The bank's shareholders, at its Annual General Meeting (AGM) yesterday, also approved an increase in its borrowing limit to Rs 50,000 crore, as also hiking the combined investment limit for FPIs and FIIs to 74 percent.
Phased replacement of fossil fuel-based vehicles with those based on latest technologies will lead to a net saving of Rs 14,000 crore, Union Minister for Heavy Industries and Public Enterprises Anant Geete said.
Finance minister Arun Jaitley had announced the setting up of National Investment and Infrastructure Fund (NIIF) in the Union Budget. The North Block has now issued a draft Cabinet note on its formation.
Analysts polled by CNBC-TV18 expect volume growth to continue to remain muted in Q4 impacted by four consecutive years of excise duty hikes and corresponding price hikes of 15 percent taken post Union Budget. Cigarette volumes are expected to decline by 9-10 percent, similar to what was seen in last quarter.
This is the time of the year when annual review is over and most employed individuals do get their annual hike. Other important events such as Union budget too are over. This opportune time to plan your money matters.
Parliament will reconvene on Monday after a month and the government faces the mammoth task of getting the re-promulgated land ordinance converted into legislation, the task they couldn't achieve in the first part of the Budget session due to stiff opposition in the Rajya Sabha where it struggles with numbers.
Union Finance Minister Arun Jaitley had announced plans to set up the bureau during his budget, which follows other moves like separating the post of chairman from managing director as well as inviting applications from professionals working in the private sector to apply for top posts.
Under the new regime, rules and regulations differ from those applicable outside these IFSCs. "GIFT in Gujarat was envisaged as IFC (International Finance Centre) that would actually become as good an IFC as Singapore or Dubai, which, incidentally, are largely manned by Indians. "The proposal has languished for years.