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RBI to raise growth forecast for FY10: Gokarn
Buoyed by better-than-expected GDP growth of 7.9 per cent in the second quarter, the Reserve Bank today said it will have to raise the country"s growth outlook for 2009-10 from the current estimates of 6 per cent.

Composite silk unit in near Guwahati
Assam, which produces three types of indigenous wild silks – Muga, Pat and Eri, today got a composite silk unit at Chaygaon Industrial Growth Centre, near Guwahati. The composite unit, or Eri Spun Silk Mill, came up with an investment of Rs. 5.5 crore, which includes infrastructure for spun silk mill, machineries, looms etc. The unit is expected to go a long way in adding value to the silk industry of Assam. The unit was inaugurated by union minister of textiles, Dayanidhi Maran. For the establishment of the unit, along with additional facilities like weaving processing and dyeing etc., the Central Silk Board (CSB), under the ministry of textiles, and the state government of Assam had provided a subsidy of Rs. 155.30 lakh and Rs. 48.10 lakh respectively to the promoter of the unit, Fabric Plus Pvt. Ltd., for installation of machineries, equipments etc. The promoter also contributed an amount of Rs. 22.60 lakh.

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Govt slaps Rs 32 cr penalty on telcos for unverified users
The government has slapped a penalty of Rs 32 crore on mobile operators for failing to adhere to the subscriber verification norms in 2008-09.
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IndusInd to reduce promoter holding to 10% over 2-3 years

Private sector lender, IndusInd Bank has presented its roadmap to the Reserve Bank, to bring down the promoter stake to the mandatory 10 per cent over the next 2-3 years, its CEO said. - BSE to introduce new corporate debt market platform next week - Suzlon repays $780 million of acquisition loan - Bond yields fall as RBI may maintain rates - Food inflation near 20% - FMPs in focus as investors rush for tax sops - No takers for gold sold by banks "The bank has given its roadmap to the RBI on the matter. During this timeframe, the promoter holding will be brought down to the manadatory 10 per cent," IndusInd Bank"s Managing Director & CEO, Ramesh Sobti told reporters here. The holding will automatically come down as and when the lender make equity issuances over the next 2-3 years, Sobti said. As per the central bank guidelines on ownership in private sector banks, no entity or group can hold over 10 per cent stake in a private sector bank. Presently, promoters hold 22.2 per cent stake in IndusInd bank. The lender, during the financial year 2009-10, expects its loanbook to grow by 25-30 per cent, while the consumer finance book alone is likely to grow by 20 per cent, Sobti said. With inflation inching up, the central bank is expected to opt for a "twin" action by hiking its cash reserve ratio (CRR) and policy rates by next month, Sobti said. "A twin action (on CRR and policy rates) is likely by next month. But let"s not speculate on whether this will happen before the policy," Sobti said. The bank today inaugurated Mumbai"s first solar- powered ATM as part of its green office project campaign "Hum aur Hariyali’. The bank"s new Solar ATM replaces the use of conventional energy for 8 hours per day with eco friendly and renewable solar energy, Sobti said. The energy saved will be 1980 kW hrs every year and will be accompanied by a simultaneous reduction in CO2 emissions by 1942 kgs. IndusInd Bank has a network of 186 branches, 412 ATMs spread pan-India.


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