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21400 new schools, 52000 teachers to be recruited: Sibal

September 10, 2009 By admin Leave a Comment

New Delhi, Sep 10(ANI): Union Human Resource Development Minister Kapil Sibal on Thursday announced that more than 21400 new schools will be opened and over 52,000 teachers will be recruited during the current year under ‘Sarva Shiksha Abhiyan’.

Sibal said that assistance will also be provided to states in order to set up 100 new polytechnics in districts which do not have these institutes.

Sibal also informed about a number of Bills, which are in the pipeline for introduction in Parliament, which includes a bill for mandatory assessment and accreditation in higher education through an independent regulatory authority, a bill to prevent, prohibit and punish educational malpractices a bill to regulate foreign educational providers and amending the copyright Act.

The Minister further said that the Bills will likely to be brought in the next session of parliament.

He also said that a new scheme for interest subsidy on educational loans, a new policy for distance learning is also in the offing. (ANI)

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Minorities Development Finance Corporation to have 1000 crores share capital

August 27, 2009 By admin Leave a Comment

New Delhi, Aug 27 (ANI): The Union Cabinet today accorded approval for increasing the authorized share capital of the National Minorities Development Finance Corporation (NMDFC) from Rs.850 crores to Rs.1000 crores.

The share of the Government of India, the State Governments and individuals/institutions will be Rs.650 crores Rs.260 crores and Rs.90 crores respectively.

The NMDFC is a not for profit company, registered under Section 25 of the Companies’ Act with share contribution from the Government of India (65 per cent), the State Governments (26 per cent) and individuals/institutions (9 per cent).

It provides financial assistance to people belonging to minorities living below double the poverty line for self-employment.

The NMDFC is greatly dependent on Central equity contribution. The enhanced authorised share capital will enable the Central Government release its full budgetary provision of Rs.125 crores towards equity of NMDFC in 2009-10.

The equity contribution from the Government of India, together with contribution from the State Governments and individuals/institutions and also the recovery of loans from beneficiaries will be spent for providing term loans and micro finance through State Channelizing Agencies (SCAs) and for providing micro finance through NGOs.

The NMDFC also provides educational loans and has promotional schemes like vocational training.

NMDFC’s schemes are targeted for economic upliftment of people from minority communities living below double the poverty line through self employment.

The budgetary provision of Rs.125 crores will be released to the NMDFC by way of equity contribution of the Central Government during 2009-10.

As per the Memorandum of Understanding between the Government of India and the NMDFC, 66,000 beneficiaries are to be covered during 2009-10.

NMDFC’s schemes envisage to cover minority communities in the entire country through State Channelizing Agencies and NGOs.

As on March 31, the NMDFC has disbursed an amount of Rs.1190.84 crores covering 4,34,329 beneficiaries belonging to the minority communities through their term loan and micro finance schemes. (ANI)

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Budget helps Indian economy to return to path of growth says Chidambaram

July 6, 2009 By admin Leave a Comment

New Delhi July 6 (ANI): Union Home Minister P. Chidambaram has hailed the union budget, saying it has been prepared with great skill and wisdom and with the objective of stimulating the economy and returning to the high growth path.

Chidambarm expressed hope that the economy will be boosted with the stimulus packages and measures announced to save the Indian economy from global melt down.

Chidambaram appreciated the steps taken by Pranab Mukherjee to stimulate infrastructure development by creating India Infrastructure Finance Company Limited (IIFCL). He also expressed happiness over the creation of Accelerated Irrigation Benefit Programme (AIBP) that is expected to help farmers.

More allocation of funds to the project like National Rural Employment Guarantee Scheme (NREGS), Pradhan Mantri Gram Sadak Yojana (PMGSY) Indira Awas Yojana (IAY), would help in promoting inclusive growth and creation of jobs, he said.

Home Minister Chidambaram thanked Pranab Mukherjee for allocating 100,000 houses for Central Para-Military Force personnel, and allowances on par with the army.

Chidambaram also thanked Pranab Mukherjee for his proposal to interest subsidy for educational loans taken by students belonging to economically weaker sections, and introducing the National Food Security Act. (ANI)

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PNB reduces lending rate by 50 basis points

May 3, 2009 By admin Leave a Comment

New Delhi, Apr 30 (ANI): The Punjab National Bank on Thursday reduced its benchmark lending rate by 50 basis points to 11 percent.

The Benchmark Prime Lending Rate (BPLR) has been slashed from 11.5 per cent to 11 per cent effective tomorrow, the bank said in a statement.

The benefit of reduction in BPLR shall be applicable to all existing and new accounts linked with BPLR, wherever interest rates are charged at BPLR and above, it added.

Further, the bank has cut interest rate on personal loan by 50 basis points and floating home loan would become cheaper by 25 basis points.

The bank has also reduced its peak deposit rate by 50 basis points to 7.5 per cent.

The threshold limit under the PNB Special Housing Loan Scheme (Fixed) has been enhanced to Rs 50 lakh. Home loan is available at 9 per cent under the scheme for the limited period up to June 30.

Interest rate on Reverse Mortgage Scheme has also been reduced by 0.5 per cent. Similarly, the interest rates on educational loans (linked with BPLR) are also revised downward by 50 basis points, the statement said.

Last week, the Reserve Bank of India (RBI) had cut down short-term policy rates by a quarter percentage.

PNB has slashed down the rates considering the lower rate of inflation and also keeping the stance of the RBI, as announced in the Annual Policy Statement for financial year 2009-2010, indicating scope for reduction in both lending and deposit rates by banks. (ANI)

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Shiromani Akali Dal releases manifesto

April 20, 2009 By admin Leave a Comment

Chandigarh, Apr 20 (ANI): Shiromani Akali Dal (SAD) President and Punjab deputy Chief Minister Sukhbir Singh Badal on Monday released his party’s manifesto for general elections.

The party in its manifesto reiterated its commitment to continue its peaceful and democratic struggle for inclusion of Chandigarh and other Punjabi-speaking areas left out of the state back into Punjab and for getting the river water issue settled on the basis of nationally and internationally accepted Riparian Principle.

The SAD also resolved to set up Special Courts to punish those involved in 1984 anti-Sikh riots.

The party manifesto also vowed to reduce interest rate of new farm loans to four percent, slash diesel price by Rs. 10 per litre and create a Special Corpus Fund for farmers affected by natural calamities.

The manifesto further said that the government to be formed by the SAD and allies at the Centre would ensure that every poor family gets Rs. 35 kg of wheat every month at just Rs. two per kg.

On the occasion, SAD General Secretary Sukhdev Singh Dhindsa said that residential flats would be constructed for the poor in towns and cities of Punjab at a cost of Rs. 116 crore.

Laying special stress on the need for harnessing the immense potential of youth in the country, the manifesto promised to raise the upper limit for educational loans from the present Rs. four lakh to Rs. 15 lakh. (ANI)

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Satyam campus recruits fear uncertainty over their jobs

January 28, 2009 By admin Leave a Comment

Hyderabad, Jan. 28 (ANI): The campus recruits of Satyam Computer Services Ltd., fearing that the fraud-hit company would not honour their offer letters, staged protest against the company here on Wednesday.

The fraud-hit Satyam has has hogged headlines since the first week of January after its founder Ramalinga Raju resigned as chairman, while admitting that company’s profits had been inflated for years, and that the one billion dollars in cash mentioned in the account books did not exist.

The present employees and those expecting to be on Satyam’s pay rolls soon, are finding it hard to survive in the prevailing battle.

Many of the protesting recruits complained that they had taken educational loans which they expected to repay with the ‘nice package’ that Satyam had offered. But today, they are at cross roads and had already rejected other ‘smaller’ companies.

Others who were supposed to be recruited in June 2008 itself said that these recent developments have put their future in the dark.

“It’s a hopeless condition, where we cannot try out another company also, we have gathered here to raise a protest, its not a protest like actually, we are here to ask whether we are going to get joining in the future,” said Shravanya, one of the campus recruits of Satyam Computer Services.

Questions are being raised over the ability of the company to pay the current salaries as well. But the board said January salaries would be paid as scheduled from internal accruals and receivables. The proposed management structure would be released during this week.

On Tuesday, Satyam Computer Services named a management adviser and investment bankers to help revive its fortunes and said it would pay January salaries on time.

Pricewaterhouse Coopers (PwC), the company of auditors for Satyam Computers Services Limited has been widely criticized for overlooking the manipulations. Two of the auditors have been slapped with charges of cheating, forgery, criminal breach of trust and criminal conspiracy under the Indian Penal Code.

On Wednesday, a Hyderabad court rejected the bail petitions of Raju and former chief financial officer Vadlamani. The duo is in the judicial custody. (ANI)

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21400 new schools, 52000 teachers to be recruited: Sibal

Budget helps Indian economy to return to path of growth says Chidambaram

PNB reduces lending rate by 50 basis points

Shiromani Akali Dal releases manifesto

Satyam campus recruits fear uncertainty over their jobs

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