Bank of India, IDFC in deal
Mumbai: Bank of India and Infrastructure Development Finance Company (IDFC) have entered into a take-out financing arrangement, under which IDFC will take over an infrastructure loan from Bank of India after a fixed period of three to five years provided the project meets all its requirements. The arrangement is worth Rs 300 crore.

IDFC managing director D.J. Balaji Rao said that apart from arranging finance for infrastructure, IDFC is also working with various ministries and the government for formulation of policies and development of legal and regulatory framework for the growth of infrastructure.
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Government allows import of second hand aircraft
New Delhi: The government has decided to allow import of second hand helicopters and aircraft into the country without any import licence. This, the government feels, will benefit air taxi operators.

The importers will, however require clearances from the directorate general of civil aviation before importing the aircraft. 

The directorate general of foreign trade has already issued a notification in this regard.
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Telecom companies accept Delhi court suggestion
New Delhi: The Association of Basic Telecom Operators said it will accept the Delhi high court's suggestion that the proposed policy of shifting from the licence fee regime to a revenue-sharing regime should be subject to ratification by the next parliament.

The association said its members are confident and have full faith that the new Parliament will ratify the policy.

The Cellular Operators Association of India has already accepted the suggestion.

Meanwhile, the Delhi Science Forum, which had filed the public interest litigation, intends to pursue the case even if the operators give an undertaking as suggested by the court."The main issue is whether the government can forego revenue in the manner it has done. Non-ratification by Parliament is only one of the issues in our petition", a member of the Delhi Science Forum said.
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IDBI to give short-term loans
Mumbai: The Industrial Development Bank of India is planning short-term rupee and foreign exchange loans to companies at market-related interest rates.

In sanctioning these loans, IDBI will make use of its short-term cash surpluses to generate income. The loans will be for periods ranging from six months to 18 months.

IDBI had recently spelt out that  it would reorient its portfolio and short-term and working capital lending will be a priority item. It is planning to extend  loans in the range of  Rs 20 to Rs 100 crore and will offer dollar and yen funds under this option.
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Athreya to guide IDBI's strategy
Mumbai: Noted consultant Mrutyunjaya Athreya has been engaged by Industrial Development Bank of India (IDBI) to guide it in its "mission, vision and strategy" program called Vision 2005.   This is to help IDBI in its bid to become an international and universal bank.

IDBI will have a meeting of its senior functionaries on 7 August, when Mr. Athreya is expected to hold discussions  with the key functionaries of the bank. IDBI has already constituted five working groups which would also be making presentations at the meeting.
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Bank of Baroda to get into insurance
Baroda: Bank of Baroda is planning diversification into the insurance sector with focus on the rural population.

The bank will enter the health and general insurance business, where it will target rural areas, which are relatively less exposed to the benefits offered by insurance companies, K. Kannan, chairman and managing director of the bank, said.

The bank in which the government has a 66 per cent equity, is planning to tie up with Life Insurance Corporation and General Insurance Corporation for the venture, Mr. Kannan said.
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US curbs on computer exports eased
Washington: The US government has announced further relaxation in export controls of high-performance computers, which will benefit a number of countries, including India and Pakistan.

The US commerce department has published regulations implementing the change in US export controls. The policy classifies foreign countries into three categories on the basis of their perceived risk of weapons proliferation and a fourth category for which computer exports are prohibited.

India, along with Pakistan, Israel, China, Russia and 44 other countries is placed in the tier III category where the regulations apply a two level system for civilian and military end-users and raises the individual licensing levels for both classes of end-users.
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