Public sector banks’ role won’t be diluted: Manmohan

The Union Finance Minister, Dr. Manmohan Singh, has said the basic objectives of public sector banks, including fulfilling social obligations specially in rural areas, would not be given up. Inaugurating the first bank of Unit Trust of India, with an equity capital of Rs. 100 crores ,Dr. Singh said public sector banks would continue to play a dominant role even after the entry of private sector banks, but “banks should not ignore their viability and profitability, for without these it would be difficult for them to survive in the fast changing world scenario.”

Fuels, oil refineries top FDI approval list

Fuels and oil refineries followed by power are the two high priority sectors that top the list of foreign direct investment approvals (FDI) since the announcement of the new industrial policy in 1991. Till the end of February this year, FDI proposals worth Rs. 13,967 crores were cleared and high priority industries accounted for 80 per cent of the approvals. Oil refineries and power, in particular, had the major share of around 32 per cent with investments worth Rs. 2,394.06 crores and Rs. 2,013.81 crores, respectively.

CNN to strengthen broadcast in India

Cable News Network International (CNN) would strengthen its broadcast to India, both technically and programme wise. Mr. W. Thomas Johnson, President of the CNN International, told newspersons that by the last quarter of the year, CNN would broadcast to India through the Apstar-1 satellite abandoning the weak signals of Arabsat, which they are using now. In addition, CNN has also submitted a proposal to the Union Government for broadcast through Insat series, Mr. Johnson said.

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