INDIA TO BUY 1-MT AUS lNG MORE AFTER NEW PRICE MATHS
New Delhi: India will buy an additional one million tonnes per annum of liquefied natural gas (lNG) from Australia's Gorgon project after it got Exxon Mobil Corp to cut price agreed to eight years ago. Exxon will charge 12.5 per cent of prevailing Brent oil price for about 1 mt per annum of additional lNG that Petronet lNG ltd, India's largest gas importer, will buy over and above the 1.44 million tonnes already contracted.
NOT KYC, ‘KNOW YOUR EMPlOYEE' TOO TO CHECK FRAUDS: CVC
New Delhi: Banks should not only adhere to Know Your Customer (KYC) norms but also on 'Know Your Employee' to check frauds, says the recently-released vigilance manual by the CVC. "Several frauds are insider jobs or perpetrated with the abetment of insiders. Banks have to take extra care to have continuous vigil on their staff," it said.
AIRTEl STARTS 4G-VOlTE SERVICE IN MUMBAI
New Delhi: Telecom major Bharti Airtel today became the second operator after Reliance Jio to start 4G VolTE service in the country with its launch in Mumbai today. The voice calls on VolTE network are made using data but the company said there will be no additional data charges for VolTE and calls will be billed as per existing plan or pack benefits.
FARM lOAN WAIVER MAY PUSH INFlATION BY 0.2%: RBI
Mumbai: Farm loan waiver amounting to Rs 88,000 crore likely to be released in 2017-18 by seven states, including Uttar Pradesh and Maharashtra, may push inflation on permanent basis by 0.2 per cent, says a RBI paper. In India, farm loan waivers have been announced intermittently by both the central and State Governments to provide relief to farmers facing distress due to natural calamities/crop failure. loan waivers could add to the fiscal burden over the medium term as they are essentially a transfer from taxpayers to borrowers, said Mint Street Memo released by the RBI. “Based on stylized assumptions, the total loan waiver amount that is likely to be released in 2017-18 by seven states is around Rs 881 billion (0.5 per cent of GDP),” it said.