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New Delhi, Jan 27 () Asserting that the UDAY scheme was not a failure Power Minister R K Singh on Monday said an improved version of the programme, meant for revival for discoms, may be announced in the Union Budget later this week.
 "We have discussed the new (UDAY) scheme with Finance Ministry. We expect it to find place in the Budget," Singh said at the sidelines of the listing ceremony of the USD 750-million international bond of Power Finance Corporation (PFC) at NSE.
 He also indicated that unlike earlier practice of having multiple schemes, the centre would channelise all efforts through one scheme, and states would have to reduce the losses of discoms to get all the benefits.
 Targeting to cut discom losses to below 15 per cent, he said power would be sold on strong financial mechanism and the states would decide on their own subsidies.
 "The Ujwal DISCOM Assurance Yojana (UDAY) scheme is not a failure. We have reduced losses of discoms from over 22 per cent to around 18 per cent...," he stated.
 Last year in August the centre had made it mandatory to provide letter of credit for buying power by the discoms.
 Beside, single day advance payment mechanism had also been introduced.
 Meanwhile, at the event, PFC CMD Rajeev Sharma said the company's single largest bond attracted a demand of USD 2.2 billion and was priced at 3.95 per cent coupon rate for tenure of 10.25 years taking the total foreign borrowings to USD 6 billion. KKS ANS
ANS

UDAY not failure; new scheme likely in Budget: R K Singh

The Center expects all states to affirm the Ujwal DISCOMs Assurance Yojana (UDAY) scheme by one month from now, paving the path for them to issue bonds by March 2017 to handle their mountings debts, Power Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="Piyush-Goyal">Piyush Goyal</keyword> said on Saturday. 
 
" Goyal expressed positiveness that all states would come overboard by end of November, 2016 so that they can complete the formalities of signing the MoUs by December this year and complete the process of issuing bonds by March, 2017," Power Ministry said in a release. 
 
Under the UDAY so far 17 states/UTs signed the MoU with Maharashtra being the latest. 
 The consolidated <keyword id="3285669" type="UNKNOWN" weightage="20" keywordseo="discom-debt">discom debt</keyword>, including focal PSU duty that would be rebuilt in regard of these states is around Rs 2.57 lakh crore, which is around 68 for each penny of the aggregate remarkable discom debt as on September 30, 2015. 
 The Minister communicated that 100 per cent Rural Electrification, including villages in LWE (Left Wing Extremism) Districts and dense forests, would be accomplished by May 1, 2017, one year in front of timetable as set by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. 
 
He informed that Rural Electrification Corporation is in the process of drawing up a scheme for extending long-term basis soft loans to states at a flat rate to electrify all households for both APL and BPL population. 
 
"A National Electricity Plan has been prepared to forecast the actual demand of electricity in real time and to attract new investments in the sector to promote new power generation capacity," Goyal said. 
 
Talking about a new initiative, he said that government would aid the setting up of small solar units by farmers, which would in turn power agricultural pump sets. 
 Informing about developments in the mining sector, Mines Secretary Balvinder Kumar said Ministry has asked <keyword id="37102" type="COMPANY" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword>, <keyword id="43945" type="COMPANY" weightage="20" keywordseo="Chhattisgarh">Chhattisgarh</keyword>, Haryana, Kerala and Goyal <keyword id="44522" type="CITY" weightage="20" keywordseo="Uttarakhand">Uttarakhand</keyword> to modify their rules to enable auctioning of minor mineral blocks.

Centre expects all states to fall under UDAY scheme in a month

In the backdrop of mounting <keyword id="142154" type="UNKNOWN" weightage="20" keywordseo="bad-loans">bad loans</keyword>, the <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India</a> (RBI) does not want banks to take any chances and has asked them to exercise while giving <a href="http://www.businessinsider.in/searchresult.cms?query=loans&amp;sortorder=effectivedate">loans</a> to <a href="http://www.businessinsider.in/searchresult.cms?query=power+distribution&amp;sortorder=effectivedate">power distribution companies</a>. 
 
The RBI, in a communiqué, told state-owned banks that any additional exposure to discoms would result in ever-greening and invite supervisory measure. 
 
Meanwhile, the central bank has also asked the <a href="http://www.businessinsider.in/searchresult.cms?query=state+banks&amp;sortorder=effectivedate">banks</a> to put existing loans on discoms under <a href="http://www.businessinsider.in/searchresult.cms?query=npas&amp;sortorder=effectivedate">Non-Performing Assets</a> (NPAs). 
 
This will add Rs 1.09 lakh crore to the existing corpus of bad loans, which had crossed Rs 4 lakh crore in December 2015. 
 
Banks' total credit outstanding to discoms stands at Rs 4.37 lakh crore exposure. 
 As per the <keyword id="6602196" type="UNKNOWN" weightage="20" keywordseo="Uday-scheme">UDAY scheme</keyword>, 75% of the loan would be converted into bonds by end of March 2017, while the balance Rs 1.09 crore would be treated as loans. 
 
According to the RBI rules, the interest return on the bonds and loans would be lowered to 0.1percentage point mark over base rates of respective banks, from 14-15%. 
 For <keyword id="141811" type="UNKNOWN" weightage="20" keywordseo="power-distribution-companies">power distribution companies</keyword>, banks will have to do an accounting treatment as a part of bonds would be classified as 'standard', or well-behaved assets, while the balance loans would be booked as NPAs.

RBI is asking banks to tread with caution while giving loans to discoms

Despite the <keyword id="6602196" type="UNKNOWN" weightage="20" keywordseo="Uday-scheme">UDAY scheme</keyword>, the state utilities have to pay an outstanding amount of Rs 22,200 crore to <a href="http://www.businessinsider.in/searchresult.cms?query=power&amp;sortorder=effectivedate">power</a> stations. 
 
The Ujwal Discom Assurance Yojana (UDAY), which was launched last year to reduce the interest burden and minimise power losses during distribution, was joined by 18 states. 
 
Eight states issued bonds of about Rs 1 lakh crore. 
 
READ MORE: <a href="http://www.businessinsider.in/We-have-sufficient-power-and-progress-is-on-for-last-mile-connectivity-saysPower-Minister-Piyush-Goyal/articleshow/51988653.cms">We have sufficient power and progress is on for last mile connectivity, says Power Minister Piyush Goyal</a> 
 
Rajasthan had issued Rs 37, 350 crore in bonds and registered marginal year-on-year fall of Rs 81 crore in its dues to central stations at Rs 1,128 crore as of March end. 
 
Likewise, Uttar Pradesh had issued bond at about Rs 24,330 crore but witnessed <a href="http://www.businessinsider.in/India-is-likely-to-spend-1-trillion-on-power-by-2030-says-Power-Minister-Piyush-Goyal/articleshow/50917988.cms">power</a> dues touch from Rs 841 crore to Rs 2,672 crore during the same period. 
 
Haryana had raised Rs 17,000 crore through a bond issue, but reported flat outstanding at Rs 65 crore. 
 
“We need to give the power utilities at least two more year before we start to draw any conclusion. It is too early to draw any conclusion from the increased outstanding," Arvind Mahajan, head of infrastructure and government services at KPMG, told ET. 
 
Meanwhile, ET quoted Sabyasachi Majumdar, senior vice-president at ICRA Ratings, saying the power demand had risen in the last one year. 
 
"It is likely that the total dues would rise as utilities buy more power from generators. The effects of UDAY will start to reflect on the outstanding and balance sheets of utilities only after March 2017. We need to give these power distribution companies an additional year to see any sizeable effect on their financial position," he said. 
 
(Image: BCCL)

States to pay outstanding dues of Rs 22,000 crore to power generation stations

Summers are at peak and the power situation at specific locations is grim due to severe hydel shortfall because of bad rains. A number of measures are being taken to curb the situation and improve the overall power situation of the country.
 As the Prime Minister Narendra Modi-led Indian government is going to complete two years on May 26, Power Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="Piyush-Goyal">Piyush Goyal</keyword>, in a free-wheeling interview, elaborated his plans about generating enough power for the whole country, Make in India and how he intends to make India a diesel-generator free nation.

	Q. Summers are here, how worried we should be about the power situation?

	A. We are absolutely prepared. Last year, I think, the entire summer we did not have any problem, except in Karnataka, which had a severe hydel shortfall because of bad rains and where there is not much of transmission ability, which of course cannot be created overnight. So except for some specific locations, where the constraints are beyond human management – like transmission or the last mile connectivity, or break down of a major power plant and not enough time to ramp up the rest of the supply lines of a particular locality-by and enlarge the nation has got power and we are totally geared up to meet any sort of requirement. 
	 

	Q: Tell us more about energy efficient pumps for agricultural sector, ceiling fans and air conditioners and that too through the EMI route?

	A: The energy efficient fans scheme has been launched in Andhra Pradesh and once we get the demand and feedback from the customers, we will scale it on a huge scale, just like we did in the LED program. These energy fans can cut down the consumption by actually 25%.

	Once we complete the LED program, for which the deadline is 2019, we will be decreasing the energy consumption by around 112 billion units only on the lighting side, such as street lights and home lighting.

	But more importantly, we are focusing on agricultural pumps. India uses nearly 20 million (2 crore) old agricultural pumps, which are energy guzzlers. We also have about 10 million (1 crore) agricultural pumps which are working on diesel or other forms of power. Therefore, the effort is to make these old pumps energy efficient and replace diesel pumps with electrified pumps.

	Q: What is the timeframe for this changeover?

	A: I am looking at accomplishing this in the next three or four years. This is a big effort and lot of work has gone into it. We want to make it a win-win for all for all stakeholders.

	Q: Coming next to electric cars, which is again a very innovative concept. How do you plan this?

	A: Prime Minister Modi has been very concerned about the environment. We believe that as days progress and renewable energy becomes more attractive coupled with cost of storage falling in the years to come, we should simultaneously see how we can bring down the expanding demand for petroleum products. So it’s a 360 degree approach to bring down usage of all fossil fuels. Electric vehicles, particularly on the passenger side, are something which is very much doable. Costs are falling and as storage costs fall and electric cars are made at a larger scale, our estimates demonstrate that we will be able to pay back the costs of the car in 7 or 8 years.

	Q: Any timeframe for this roll out?

	A: Well, I think we should plan to do this by 2030 but all this is still at a very preliminary stage. We have got some small teams working and exploring the availability of products so that we can scale up such a program.

	Q: Renewable Energy has been a focus, especially solar and wind. How long have we come in two years?

	A: We have executed our set targets. We have reset the targets (about 7 or 8) about a year ago and I have since then been creating the policy of framework — the tariff policy came out, UDAY became a reality, energy efficiency schemes under UJALA have gained a lot of momentum.
 Simultaneously we have taken out tenders of nearly 19,000 megawatt of <keyword id="70990" type="UNKNOWN" weightage="20" keywordseo="Solar-power">solar power</keyword> in the current year which ended yesterday. Our target for next year is 12,000 Megawatt of additional installed capacity as against the original capacity of 3000 or whatever it was.

	Now we are planning to scale it to that level for which it was obvious that unless if you bid out a large number of contracts now, we wouldn’t be able to achieve it. That’s why we have focused our energies on the Solar Parks, transmission lines, working with the states for power purchase agreements, and with these 19,000 MWs, of which nearly 10,000 is awarded, another 5000-6000 mw will get awarded in this month of April and then balance by May probably,

	So I am fairly confident that in the current year itself by March 2017, we will exceed 12,000 mw, which will be twice as what we are today.

	Q: And what about the wind energy?

	A: The wind also has seen a 40% growth last year and I am fairly confident that we will continue to achieve the targets of wind also. There are certain very specific issues related to wind particularly with regards to their ability to manage the grid, forecast the demand and supply, make sure the grid does not become unstable. My people are working in the wind industry to emulate these issues.

	Q: What about transmission in Telangana, Tamil Nadu?

	A: A lot of stalled projects have also been revived in southern part of India. As a result of this, power prices for the southern region– Tamil Nadu, Kerala, Telangana, Andhra Pradesh have fallen by nearly 60 or 70 % in less than two years.

	Transmission has gone up by 71% in only 18 months and most of the southern region today has power surplus– from an era when they used to buy power at as high as Rs 16-Rs 18 a unit to have reached a point when they do not have to pay more than Rs 4-5 now. Usually, it is available under 3 Rs and with the launch of Vidyut Pravah, I am sure the people of India will be benefitted with more power in their hands… or literally in their mobile phones.

	Q: Should we also worry about any tariff hikes?

	A: Personally, I think efficiency gains in terms of UDAY--where we are talking about Rs 1,80,000 crore savings per year that all the states which join into UDAY can enjoy. My sense is that when all states come on board, which I am quite sure of, all these gains will be enough to take care of the existing requirements of the discoms. I think we will have to perk up our acts, we will have to be efficient across states and the political pressure of people demanding better quality service and affordable power will make sure that (hopefully) we don’t have to increase tariffs. Unless in some stray cases where efficiency gains are not as much as we desire them to be. 
	 

	(Anupama Airy is the Founder and Editor of EnergyInfraPost.com and DefenceAviationPost.com. She can be reached at <a href="mailto:anupama.airy@gmail.com" target="_blank">anupama.airy@gmail.com</a>​, Twitter handle: @anupamaairy) 
	 
	(Image: BCCL)

We have sufficient power and progress is on for last mile connectivity, says
Power Minister Piyush Goyal

New Delhi, Jun 27 () Complimenting public sector banks for moving fast on Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, CII president Uday Kotak on Saturday expressed hope that the scheme will gather further traction in coming weeks from private banks side. The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month. "Private sector banks in the case of the guaranteed loan scheme have taken a little longer than the public sector banks. I must compliment SBI Chairman Rajnish Kumar and his team for moving at a great speed. So, I do accept that," Kotak, who is also managing director of Kotak Mahindra Bank, said. On May 21, the Cabinet had approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through ECLGS for the MSME sector, hit hard by economic slowdown triggered by outbreak of COVID-19 pandemic. The scheme became operational from June 1. "Private sector banks started a few days later, but you will see catch up happen. "Three-four weeks from now, the MSME sector will be surprised at how both the private and the public sector have responded to this scheme of Rs 3 lakh crore and a very significant amount of money will be disbursed within the guidelines...you will see the significant growth happen in terms of the sanctions and disbursements," he said. Under the 100 per cent ECLGS, the loan amounts sanctioned by public sector banks increased to Rs 42,739.12 crore, of which Rs 22,197.54 crore has been disbursed at the end of June 20. Meanwhile, private sector banks sanctioned Rs 32,687.27 crore while disbursed Rs 10,697.33 crore. Kotak said that for private sector banks conservatism arises as they need to safeguard the interest of the depositors, whose trust in the private sector is critical for their functioning. On the issue of eligibility under the scheme, he said that in view of the revision in turnover limit for MSMEs from Rs 100 crore to Rs 250 crore, the eligibility conditions should also be relaxed similarly, and CII would be taking this suggestion to the government. Kotak advised MSMEs that they should not only depend on banks for accessing credit but also look at other avenues like raising private equity or risk capital. He also said that MSMEs are not only the backbone of the economy but are a critical part of CII theme for 2020-21 "Building India for a New World: Lives, Livelihood, Growth". MSMEs need risk capital to grow and CII would help them in strengthening their internal housekeeping so that they can get better access to credit at competitive rates, he added. KPM DP BAL BAL

Pvt banks to catch up soon on credit guarantee scheme for MSMEs: Kotak  

More than a month has passed since the cabinet gave its approval to the Ujwal DISCOM Assurance Yojana or <keyword id="9140" type="PERSON" weightage="80" keywordseo="Uday">UDAY</keyword> for short. The scheme has certain salient features that will help India's growing power sector face one of its most challenging problems. 
 The scheme comes forth at a time when DISCOMs have seen accumulated losses soaring to 3.8 lakh Crores and an outstanding debt of approximately Rs. 4.3 lakh Crore (as on March 2015). Just to put these numbers in perspective, the outstanding debt is close to twice the defence budget of the country at present. A question that naturally arises is what made things come to such a pass? The fact is DISCOMs have been facing problems for a long time now. However, the financial problem that DISCOMs have been facing became acute in the past 4-5 years as they began funding their operational losses by taking on more debt. Debt restructuring for DISCOMs have happened in the past but this time, it appears the government is keen on finding a long-term solution to the problem. Debt at present comes with <keyword id="6371181" type="UNKNOWN" weightage="80" keywordseo="interest-rates">interest rates</keyword> hovering as high as 15%. This high interest cost has trapped DISCOMs in a vicious debt cycle. Due to this the banks, have seen their NPA's rise that is a cause of concern for both the banks and the RBI. 
 
The scheme thus comes at an opportune time and tries to resolve these legacy issues of the Power sector in the next 2-3 years by a four-pronged approach. 
 
First, it seeks to improve the operational efficiencies of the power DISCOMs. It is proposed to be done through proper metering, up-gradation to energy efficient modes like usage of LED's the prices for which have already seen a tremendous downward spiral. Prices of LEDs have seen a tremendous downward spiral due to the removal of supply-side bottlenecks and with that economies of scale bringing prices further down. The measures to improve operational efficiency are done with a view to reducing the average AT&amp;C losses from the present 22 percent to a target of 15 percent by 2018-19. 
 
Second, the scheme proposes a reduction in the cost of power. It is a step that would require improvements across the upstream side of value chain right from the fuel supply to improvements in generation technologies and betterment in the existing and addition of new transmission line infrastructure. The government is keen to bring in improvements in these. In the previous year, the power sector has seen the highest production growth in coal sector as well as the highest capacity addition in the generation and highest ever transmission line additions. 
 
Third, the scheme seeks to reduce the interest cost of DISCOMs. It is to be done by asking states to take over 75 percent of the debt of DISCOMs as on 30 September 2015. The 75 percent debt is in line with the recommendations of the Fourteenth Finance Commission. The scheme proposes it to be done in 2 Phases- the first 50 percent to be taken over in 2015-16 and the rest 25 percent to be taken over by 2016-17. It is expected that this will reduce the interest cost by an estimated 6-7 percent thus disrupting the debt trap in which the DISCOMs seem to be stuck at present. 
 Finally, the scheme seeks to enforce financial discipline in DISCOMs by aligning them with states' finances. The initial years will see the fiscal space remaining the same for states even when they take over the debts. It is to be done by ensuring that for the initial two years evaluation of debt in the <keyword id="6365485" type="UNKNOWN" weightage="80" keywordseo="fiscal-deficit">fiscal deficit</keyword> does not take place. Also, the scheme proposes to make the states accountable by giving them the power to take over and fund at least 50 percent of the future losses (if any) of the DISCOMs in a graded manner. 
 
The scheme is optional and has so far seen has seen enrolment by nine states according to the official Twitter handle of the Power Minister. The scheme overall seems well thought through and is not just a restructuring package but a major reform that will help secure power for all citizens. In the process, it is hoped it will forever change the dynamics of DISCOMs in the country. Other sectors need to bring in such ‘reforms’ to make the states and well as India globally competitive. 
 
The article is co-authored with Sankalp Sharma, Senior Researcher at the Institute for Competitiveness, India. Amit Kapoor is Chair, Institute for Competitiveness &amp; Editor of Thinkers. The views expressed are personal. Amit can be reached at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a> and tweets @kautiliya)

Power Sector
Reforms: The story of UDAY so far

New Delhi: The merger of media assets of Reliance Industries and the India business of global media house the Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group. The fair trade regulator CCI has already approved the merger of Viacom 18 and <keyword id="19976122" type="General" weightage="20" keywordseo="Star-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Star India" meta.hostid="261" meta.entityid="Star India">Star India</keyword> and NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it. "The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," informed Reliance Industries on Monday in its quarter earning statement. The merger of Reliance group-controlled media assets - TV18 Broadcast and E18 - with Network18 Media &amp; Investments has already been sanctioned by the NCLT and was made effective on October 3, it said. Earlier on September 27, the government approved the transfer of licenses relating to Non News &amp; Current Affairs TV channels held by media entities of Reliance Industries to Star India. "The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News &amp; Current Affairs TV channels held by <keyword id="19976121" type="General" weightage="20" keywordseo="Viacom18" source="keywords" meta.keywordsubtype="org" meta.entityname="Viacom18" meta.hostid="261" meta.entityid="Viacom18">Viacom18</keyword> Media Private Limited in favour of Star India," it had said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems. Both sides are in the final stages of the merger, making some adjustments in the business as per the Competition Commission of India (CCI) directions. On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India. The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India". The merger of the media assets of Reliance Industries and The Walt Disney Co.'s India business will create the country's largest media empire worth over Rs 70,000 crore. Earlier, the CCI had said it has cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications". Viacom18 is part of the RIL group, and Star India is wholly owned by The <keyword id="19986269" type="General" weightage="20" keywordseo="Walt-Disney-Company" source="keywords">Walt Disney Company</keyword>. Star Television Productions, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney. The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house. Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, will head the joint venture, while Uday Shankar will be the vice-chairperson.

Reliance expects to complete merger with Disney's India business in Q3

A week into the unprecedented <keyword id="3365925" type="General" weightage="20" keywordseo="political-crisis" source="Orion">political crisis</keyword> that threatens the survival of Maha Vikas Aghadi government, <keyword id="13126" type="General" weightage="20" keywordseo="Maharashtra" source="Orion">Maharashtra</keyword> Chief Minister Uddhav Thackeray on Monday stripped all the <keyword id="14299562" type="General" weightage="20" keywordseo="nine-rebel-ministers" source="Orion">nine rebel ministers</keyword> of their portfolios and allocated them to other existing ministers. The decision was taken in public interest to ensure a smooth functioning of all departments and not hinder the decision-making process in view of the absence of the five cabinet ministers and four ministers of state, according to Thackeray. The work of the departments belonging to the concerned <keyword id="2490053" type="General" weightage="20" keywordseo="rebel-ministers" source="Orion">rebel Ministers</keyword> and Ministers of State has been handed over to the existing Ministers and Ministers of State, till further orders, said the CMO. The rebel group's leader and Minister Eknath Shinde's Urban Development, Public Works (Public Enterprises) have been allocated to Minister Subhash Desai, Minister Gulabrao Raghunath Patil's Water Supply and Sanitation Department goes to Anil Dattatraya Parab, Minister Dadaji Dagdu Bhuse's Agriculture and Ex-Servicemen Welfare Department and Minister Sandipan Asaram Bhumare's Employment Guarantee Scheme &amp; Horticulture have been given to Minister Shankar Yashwantrao Gadakh, Minister Uday Samant's Higher &amp; Technical Education Department goes to Minister Aditya Thackeray. Similar changes have been affected for the Ministers of State -- who are currently not attending to duties since a week -- and their departments have been passed onto existing MoSs till further orders. An official said that the Chief Minister may direct any other Minister to carry out all or any of the duties in the absence of any minister when it is not possible to carry out his duties due to illness or any other reason as per the Government of Maharashtra rules. The development came soon after a PIL was filed before the Bombay High Court seeking 'return to duty' of all the rebel Ministers -- currently camping in Guwahati -- and directions to the Chief Minister and others to "submit detailed plan of assurance" mentioning the process of governance in the absence of so many Ministers. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-winds-of-change-are-changing-the-fortunes-of-indian-farmers/articleshow/92487685.cms">The winds of change are changing the fortunes of Indian farmers</a> <a href="https://www.businessinsider.in/india/news/agnipath-scheme-rocks-bihar-assembly-opposition-calls-it-pms-dictatorial-step/articleshow/92488610.cms">Agnipath scheme rocks Bihar assembly; opposition calls it PM's dictatorial step</a>

Maha crisis: CM strips the portfolios of nine rebel ministers

Interest rates on deposits need to go up, say experts, as share of FDs in household financial assets drops

New Delhi, Mar 13 () Uday Kotak-led Kotak Mahindra Bank on Friday said it will infuse equity capital of Rs 500 crore into Yes Bank under the RBI's bailout plan for the crisis-hit lender. "...the Bank has issued a equity commitment letter to invest Rs 500 crore (the 'equity commitment') in Yes Bank Limited for subscription of 50 crore equity shares of Yes Bank at a price of Rs 10 per equity share," Kotak Mahindra Bank said in a regulatory filing. The commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of India (RBI) under Section 45 of the Banking Regulation Act, 1949, and is subject to regulatory approvals and other conditions, it added. As per the RBI-approved reconstruction plan for Yes Bank, the country's largest lender SBI will pick up 49 per cent stake in the cash-strapped private sector bank by infusing Rs 7,250 crore. SBI will have to maintain at least 26 per cent shareholding for three years. ICICI Bank and Axis Bank too said they will invest Rs 1,000 crore and Rs 600 crore, respectively, while largest mortgage lender HDFC Ltd will infuse Rs 1,000 crore. All the investment plans outlined by these lenders on Friday will be for cash consideration. Meanwhile, Finance Minister Nirmala Sitharaman on Friday said the reconstruction scheme keeps at its core the protection of depositors' interest, providing stability to Yes Bank and keeping a stable financial environment and banking system. The RBI superseded Yes Bank's board on March 5 and put the lender under a moratorium, restricting withdrawals to Rs 50,000 per account till April 3 due to its precarious financial condition and inability to raise much-needed capital. Sitharaman said the moratorium on the bank will be lifted within three days of notification of the reconstruction scheme. KPM ABM

Kotak Mahindra Bank to invest Rs 500 cr in Yes Bank

New Delhi, Feb 1 () Old coal-fired power plants not meeting emission norms will be closed and their land put to alternative use, Finance Minister Nirmala Sitharaman said on Saturday as she provided Rs 4,400 crore in her Budget for measures to ensure clean air.
 She also announced expansion of PM KUSUM scheme for harnessing solar energy by farmers for achieving diesel-free agriculture eventually.
 Besides, the minister indicated in her Budget speech that there would be a new scheme to reduce financial stress of debt-laden power distribution firms and incentives will be provided in form of lower corporate tax for new power projects.
 "There are yet, thermal power plants that are old and their carbon emission levels are high. For such power plants, we propose that utilities running them would be advised to close them, if their emission is above the pre-set norms. The land so vacated can be put to alternative use," Sitharaman said.
 The new scheme would be implemented by environment ministry with an outlay of Rs 4,400 crore.
 "In large cities having population above one million, clean air is a matter of concern. The government proposes to encourage such states that are formulating and implementing plans for ensuring cleaner air in cities above one million. Parameters for the incentives would be notified by the Ministry of Environment, Forests and Climate change. Allocation for this purpose is Rs 4,400 crore for 2020-21," she said.
 About this initiative of the government, Power Minister R K Singh told reporters that there are certain plants which either do not have space for putting emission control equipment or they simply cannot do that.
 The initiative is expected to nudge states to close all those old thermal power plants and capitalise vacated land.
 The finance minister also proposed to extend the concessional corporate tax rate of 15 per cent to new domestic companies engaged in the generation of electricity in order to attract investment in power sector.
 In September 2019, the government introduced new provision of offering a concessional corporate tax rate of 15 per cent to the newly incorporated domestic companies in the manufacturing sector which start manufacturing by March 31, 2023, for boosting the sector. Now this is extended to new power plants as well.
 "Taking electricity to every household has been a major achievement. However, the distribution sector, particularly the DISCOMS are under financial stress...Further measures to reform DISCOMs would be taken. I propose to provide about Rs 22,000 crore to power and renewable energy sector in 2020-21," she said in her Budget speech.
 The power sector is facing stress due to poor financial conditions of discoms in the country. The government launched Ujwal Discom Assurance Yojana (UDAY) in November 2015 to bring about operational and financial turnaround of debt-laden discoms.
 On this, Singh has said the ministry has a draft scheme for revival of discoms, which would be finalised and sent for Cabinet approval.
 He also said states would have to agree on loss reduction trajectory under the scheme to get financial assistance as well as funding from central PSUs PFC and REC.
 Giving a thrust to clean energy in the Budget, the finance minister also expanded the existing Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (PM KUSUM) scheme to provide assistance for setting up about 35 lakh solar pumps by farmers.
 "We have provided energy sovereignty through KUSUM.In the Budget speech of July 2019, I had stated that 'annadata' can be 'urjadata' too. The PM-KUSUM scheme removed farmers' dependence on diesel and kerosene and linked pump sets to solar energy," Sitharaman said.
 She proposed to expand the scheme to 20 lakh farmers for setting up stand-alone solar pumps and also help another 15 lakh farmers solarise their grid-connected pump sets.
 The scheme also enables farmers to set up solar power generation capacity and sell it to the grid.
 PM KUSUM scheme was unveiled last year with an outlay of Rs 34,422 crore.
 The scheme has three components-- 10,000 megawatts (MW) of decentralised ground mounted grid-connected renewable power plants ; installation of 17.50 lakh standalone solar powered agriculture pumps and solarisation of 10 lakh grid-connected solar powered agriculture pumps.
 The finance minister also told the House that a scheme to enable farmers to set up solar power generation capacity on their fallow/barren lands and to sell it to the grid would be operationalized under PM KUSUM.
About pre-paid smart electricity meters, she said: "The ministry intends to promote "smart" metering. I urge all the states and Union Territories to replace conventional energy meters by prepaid smart meters in the next 3 years. Also, this would give consumers the freedom to choose the supplier and rate as per their requirement."
 The government has proposed Rs 5,753 crore outlay for new and renewable energy ministry for 2020-21 as against Rs 3,891.74 crore revised estimate for 2019-20. The budget estimate was Rs 5,254.83 crore. KKS ANZ ANU
ANU

Budget's push for clean air: Old thermal power plants to shut

Mumbai, May 31 () Private sector lender Kotak Mahindra Bank (KMB) has raised Rs 7,442.5 crore through a qualified institutional placement (QIP) of shares. The bank on Saturday issued 6.5 crore shares at a price of Rs 1,145 per share to the buyers to raise the money which will buffer its capital reserves, it said in a regulatory filing. Entities who bought the shares include Invesco Oppenheimer Developing Markets Fund, which bought 52.16 lakh shares or over 8 per cent of the issue size, Canada Pension Plan Investment Board (46.25 lakh shares or 7.12 per cent of the issue) and 40.96 lakh shares or 6.30 per cent of the issue by ICICI Prudential Mutual Fund through 18 schemes, the bank said. The issue price decided by a board committee late on Friday evening was 6.43 per cent below Friday's close of Rs 1,223.70 and a notch below the formula arrived floor price of Rs 1,147.75. The share sale, which will aid the promoter group led by its Managing Director Uday Kotak reduce its holding, was launched on May 26. The bank's capital adequacy had stood at 17.89 per cent with the core equity at 17.45 per cent as on March 31. According to a report, the promoters are mulling to offload their shares after the close of the QIP. The Kotak family would sell up to 5.7 crore shares, which will fetch around Rs 6,600 crore at current prices, according to the report. As of March 31, the promoter family's holding had stood at over 29 per cent. Kotak had on May 13 said there is a chance of consolidation in the financial services space as well and when an opportunity beckons, the bank wants to be ready with the money. He had also said the bank is working on various fronts to get the promoter shareholding to the desired level mandated by the Reserve Bank of India (RBI). The RBI, which insists on promoter holdings to be at 15 per cent for private sector lenders, had agreed to let KMB's promoters to have their holding at 26 per cent by August but capped their voting rights at 15 per cent to limit their decision-making influence. KMB in December 2018 dragged the RBI to the Bombay High Court, after one of its earlier attempts to reduce promoter ownership through a complex debt instrument did not make the cut with the RBI. The case was withdrawn by KMB after its suggestions to the RBI were approved in February this year. AA HRS

Kotak Mahindra Bank raises Rs 7,442.5 cr via QIP of shares

New Delhi, Dec 16 () Financial sector players on Monday demanded reduction of GST on term insurance for increasing its penetration and streamlining KYC norms to expand financial inclusion.
 In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, representatives of financial sector and capital markets also highlighted the need for governance changes in public sector banks (PSBs) with special focus on recommendations of the P J Nayak Committee.
 Speaking to reporters after the meeting, Finance Secretary Rajiv Kumar said a number of suggestions came from various financial sectors including banks, insurance companies, non-banking financial companies (NBFCs) and housing finance companies.
 "There were taxation suggestions. We have taken note of it. Taxation concern would be addressed in given fiscal space. Inflation is still benign, credit growth is also happening. All these factors will be kept in mind," he said.
 To give a boost to Indian markets, the representatives from financial sector and capital markets submitted several suggestions concerning enhancing credit offtake from banks, governance, risk capital issues, improving functioning and alleviating stress among NBFCs, an official statement said.
 Besides, they made a case for promoting leasing by reducing GST, reduction of GST rates on term insurance for increasing its penetration and to provide easier credit to digitally active users by streamlining KYC norms, it said.
 Demand for GST reduction comes days ahead of the GST Council meeting to be scheduled on December 18.
 Suggestions were also received for enhancing support from private banks to the Stand-Up India scheme, it added.
 SBI Chairman Rajnish Kumar said suggestion with regard to taxation and improvement in credit growth were made.
 "We have made a suggestion to raise tax break on NPS (New Pension Scheme) from Rs 50,000 to Rs 1 lakh and increasing the age limit for the Atal Pension Yojana to 50 years," Pension Fund Regulatory and Development Authority member (finance) Supratim Bandyopadhyay said.
 Finance Industry Development Council Chairman Raman Aggarwal said overdependence of NBFC to banks needs to be rectified and funding sources need to be diversified.
 The industry has requested that a re-finance window for NBFC needs to be created under NABARD or SIDBI, he said.
 Along with the finance minister, the meeting was attended by Minister of State for Finance Anurag Thakur, Finance Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, and Revenue Secretary Ajay Bhushan Pandey, and other senior officials of the finance ministry.
 Major stakeholders of financial sector and capital markets participated in the meeting including RBI Deputy Governor N S Vishwanathan, Sebi whole-time member Madhabi Puri Buch, LIC Chairman M R Kumar, Kotak Mahindra Bank Managing Director Uday Kotak, Max Life Insurance Managing Director Prashant Tripathy, among others. DP HRS

You Searched For "Uday scheme" and got 14 results

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