Briefly Business

The funds released under the Prime Ministers Employment Generation Programme for the Micro,Small and Medium Enterprises sector declined by about 30 per cent to Rs 518 crore in 2009-10 from Rs 737 crore in 2008-09....

Funds for MSMEs down 30 pc in FY10

New Delhi: The funds released under the Prime Ministers Employment Generation Programme for the Micro,Small and Medium Enterprises sector declined by about 30 per cent to Rs 518 crore in 2009-10 from Rs 737 crore in 2008-09,the Lok Sabha was informed on Tuesday. However,fund allocation for the scheme in 2010-11 has been pegged at Rs 836 crore,Minister of State Independent Charge for Micro,Small and Medium Enterprises Dinsha Patel said in a written reply.

Allahabad Bank to raise Rs 2,600 crore

Chennai: Public sector Allahabad Bank plans to raise Rs 2,600 crore in the current fiscal and expects a 25 per cent credit growth in the year,its Chairman and Managing Director J P Dua said here on Tuesday. The board has decided to raise Rs 2,600 crore in the current fiscal from the market. It might be through preferential allotment of shares or through tier-I capital from the government, he told reporters.

CAG slams DIPP for PPP project delays

New Delhi: Indias apex government auditor,the Comptroller and Auditor General of India,has criticised the Industry Ministry over its failure to complete 17 public-private partnership projects under an infrastructure upgradation scheme on schedule. The Department of Industrial Policy and Promotion DIPP failed to exercise adequate and effective control over timely utilisation of funds and completion of projects, said a CAG report tabled in Parliament.

Meena: Inflation on downward slide

New Delhi: Under attack on surging prices,the government has claimed that inflation is on a downward slide due to the measures taken by it and the Reserve Bank. As a result of measures taken by the government and the Reserve Bank of India,wholesale price index WPI inflation has declined from 11.04 per cent in March 2010 to 10.55 per cent in June 2010, Minister of state for Finance Namo Narain Meena said in a written reply to the Rajya Sabha on Tuesday.

SBI MF assets at Rs 38,513 cr in July

Mumbai: SBI Mutual Fund,one of Indias largest fund houses,has witnessed an increase of over Rs 4,785-crore in its average assets in July. According to the data available with the Association of Mutual Funds in India AMFI,SBI MF witnessed an addition of Rs 4,785-crore to its average assets under management AAUM,at Rs 38,513 crore during the month.

BSLI clocks maiden profit at Rs 9 crore

NEW DELHI: Birla Sun Life Insurance BSLI has reported profit for the first time since inception in the June quarter this fiscal at Rs 9 crore. The company had a loss of Rs 111 crore last year. The company also registered an 18 per cent growth in total premium income to Rs 1,143 crore while new business premium grew 7 per cent at Rs 473 crore between April and June. Assets under management now stand at Rs 16,841 crore.