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Finally, banks admit they will miss credit targets
Public sector banks have almost given up on meeting the 20 per cent credit growth target they had set at the start of the current financial year. And, unlike the past, they are now acknowledging about missing the target.

Bankers at Davos recoil in political backlash
For a sign of how the mood has changed at the World Economic Forum in Davos this week, consider the speakers at an invitation-only client lunch hosted by Paul Calello, who runs Credit Suisse Group AG’s investment bank.

News of the day

Encore Hotels to invest Rs 100 cr in hospitality
Relying on an improved economy by later part of financial year 2009-10, Encore Hotels Private Limited is planning to invest around Rs 100 crore for expanding its hospitality operations. While on the hotel side, the company plans to add 320 rooms to the existing 420, on the restaurants side Encore is looking at taking up the total number to 100 outlets from current 32.
Management

Power Min seeks 56% raise in outlay

With states speeding up distribution reforms in the power sector, the requirement for Central funds has gone up by over a half in the next financial year. - Open access regulations in power become effective - Canon India"s revenue from government grows 25% - Power sector in the dark in 2009 - GERC pegs intra-state trading margin upto 4 paise per unit - NTPC to hire 1,300 people next fiscal - Transport bottlenecks hit power target: Govt The power ministry is seeking an over 56 per cent increase in the gross Budgetary support (GBS) for its planned outlay, at Rs 14,430 crore, for 2010-11. The increased demand for next year’s allocation has been sought mainly to fund the expenditure under the Revised Accelerated Power Distribution and Reforms Programme (R-APDRP) and the Rajeev Gandhi Grameen Vidyutikaran Yojana (RGGVY). “Out of the total fund allocation of Rs 14,000 crore sought by us, Rs 11,000 crore has been demanded for the two programmes,” said a senior power ministry official. The ministry’s GBS for the Eleventh Plan period (2007-12) was Rs 30,451 crore, of which about a third — Rs 19,600 crore — has already been allocated to it in the first three years of the Plan. R-APDRP and RGGVY are the two flagship schemes of the power ministry. Both the schemes together account for a major chunk — 80-90 per cent — of the total Budgetary support for the electricity sector in India. “For APDRP, we have asked for a Rs 4,000-crore allocation from the Ministry of Finance, as against Rs 1,730 crore asked by us last time. It’s a highly capital-intensive scheme,” the ministry official said, adding that distribution reforms had picked up in states. R-APDRP aims at ushering in a revival of the power distribution sector by bringing down the overall Aggregate Technical and Commercial (AT&C) losses in the country to 15 per cent from over 30 per cent at present. “The restructured form of the scheme has taken off this year only. So, we expect the outlay to at least double,” the official added. R-APDRP was approved in July 2008.


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