Indiapost plans `anytime banking'
Mumbai: Indiapost will introduce "anywhere, anytime banking" and bring all facilities provided by the post offices, such as banking, insurance, distribution and retailing services under one roof.

U. Srinivasa Raghavan, secretary (Posts), department of post, ministry of communications and IT, Government of India, in a press meet here said that with this initiative, Indiapost would target potential customers between the age group of 25 - 45.

He also said that Indiapost would expand its financial banking network and set up 300 financial offices by March 2007.
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MMRDA provides viability gap funding for Mumbai's metro rail project
Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) has agreed to pay Rs650 crore by way of viability gap funding for the first pahse of the Rs2,356 crore Versova-Andheri-Ghatkopar Metro rail project.

The first phase will be ready by December 2009. The pollution-free, air-conditioned fast mode of transport will have moderate ticket rates of Rs6 (3 km) and Rs10 (more then 8 km). The distance between Versova and Ghatkopar will be covered in 21 minutes. The government has also urged the Centre for some financial support under the National Urban Renewal Mission (NURM).

MMRDA chief T Chandrashekhar said, "The 146.5km Mumbai Metro Rail Master Plan — worth Rs19,500 crore and approved by the state government — will be executed in three phases. The first phase — along with the actual 11km stretch of the Versova-Andheri-Ghatkopar route — also includes the 38km Colaba (Backbay)-Mahim-Charkop route and 14km Bandra-Kurla-Mankhurd route."
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Inflation up at 3.96 pc
New Delhi: Inflation was up 0.37% to 3.96% for the week ended May 6 as against 3.59% in the previous week. The rise has been reported with an increase in prices of foods like masur, bajra, fruits and milk.

The wholesale price index for all commodities rose 0.4% to 199.7 points during the week ended May 6 from the previous week's 199.0 points.

Analysts said a steep increase was in the offing if the government hiked the price of petroleum products to offset surging global oil prices.

Among food items, masur and barley prices went up 3%, followed by bajra and jowar each going up 2%. Fruits, vegetables, gram and milk also registered a 1% price rise. The food articles index group rose 0.2 % to 198.6 points.

The non-food article index increased 0.2% to 177.0.
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NHPC takes up rural electrification project in five states
New Delhi: National Hydroelectric Power Corporation (NHPC) has said that it has taken up rural electrification projects in West Bengal, Bihar, Jammu and Kasmir, Orissa and Chhattisgarh.

The State-run company, which is primarily responsible for generating power from hydel projects, would implement rural electrification projects in 1,100 villages spread over 27 districts of these five States, an NHPC release said.

The total estimated cost of these projects is about Rs1,550 crore. The central Government would provide 90 per cent funds as grant and the balance 10 per cent as loans, it said.
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