Sharp rise in inflation rate

The annual rate of inflation shot up sharply for the fourth successive week, touching 9.4 per cent for the latest week ended March 12, based on provisional-over-final movements of the wholesale price index (WPI). For earlier weeks, the annual rate of inflation (provisional) stood at 9.0 per cent, 8.8 per cent and 8.7 per cent for week ending March 5, February 26 and February 19. For the latest week, the rise in the annual inflation rate was led by a 0.3 per cent increase registered by the official “all commodities” WPI (base 1981-82=100) which rose to 255.0 from 254.2.

CBEC field units to address SSI problems

The Finance Ministry has taken a serious view of what it feels a deliberate disinformation being spread by vested interests about the “imminent closure of small scale industrial units” following the withdrawal of some duty exemption benefits in the Budget and imposition of new levies. To allay fears of small scale units, the Ministry has outlined a 15-point action plan to ensure quick and responsive administration by the various field units falling under the Central Board of Excise and Customs.

3,800 bank branches to be computerised

The RBI Governor, Dr. C. Rangarajan, has urged banks to urgently formulate a well-defined and time-bound programme on the nature and extent of computerisation. Technology thrust in Indian banking has to be given a renewed emphasis now that an agreement was signed by the Indian banks’ association with the employees’ unions, Dr. Rangarajan said after inaugurating the Dena bank’s fully computerised branch at Vile Parle in Bombay. Under the agreement, about 3,800 branches of public sector banks would be computerised during the next three years.

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