MARTYRS DAY MARKS THE DEATH ANNIVERSARY OF OUR FATHER OF THE NATION

Prime Minister paying floral tributes at Rajghat.

MAHATMA GANDHI. LET US ALL PAY HOMAGE TO HIM.

EDITORIAL.

DO WE REQUIRE TO WOO THE FOREIGN INVESTORS ?

To this question the answer is an empahatic 'NO'.Every state sends delegation
to various state capitals in the world to woo the investors to come to their state
for investment.Some organise Global Investors Meet to attract investment.Even 
the central government formulates various schemes to attract FDI. The moot
question is "Is this necessary?".Let us think of the global  economic scenario.
Europe is reeling under recession barring few countries.US is just recovering
from financial recession.Russia is till finding it bearings in the economic scene.
China is in an advantageous position as the balance of trade between India &
China is to their advantage. Let us analyse India's Advantages:
1.We are a big market.
2.Growing middle class,
3.Purchasing power is increasing amongst Indians continuously.
4.Sizeable young population who will be the consumers.
5.Our strong IT Services sector & manufacturing sector.
6.Abundant english speaking talent.
7.Good return on investments.
8. Robust  stock market.
Hence, what we have to do is only to leverage our strengths by taking
advantage of our above mentioned strengths instead of  wooing &cooing
the foreign investors. The investors globally will also find India an interesting
place to invest along with few developing countries,Only thing the government
should do is to tone up our bureacracy,make the laws simple,enable speedy
legal process,take concrete measures to minimise corruption at all levels and
last but not the least the committed political will.

Mr.R.K.Bansal Corporate General Manager launching SME loan Festival.

BANK OF BARODA,India's International Bank Launched SME Loan festival from 01st January,2013 to 28th February,2013.The bank has offered concessions in rate of interest and processing charges during this SME Festival.The bank expects to disburse around Rs.242 crores in SME sector in Karnataka and Andhra Pradesh Zone.

Mr.H.S.Upendra Kamath,CMD along with Mr.K.Ramadas Shenoy,ED .

VIJAYA BANK REACHES Rs.1,50,000 CRORES BUSINESS MIX.

*The Total Business Mix increased by 12%.
*Deposits increased by 9%.
*Advances increased by 16%.
*Interest Income increase  by 7.5%
*Income on Investment by 13%.
*Capital adequacy(Basel II)at 11.75%.

*Net profit increased to Rs.126.73 crores.

Total Deposits:Rs.89,315 crores,     Advances : Rs.65,005 crores. CASA Deposits: Rs.18,694 crores.
Gross NPA     :2.91%                        Net NPA  : 1.71%.  Cost of Deposit: 8.07%.

Addressing the media,Mr.Upendra Kamath,Chairman of the bank said,"it will take two more quarters to improve the cost of deposits as the bank has to shed some more Certificate of deposits and bulk deposits which are at present at 29.97% and hopes to bring it down to 15% by March,2013."
Guidance for March,2013:
# Bank aims to reach a Business Mix of Rs.1,65,000 crores.
# Special emphasis on improving the fee based/non interest income .
# Constant vigil on stressed assets,further slippages and more effort on NPA accounts.




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Dr.Frank Brinken,President&CEO STARRAG along with Mr.A.N Chandramouli-MD.

STARRAG INDIA PRIVATE LIMITED LAUNCHES NEW RANGE OF HIGH PERFORMANCE WMW HORIZONTAL MACHINING CENTRES IN INDIA IN IMTEX 2013.

First European Company to set up Machining centre Manufacturing Plant in India.-100% subsidiary  at KIADB Aerospace Park,Devanahalli,Bengaluru. Inauguration on 25th January,2013.

EDITORIAL.

DON'T ALLOW CORPORATES TO START BANKS.

The Government of India is prodding RBI to issue licenses to corporates to start 
banks in the country.This is not a good move.The corporates should engage
themselves in the sphere which they are good at. If they promote banks,there will
definitely be conflict of interest however much they undertake to keep distance. It
appears Reserve Bank of India is not too keen to this move and it is clearly visible 
that the central government is pushing the RBI to issue licenses.

The International Monetary Fund (IMF) has cautioned that India risks supervisory
oversights by issuing banking licenses to corporate entities.Mr.Yeshwant Sinha,
Former Finance Minister and Chairman,Parliamentary Standing Committee 
on Finance has called the move as "a very bad idea".

CONDUCTS KIDNEY TRANSPLANT ACROSS BLOOD GROUPS.

New IMMUNOADSORBION Technology.

Narayana Institute of kidney disease  and transplantation announced successful  transplantation of  kidney across unmatched blood groups.A mother with 'B' blood group donated her  kidney to her son with 'O' blood group.

This new technology is a boon to the country as it is bound to decrease the need for unrelated kidney transplantation   by around 30%  thereby increasing donor pool within the family.

This operation  took 6 hours which involved a team of 6 doctors headed by Dr.Ishthiaque Ahmed.

Mr.R.K.Dubey

CANARA BANK-APPOINTMENT OF CMD.

Mr.R.K.Dubey,has taken over as Chairman & Managing Director of  Canara Bank, a Bangalore based  Public Sector Bank. Earlier to his appointment, he was Executive Director of  Central Bank Of India.He will continue as CMD of Canara Bank till September,30,2014,i.e the date of his attaining the age of superannuation,or until further orders whichever is earlier.

Mr.Rajiv Datt,Mg.Director,Mr.S.K.Ajmani,Company Secretary&GM

INDIAN RAILWAY FINANCE CORPORATION LIMITED.

Indian Railway Finance Corporation Limited,(IRFC) a Government of India Enterprise,is coming out with a Public Issue of tax free,secured redeemable,non convertible Bonds of face value of Rs.1000/- each in the nature of debentures.

IRFC has been authorised to issue bonds(having benefits under section 10(15)(iv)(h) of the Income Tax Act,) upto an aggregate amount of Rs.10,000 crores during the fiscal 2013.
IRFC has been classified as Infrastructure Finance Company.These bonds being offered, as part of Tranche -1 shall bear a fixed rate of interest and are under two series,series-1 and seriesII having a tenure of 10 years and 15 years,respectively.Incase of series I ,the interest rate of 7.68% p.a is applicable to retail individual investors.  For more details regarding the offering by IRFC,please visit the websites of www.bseindia.com & www.nseindia.com.

CREDIT RATING: CRISIL:AAA/STABLE,   ICRA-AAA,   CARE:AAA.
LISTING: The Bonds are proposed to be listed on BSE and NSE within 12 working days of the issue closing date.
Date of Opening:January,21,2013 and Date of Closing: January,29,2013.

UNION MINISTER BUSTS AIR INDIA TICKETING SCAM.

Union Minister of State for Civil Aviation, Mr.K.C.Venugopal was travelling 
to Kochi on Delhi-Kochi-Thiruvanathpuram  Air India flight on January,4.
To His surprise he found almost  23 seats vacant and earlier he was denied a 
seat due to non availability of tickets .He has requested the airline to conduct  
an enquiry.The fare for Delhi-Kochi-Trivandrum flight on that day was Rs.30,000/-. 
May be,as this route is a busy route,the passengers could have been diverted    
to the private airline.It could be the computer error too.But a formal enquiry will  
bring out the truth. When Air India is bleeding,it is time that the ministry of civil 
aviation and Air India put their systems in place to run the airline properly and profitably.  
The Air India Chairman and the Board should be made accountable and there  
should not be any bureaucratic interference in the functioning of the 
airline.When Indian Railways with large network can function effectively ,I donot know why Air India cannnot function effectively?.
Source:Yahoo News-India.

AERO INDIA 2013 INTERNATIONAL SEMINAR FROM 4TH FEBRUARY TO 6TH FEBRUARY,2013 AT NIMHANS CONVENTION CENTRE,BENGALURU.

This seminar is organised jointly by Defence Research and Development Organisation (DRDO),Ministry of Defence,Government of India in association with the Aeronautical Society of India.

JAPANESE GOVERNMENT APPROVES $116 bn STIMULUS PACKAGE TO REVIVE ECONOMY.

The package will include infrastructure spending,as well incentives to businesses
to boost investment.The government said the stimulus is likely to boost Japan's 
GDP to TWO percentage points.

Japan,the world's Third largest  economy is currently in recession and this move is
expected to create jobs and raise incomes to sustain growth.
Source:BBC News-Business.

Mr.Viral Oza,Director-Marketing addressing media.

NOKIA LUMIA 920 & NOKIA LUMIA 820 LAUNCHED IN INDIA.NOKIA LUMIA 620 TO BE LAUNCHED SOON.

INTERNATIONALLY ACCLAIMED INDIA'S LARGEST INDIAN METAL CUTTING MACHINE TOOL EXHIBITION ON MAUFACTURING TECHNOLOGIES.

IMTEX 2013  is being held from 24th-30th January,2013 at Bangalore International Exhibition Centre by IMTMA.This exhbition will be S.E.Asia's apex event and offers tremendous oppurtunities for manufacturers.

The net exhibition area will be 30767 Sq.Mtrs.Total value of exhibits will amount to Rs.1500 crores.Germany is the single largest participant with 82 exhibitors.There will be 947 participants and 25 countries,which are leading manufacturers will be participating in this event.

About Machine Tool Industry in India: India ranks 7th in demand amounting to $2.614 bn,ranks 12 in Production and in exports ,it ranks 27 with $0.041bn. Hence India is a net  importer of machines.

TOTALLY BLIND MICE GET SIGHT BACK.-NEW HOPE FOR THE BLIND.

"It is the first proof  that you can take a completely blind mouse,put the cells in and reconstruct the entire  light- sensitive layer".Prof.Robert MacLaren,University of Oxford.

Prof.Pete Coffee,Institute of Opthalmology,at University College,London ,said the findings were important as they looked at the "most clinically relevant  and severe case "of blindness."This is probably what you would need to do to restore sight in a patient that has lost their vision"he said.

Source: BBC News-Health.

 

Wegelin Admitted that its actions had been wrong

SWISS BANK WEGELIN TO CLOSE AFTER US TAX EVASION FINE.

Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes.

Wegelin was established in 1741 has also agreed to pay $57.8 m in fines to US authorities.The bank had admitted to allowing more than 100 American citizens to hide $1.2bn from the Internal Revenue Service for almost 10 years.

Jeffrey Neiman,a former US Federal prosecutor who was involved in a previous investigation into swiss banks,siad,"it is unclear whether the bank was required to turnover American client names who held secret Swiss bank accounts.What is clear is that the Justice department is aggressively pursuing foreign banks who have helped Americans commit overseas tax evasion".

Earlier, another Swiss bank UBS agreed to pay a $780 mn fine to US authorities related to tax evasion charges. UBS also  agreed to reveal the details  of US account holders. However, UBS neither  pleaded nor was found guilty.Instead it and US Prosecutors came to what is called a deferred prosecution agreement ,with the fine  being paid in exchange for the charges being dropped.
Source:BBC News-Business.

SWAMINARAYAN MANDIR.

ONE OF THE BIGGEST HINDU TEMPLES IN UNITED STATES DESIGNED TO LAST 1000 YEARS WHICH HAS GRANDEUR AND ARCHITECTURE.

Constructed from 35,000 pieces meticulously hand carved Italian Carrara marble and Indian Pink sandstone.This temple is the first earthquake proof temple in the world.
Courtesy: Rediff News.