CAG office disputes KG Basin Oil Contract to Mukesh Ambani
The Office of the Comptroller and Auditor General has pointed out irregularities by Shri Murli Deora and others then in the Oil Ministry for favoring Mukesh Ambani in escalating the cost of Development of KG Basin field by 4 times without relevant support documents. The CAG report said,
The undue benefit granted to the contractor (RIL) is huge, but cannot be quantified, the newspaper quotes the CAG’s Read more
Bad + Puppet Leaders of India – Economic Policy Shunted – Emergence of Social Leaders
The World’s Largest Democracy saw emergence of Citizen Social Leaders in the Past 6 Months and have managed to build a massive base of 6% and growing by the day fighting the disease of corruption engineered by the mentally ill Government officers and Politicians. According to leading Political Journalists and Observers in Mumbai and Delhi, the shift of confidence by Indians is towards this new class of Citizens / Social Activists and this is because of loss of public trust in the political establishment, Read more
Is SpeakAsia the Ponzi scheme like Madoff ?
There is very famous proverb in Gujarati literature that “The cheaters are never starved wherever the misers dwell”. Nowadays the name of “Speak Asia” has not only become talk of the nation but it is selling like a hot cake. This company has launched very lucrative scheme to fish out innocent investors as it offers Rs. 1000 return every week if they invest Rs. 11,000 for one year.
How Does Speak Asia Ponzi like Scheme Works ?
It is very simple scheme in which even illiterate person can also participate very easily. You have to register your name with the Read more
Why SBI profits Fell by 99% ?
India’s Largest Bank, the State Bank of India reported Q4FY11 PAT of Rs 209mn, 99% below consensus, primarily on lower NII, higher costs and provisions.
SBI has hiked lending rates by 100 bps (50 bps higher than other banks a catch-up rather than a proactive measure) in 1QFY2012 to offset some of the pressure in margins witnessed. The bank has now fully provided for pension liability of Rs117bn on account of wage hike Rs79 bn through reserves and Rs24.7 bn through profit and loss account during the Read more
RBI for Regime of Free Savings Bank Interest Rate
India’s central bank RBI argues for interest rate deregulation on savings account deposits which currently carries interest rates of 3.5% and has not been changed since March 1, 2003. According to the discussion paper,
it is necessary that all rates move in tandem with the policy rates and the regulated savings rate has adversely affected the transmission of monetary policy. The RBI has not provided any time frame for the deregulation. Given the discussion Read more
Lokpal Bill Mission – Curb Corruption
It is well known fact from Kids to Grandpas across the length and breadth of the country that Bribery / Corruption is rampant in India and termed political interference as a key reason for poor enforcement of anti-bribery and corruption laws in the country. Hence, having a strong civil participation in the matter can help bring enhanced governance.
Successive Governments in India has taken various initiatives in the recent past to curb corruption, mostly by being vocal in the press without actual powers to the civil society nor punishing the culprits. There is an urgent need for a mechanism that would adopt Read more
Budget 2011 Live – Highlights
Excerpts from Pranab Mukherjee’s Speech Live – Continuous Update.
Indian economy at pre-crisis growth trajectory. Food Inflation still remains a concern. FY11 Fiscal consolidation impressive. Service Sector continues to grow in double digit. Stronger fiscal consolidation needed. Need to ensure sustained private investment.
FM says corruption is a problem; must fight it collectively. Need to improve the supply of agriculture to meet demand. Current account deficit poses some concern. Economic growth seen at 8.75%-9.25% in FY12. GST rollout preparation in final stages, will be tabled in the current session. Sees FY11 industrial growth at 8.1% and services growth at 9.6%.
FIIs allowed to invest in MF schemes. Divestment target at Read more
RBI Concerned on Current + Fiscal Deficit
In the Monetary Policy Review, the RBI clearly stated it is concerned about the Twin Deficit-s Current Account as well as Fiscal. The RBI expected the overall current account deficit for 2010-2011 to be about 3.5% of GDP. It noted ‘A CAD of this magnitude is not sustainable.’ The RBI was also concerned about the financing of the current account deficit since the faster-than-expected global recovery may enhance the attractiveness of investment opportunities in Read more
Onion prices Make Institutional Investors Cry & Sell India
The decelerating trend in headline inflation was rudely reversed in December due to rising food prices both on the domestic and global front. Consequently, headline inflation rose 8.43%YoY in Dec, in line with expectations of 8.4% but higher than 7.5% levels seen in Nov.
While the base effect was expected to kick in, the rise in the Dec numbers was primarily due to primary articles which rose 16.5% YoY, 3.5%MoM) Primary food inflation jumped to 13.6% y-o-y Read more
Mobile money – Game Changer – Financial Inclusion
Mobile banking was a solution that fit developing world needs like a glove. Most developing countries have suffered from low penetration of banking and electronic cash. The model is being led by various types of entities: banks, mobile companies and third-party aggregators. In India, the push for mobile banking is coming from the banking regulator committed to financial inclusion.
The biggest GameChanger for mobile banking will be its ability to converge the twin objectives Read more