aviation industry, according to aviation minister Suresh Prabhu.
* BANKING: The central government has amalgamated three regional rural banks--Punjab Gramin
Bank, Malwa Gramin Bank and Sutlej Gramin Bank--into a single entity.
- Public sector banks are in the process of closing or rationalising about 69 overseas operations in
the next few months as part of their capital conservation exercise.
* COMMODITIES: Maharashtra State Cooperative Bank will give a bridge loan to sugar mills in the
state against export subsidy receivables from the Centre, which will enable banks to release a large
amount of sugar stocks mortgaged by around 100 sugar mills in the state for export.
* FINANCE: A preliminary report of the Institute of Chartered Accountants of India has said that
statutory auditors of Infrastructure Leasing & Financial Services did not carry out their functions in a proper manner, highlighting a number of negligence’s on their part.
* TAXATION: Central Board of Direct Taxes Chairman Sushil Chandra has cautioned income-tax
officials about the growth rate of 13.6% in direct tax collections, against the Budget target of
14.7%, and said it can adversely affect the Budget estimate of 11.5 trln rupees for the current
* TELECOMMUNICATION: The telecom regulator is peeved at a request of the Department of
Telecommunications to explain the calculations that the watchdog has used to arrive at the starting
price it has recommended for auctioning 4G and 5G airwaves.