current affairs for ias exam 2011 economy and energy may 2010 www.upscportal

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Economy & Energy: May 2010 ICICI Bank, HDFC Bank not Indian-owned: Centre The Central Government said ICICI Bank and HDFC Bank could not be called Indian-owned  banks, setting at rest the debate generated over the nationality of the top two private sector lenders. ICICI Bank had maintained that it continued to be an Indian bank as its management and board was Indian. However, ICICI Bank and HDFC Bank have over 74 per cent foreign holding, including that of foreign banks and overseas institutional investors. Going by the definition, they were certainly banks which were not owned b y Indians, because equity of at least 74 per cen t or around 74 per cent was from outside. NTPC-BHEL joint venture targets Rs. 7,000 crore orders  NTPC-BHEL Power Projects Ltd. (NBPPL) signed an agreement with its equal joint venture  partners NTPC and BHEL to meet the target of order bookings worth Rs.7,000-crore in the current financial year. NBPPL has been jointly set up by NTPC and BHEL for capacity building in manufacturing of power plant equipment. This signing of MoU was a major initiative taken to ensure fast track growth of NBPPL by  providing greater functional autonomy and empowerment in achieving the laid down objectives of the company. It would also help the joint venture partners in ach ieving financial objectives set in the MoU for the various parameters, an official statement said. The MoU was signed by  NTPC Chairman R. S. Sharma, BHEL Chairman and Managing Director B. P. Rao and NBPPL Chairman and Man aging Director C. P. Singh.  NBPPL will be setting up manufacturing facilities in Andhra Pradesh. It has already taken up EPC work for Namrup gas-based project of 100 MW in Assam and Palatana gas-based project of 726 MW in Tripura. will also take up execution of 500 MW Singrauli thermal power plant and 600 MW thermal power plant at Rayalseema of Andhra Pradesh Power Generation Corporation Ltd. SEBI issues norms for credit rating agencies The Securities and Exchange Board of India (SEBI) has issued transparency and disclosure norms for credit rating agencies (CRAs) order to impart higher credibility to the processes and  procedures associated with credit rating. The CRAs were asked to take necessary steps to implement this circular immediately and ensure its full compliance at the latest by June 30. The half-yearly disclosures, stipulated by the regulator, would be made by the CRAs within days from the end of the half-year (March/September). The yearly disclosures stipulated would  be made by the CRAs within 30 days from the end of the financial year . However for 2009-10 only, the half yearly and yearly disclosures stipulated would be made by the CRAs by June 30. Greece woes only tip of the iceberg After weeks of foot-dragging, mutual contradiction and confusion, a clear plan emerged ,and members of the European Union agreed to a euro 110-billion package to stave off Greek  bankruptcy. Downloaded from: http://www.upsc portal.com www.upscportal.com

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