The RBI is expected to give in-principle approvals for new banks during the first quarter of the next year, finance minister P Chidambaram said.”At the first stage, the applications will be screened by the RBI to ensure prima facie eligibility of applicants, including the assessment of ‘fit and proper’ status of applicants,” he said in a reply to the Lok Sabha.

SAIL incurs R42,101-crore capex till July

Steel Authority of India has incurred R42,101 crore expenditure till July this year out of its proposed R61,870-crore investment for capacity expansion during the current phase. Steel minister Beni Prasad Verma, in a reply to Lok Sabha, said SAIL spent R9,918 crore in Bhilai, R9,679 crore in Rourkela, R1,691 crore in Durgapur facility, R3,662 crore in Bokatro plant and R14,890 crore in its IISCO plant in Burnpur and R2,261 crore in Salem plant.

?1.58 lakh patent applications pending?

As many as 1.58 lakh patent applications are pending for examination before the Centre due to manpower shortage. The maximum number of applications are pending before the Delhi office (57,385) followed by Chennai (52,891), Kolkata (29,223) and Mumbai (18,950), MoS for commerce and industry EM Sudarsana Natchiappan said.

18 single-brand retail FDI plans okayed till May

The Centre approved 18 FDI proposals worth $173 million in the single-brand retail sector between April 2010 and May 2013. Of these, it approved five proposals worth $137.68 million during the first two months of the current fiscal. Firms which have received approvals to open retail stores under the single-brand retail policy include fashion brand Promod, France-based crockery maker Le Creuset, accessories firm Fossil Inc and French sports giant Decathlon.

Special VRS for 12 major ports to cut losses

Concerned over declining profit margins of 12 major ports, the Centre has taken a number of steps, including special VRS drives, to reduce surplus manpower, Lok Sabha was informed. Profit of major ports declined by about 30% to R1,220.61 crore in 2012-13 over the previous fiscal, shipping minister G K Vasan said in a reply.

Howitzer purchase plan questioned Complaints of alleged

irregularities have been received in connection with army’s plan to procure ultra light howitzers worth over

R3,000 crore and a committee has been formed to probe these charges. “Various anonymous complaints regarding alleged irregularities in the procurement of the guns

have been received. The main issues raised in these complaints relate to technical parameters, cost effectiveness and

economic viability of the gun,” defence minister

AK Antony said.