22 Sep 2017

IRCTC clarified:No Debit/Credit Card of any bank has been restricted by IRCTC

News papers reported that The Indian Railway Catering and Tourism Corporation has banned all but seven banks from using its payment gateway for debit card transactions. However the twitter handle of railway has denied the news.No truth in news of having blocked any card of any bank 
12 Sep 2017

Piyush Goyal assures people of safety in new Bullet Train project

Rattled by the recent spate of train derailments in the country, Railway Minister Piyush Goyal on Monday, assured the people about the ambitious project and said that that the bullet train has not seen a single accident in Japan.

"It has been a zero accident train in Japan and I am sure the track record will remain the same in India," Piyush Goyal said.
2 Sep 2017

KSHDCL Chairman Kamalamma Magadi has been accused of demanding Rs 1 lakh

The state-run traditional arts and handicrafts store, Cauvery Handicrafts Emporium, is headed for some historic trouble. After allegations and counter-allegations between the Chairman of Karnataka State Handicrafts Development Corporation Ltd, or KSHDCL, (which runs Cauvery emporium) and a temporary employee, the issue may soon be with the Anti-Corruption Bureau (ACB).

In July, KSHDCL Chairman Kamalamma Magadi had filed a police complaint against a temporary employee, Bhagyamma, alleging that the latter had tried to poison her by offering sweets laced with sedative. Interesting, though, her complaint was filed a day after she reportedly received a call that threatened to leak an audio CD of her conversation with Bhagyamma, in which she was allegedly asking for a bribe.
23 Aug 2017

Suresh Prabhu offers to resign as Railways minister, PM Modi asks him to wait

New Delhi: Taking responsibility for the recent spate of train derailments, Railway Minister Suresh Prabhu had offered to step down, but was asked to wait by Prime Minister Narendra Modi.

Prabhu was facing fire after the Utkal Express derailment in Muzaffarnagar on Saturday killed 23 passengers and injured over 60. Fourteen coaches of the train, which runs on the Puri-Haridwar-Kalinga route, had derailed at Khatauli in Muzaffarnagar.

Earlier in the day, Railway Board Chairman AK Mittal had tendered his resignation, which Prabhu was yet to accept.

Prabhu had directed the Railway Board Chairman to fix responsibility after the Muzaffarnagar incident. He also said that he would not allow laxity in operations by the Railway Board.
6 Jul 2017

ITI Limited inks MoU with Department of Telecommunications, Ministry of Communications & IT

Ms Aruna Sundararajan, IAS, Telecom Secretary and Chairman (Telecom Commission), Department of Telecommunications and Shri S Gopu, CMD ITI exchanging the MoU for 2017-18.

ITI Limited has signed a Memorandum of Understanding (MoU) with the Department of Telecommunications, Ministry of Communications & IT, Govt. of India for the year 2017-18. Ms Aruna Sundararajan, IAS, Telecom Secretary and Chairman (Telecom Commission), Department of Telecommunications and Shri S Gopu, Chairman and Managing Director, ITI Limited signed the MoU.
17 May 2017

Government's decision to set up 10 atomic power plants to generate 33400 jobs, Rs 70000-crore opportunity

Seeking to ramp up India's domestic nuclear power production, the Union cabinet on Wednesday cleared a proposal to indigenously build 10 atomic reactors, the largest ever approval granted for such facilities in one go.This marks India's biggest expansion in nuclear power capacity, currently at 6,780 mw, and will be a flagship Make in India project, the government said. Another 6,700 mw of projects under construction will be ready by 2022, enewable energy and mines minister Piyush Goyal told reporters

17 Apr 2017

Bengal Chemicals posts profit after 63 years

MD and Director Finance,BPCL

After 63 years, Bengal Chemicals and Pharmaceuticals (BCPL) has posted an annual profit, of Rs 4 crore, in the financial year 2016-17 (FY17).

In 1977, the Union government took over the management of the company, founded by chemist and entrepreneur P C Ray in 1901. It was nationalised in 1981.

In FY17, the company earned Rs 111 crore, about two per cent less than what it earned in 2015-16. But, it made a profit, compared to a loss of Rs 9 crore FY16.

A senior company official said the company achieved a gross margin of Rs 23 crore in the last financial year. This improved its financial position by a little more than Rs 43 crore.

BPCL director of finance, P M Chandraiah, who holds additional charge as managing director, said reduction in procurement costs and stoppage in financial leakages were instrumental in turning the company around.

Direct cost of gross sales reduced to 48 per cent in FY17, against 59 per cent the previous year.

After BCPL posted a dismal revenue of Rs 17.07 crore in 2013-14, down 38 per cent from 2012-13, and a gross loss of Rs 36.55 crore, things started looking up the next year.
14 Apr 2017

Mahesh Kumar Jain takes charge as MD & CEO of IDBI Bank

Mr. Mahesh Kumar Jain has assumed charge as Managing Director & CEO of IDBI Bank with effect from April 3. Prior to the current assignment, Mr. Jain was the Managing Director & Chief Executive Officer of Indian Bank. A press release from IDBI Bank said Mr. Jain had joined Indian Bank as an Executive Director in September 2013 where he handled key portfolios such as Corporate & Retail Credit, SME Credit, Risk Management, Recovery & Legal, Accounts, Technology Management, Banking Operations Department, Business Process Re-engineering and Compliance Department.

Prior to joining Indian Bank, he served as General Manager with Syndicate Bank and handled various portfolios, including Credit, Operations, Investments and Risk Management. He began his banking career with Punjab National Bank. He was a member of the Steering Committee on Risk Management of IBA and a Member of the IBA working group on Risk Management and implementation of Basel II and III. He was also the Secretary & Coordinator to Basant Seth Committee on Review & Revamp of Internal & Concurrent Audit System in PSBs.

At present, Mr. Jain is a member of the NIBM Governing Board, PGDM Executive Council of NIBM, CII National Committee on Banking 2016-17 and CII National Council on Financial Sector Development 2016-17. Mr. Jain has M.Com., MBA, CAIIB, CFA and FRM to his academic credit.

RBI appoints Malvika Sinha as new Executive Director

The Reserve Bank of India (RBI) has appointed Ms. Malvika Sinha as Executive Director (ED) consequent upon the appointment of Mr. B P Kanungo as Deputy Governor yesterday. Ms. Sinha took charge of her new position yesterday, a press release from the central bank said. As Executive Director, Ms. Sinha will look after Foreign Exchange Department, Department of Government and Bank Accounts and Internal Debt Management Department. Ms. Sinha holds a Master's Degree from University of Bombay and has done her Master's in Public Administration. She is also a Certificated Associate of Indian Institute of Bankers. She joined RBI in 1982 and as a career central banker served in the areas of regulation and supervision, foreign exchange and Government and Bank Accounts in the Bank. Prior to being promoted as ED, she was Principal Chief General Manager, Department of Co-operative Banking Supervision in the Reserve Bank.

Gajendra Singh takes charge as Director (Marketing), GAIL

Mr. Gajendra Singh has taken charge as Director (Marketing) of the public sector natural gas processing and distribution major GAIL (India) Limited. Prior to his appointment as Director (Marketing), Mr. Singh served as Executive Director (Marketing), a press release from the company said.

 He started his career in processing and interpreting of seismic data in upstream industry, and possesses 32 years of illustrious career in hydrocarbon sector, the release said.

Mr. Singh has been involved in the execution of several prestigious projects of GAIL starting from the HVJ and has held various leadership and strategic positions. Some of these key roles where he has served as the Head of Department include General Manager (Gas Sourcing and Gas Marketing), Executive Director (Operations & Maintenance). He has been managing company`s top line and bottom line through various Zonal offices located across India. He joined GAIL in 1986, having worked in Oil and Natural Gas Corporation (ONGC) earlier.
7 Apr 2017

Maninder Singh Juneja appointed MD & CEO- NBHC

National Bulk Handling Corporation (NBHC), India’s leading provider of integrated commodity and collateral management services of agri-commodities today announced the appointment of Mr. Maninder Singh Juneja as the Managing Director and CEO. Mr. Juneja joined True North (Erstwhile India Value Fund Associates) in December 2016 as the Managing Director which owns 100% of NBHC.

Mr. Maninder Singh Juneja takes reigns from Mr. Anil Choudhary, Founder MD & CEO, NBHC, who will continue to associate with NBHC as an Executive Vice-Chairman and provide strategic leadership to the company. Mr. Choudhary will also be an advisor to other True North companies. Mr. Maninder Singh Juneja was previously associated with ICICI Bank Ltd. as Senior General Manager. At the Bank, he was India-Head for Retail Banking, with an overview on Strategy, Products, Branch Banking and distribution channels. He has held various functions including retail assets, risk & policy, credit & collections, business intelligence and branch banking. He was also leading bank’s various efforts in the area of payments & service innovations, many of which are industry firsts. He was Vice-Chairman of ICICI Home Finance Company Limited since April 2010. He was also on the Board of several companies including NPCI & CIBIL. In the past, he has also served on the Boards of IARC, IFBI, and ICICI Merchant Services.Mr. Anil Choudhary, Founder & Vice-Chairman, NBHC said, “We are delighted to welcome on board Maninder at a time when we are planning the next level of growth in the company. His immense experience and his strategic skills will help the organization get future ready in a fast evolving agri-finance landscape.”

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