Briefly Business

The government today said RBI was seeking explanations from some foreign and domestic banks where violations had been observed with respect to derivative transactions at the time of the global financial crisis....

RBI probing banks on derivative deals

New Delhi: The government today said RBI was seeking explanations from some foreign and domestic banks where violations had been observed with respect to derivative transactions at the time of the global financial crisis. The RBI is in the process of calling explanation from the banks,where violations were observed during the course of inspection, junior finance minister Namo Narain Meena told the Lok Sabha in a written reply today.

India,Japan in pact on industrial corridor

NEW DELHI: Japanese consultants,three state governments and the nodal agency charged with planning the Delhi Mumbai Industrial Corridor DMIC signed a MoU to develop eco-friendly infrastructure for the new cities planned long the infrastructure highway. DMIC,comprising six states Uttar Pradesh,Haryana,Rajasthan,Gujarat,Maharashtra and Madhya Pradesh is being developed in collaboration with Japanese manufacturing agencies who have developed a similar corridor in Japan.

New inflation series from June-July

NEW DELHI: The government has said that it plans to come out with the new inflation series,which will give a better reflection of price movements in the country,by July. We plan to bring out the new WPI series in June or July. It will have over 600 items from the current 435 items, DIPP secretary R P Singh said.

Mittal no more on ICICI Banks board

MUMBAI: Private sector lender ICICI Bank said three of its non executive directors,including steel tycoon L N Mittal,will cease to be on its board effective May 3,2010. The other two non executive directors Anupam Puri and Marti Subrahmanyam who will complete their tenure of eight years will cease to be on the banks board from the same date,ICICI Bank said.

Four PSUs may get Maharatna tag

NEW DELHI: Four state-owned companies ONGC,SAIL,NTPC and IOC are likely to get the Maharatna status next month that will allow them to take investment decisions of up to Rs 5,000 crore independent of the government.

Oilcos raise ATF price by Rs 273 per kl

NEW DELHI: State-run oil companies on Friday hiked aviation turbine fuel price for the fifth time in two months,in line with increase in international rates. ATF price in Delhi has been raised by Rs 272.77 to Rs 42,452.02 per kl.

New Saudi airline starts operations

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MUMBAI: Nasair,a leading Saudi budget airline,has announced the official launch of its India operations with direct flights to Riyadh and Jeddah. Owned by NAS Holding,it has commenced operations with four flights a week on Mumbai-Riyadh route from beginning of April. It has plans to connect Kochi,Kozhikode and New

Delhi soon.