, Videocon Thursday New Delhi: Upstream oil regulator DGH has Observing that some Southeast Asian fee already paid by operators in 2008 for (then Datacom) gave around Rs 1,600 closed 147.50 given nod to Reliance Industries to drill a well as part of the $1.529 billion plan to develop markets like Indonesia were "booming" licences that were later cancelled. crore and 13 licences of Idea Cellular cost points lower four satellite gas fields around the now flag- as income levels rise making air travel more Three out of the five successful bidders the company Rs 1,168 crore. at over two- ging main fields in the eastern offshore KG-D6 affordable, he said this was "leading not of the auction that concluded Wednesday In case the telecom companies exercise week low of block. The Directorate General of only to more budget passengers in the re- were among the firms whose 122 permits their option to make deferred payments, 18,471.37 Hydrocarbons (DGH) November 2 wrote to the gional market but more long-haul pas- were cancelled by the Supreme Court in then the Government will get around Rs weighed Joint Secretary (Exploration) in the Ministry of sengers, helping offset the weaker de- February this year. 1,660-2,000 crore this fiscal compared to down by Petroleum and Natural Gas that one develop- mand in Europe". "The decision of the Empowered Group the minimum Rs 28,000 crore that had been losses in IT ment well KG-D6-G2 in the Dhirubhai-19 or D- Of the world's middle class population of Ministers (EGoM) was clear. Adjustment expected. This will include Rs 1,281 crore and metal stocks, amid a weak global 19 field may be agreed. D-19 is one of the four of 2.1 billion, about 750 million or 30 will be allowed on the gross amount of the from companies whose licences were trend due to persistent worries over US satellite gas field whose optimised field devel- per cent are from Asia, with Herdman say- payments made by the companies and that quashed and Rs 379 crore jointly from fiscal problems. The Sensex, which had opment plan (OFDP) was approved in January this year, the DGH wrote. "Approved OFDP ing Asian middle class was expected to is the credit (amount) that has been allowed Vodafone and Airtel in this fiscal year on lost 284 points in the last four trading envisaged eight development gas wells with a grow by 500 per cent over the next 20 in the bid process. It is by adjustment account of their auction wins. The total bid sessions, opened weak and continued peak gas production level of 10.30 million years to 3.4 billion and account for about only," Telecom Secretary R Chandrashekhar received amounted to Rs 9407.64 crore The auctions had garnered over Rs 1 to slide lower in line with Asian mar- standard cubic meters per day," it said. 60 per cent of the world's middle class told reporters here. across 18 circles in the two-day auction. lakh crore. On the other hand, the 2G kets that mirrored a fall in US stocks populace by 2021. Telenor, Videocon and Idea Cellular Only Rs 2.6 cr for auctioneer auction fetched the Government only Wednesday on rising concern about AUDI TO HIKE PRICES He said that innovative strategies, were among the winners of spectrum E-Procurement Technologies, which Rs 9,407.64 crore. "We were to get Rs the budget debate in the US. The New Delhi: Luxury car maker Audi India which have seen the Asian industry at the in the auction that ended Wednesday. along with Times Internet conducted 5 crore fixed component for both (1800 Bombay Stock Exchange 30-share Thursday said it will raise prices of its entire forefront of new global partnerships and The apex court cancelled 22 telecom the just-concluded 2G auction, will get Mhz -GSM and 800 Mhz -CDMA) the Sensex remained in the negative terrain range of vehicles by up to five per cent with effect from January next year due to rising multi-brand strategies, have also helped permits of Telenor's Indian joint venture around Rs 2.6 crore as fees or 90 per cent auctions. The 800 Mhz band auction throughout before ending at 18,471.37 input costs and falling rupee. "Audi today Asian full service carriers survive the (Uninor), 21 permits of Videocon and lower than sum received by the auc- has failed. Therefore, we will get only Rs – a loss of 147.50 points or 0.79 per (Thursday) announced an increase in price of slump. "By establishing low-cost sub- 13 permits of Idea Cellular. tioneers for 3G airwaves sale in 2010. 2.5 crore as fix component from auction cent. This was the lowest closing for its model range available in India. The sidiaries, several Asian full service air- As per provisional auction outcome, Global investing banking giant NM of 1800 Mhz and Rs 10 lakh drop dead Sensex since 18,430.85 October 30. On increase would range up to 5 per cent across line groups are now well positioned to Telenor-promoted Telewings Rothschild and its partner DotEcon got fee due to failure of 800 Mhz," E- similar lines, the National Stock Exchange model from January 1, 2013," the company capture the anticipated growth at the Communications and Videocon won spec- Rs 30.5 crore for conducting 3G and wire- Procurement Technologies' Vice President index lost 35.95 points, or 0.63 per cent said in a statement. PTI lower end of the market," he said. PTI trum in six telecom circles each for Rs less broadband spectrum auction in 2010. Suraj Radhakrishnan said. PTI to close at 5,631. The IT sector, which gets a substantial share of revenues from the US, suffered heavy losses GOLD IMPORTS with Infosys, Wipro and TCS falling in 1.9-2.2 per cent range. PTI Chanda Kochhar most powerful Indian biz woman China set to New Delhi, Nov 15: ICICI Bank MD Managing Partner, Spencer Stuart and Asha and CEO Chanda Kochhar has been named Gupta, MD, Tupperware India. as the most powerful women in business in The other women who figure in the top overtake India India for the second consecutive year by 10 of the Fortune India's 50 most power- Rs 31455 Fortune Magazine. Mallika Srinivasan of ful women in business are- Shikha Sharma, Mumbai, Nov 15: Even as gold de- Chennai Rs 28834 TAFE and Aruna Jayanthi of Capgemini India MD & CEO, Axis Bank; Vinita Bali, mand has picked up in the country Rs 59900 follow Kochhar in the second and third Managing Director, Britannia Industries; during quarter ended September, China Rs 31200 place, respectively. Shobhana Bhartia, Chairperson, HT Media; may still become the largest importer Mumbai Rs 28601 In the Fortune list of 50 most powerful Preetha Reddy, Managing Director, Apollo of the precious metal by the end of this Rs 60290 businesswomen, there are six new entrants. Hospital Enterprises; Zia Mody, Co-founder, year, overtaking India marginally, the Rs 31770 While 19 have moved up their places, 17 have AZB Partners; Chitra Ramkrishna, Joint World Gold Council said Thursday. Delhi Rs 29123 witnessed a decline in their rankings. "... Despite Managing Director, NSE; and Roopa Kudva, "The demand here has picked up Rs 60000 surprises and upsets, what hasn't changed Managing Director & CEO, CRISIL. during the third quarter (July- Rs 31790 is the overwhelming influence women have Others in the top 15 of the Fortune September), while in China it lost the Kolkata Rs 29141 on India Inc," Fortune India Editor Dibyendra India's 50 most powerful women in busi- momentum. However, in the fourth Rs 59500 Nath Mukerjea said. ness, include -- Kirthiga Reddy, India quarter both the countries are show- The six new entrants this year include Prabha Head, Facebook; Naina Lal Kidwai, Group ing very strong demand for gold and Parameswaran, MD, Colgate-Palmolive General Manager and Country Head, we feel the competition will be neck India; Aisha De Sequeira, MD, Morgan HSBC India; Harshbeena Zaveri, MD to neck with China ending up ahead 86.72 Stanley India Investment Banking; Debjani and President, NRB Bearings; Amrita of India. "But the difference is likely 8.77 Ghosh, MD, Sales & Marketing Group, Patel, Chairman, National Dairy to be very close to up to 50 tonne," 69.82 Intel South Asia; Abanti Sankaranarayanan, Development Board and Kalpana Morparia, WGC Managing Director (Investment) 0.67 54.70 Country Head, Diageo India; Anjali Bansal, CEO, JP Morgan India. PTI Marcus Grubb said here. PTI