Indian divers find two bodies of sunken submarine
16082013Indian navy divers have found the bodies of two out of 18 sailors inside a Russian-built submarine that sank after it exploded in a Mumbai dockyard, a navy spokesman said. The explosions reportedly took place in the INS Sindhurakshak’s forward section, where torpedoes and missiles are stored. There appeared to be no way the sailors could have survived the intensity of the blasts and fire in what is the Indian navy’s worst submarine accident since the 1971 war with Pakistan
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Categories : Business, Science, Uncategorized, world News
India Signs Loan and Project Agreements with World Bank for US $100 Million
16082013| India Signs Loan and Project Agreements with World Bank for US $100 Million for Low Income Housing Finance Project |
| The Loan and Project Agreements for World Bank (IDA) assistance of US $100 million for Low Income Housing Finance Project were signed between Government of India/National Housing Bank(NHB) and the World Bank here yesterday.
The Loan Agreement was signed by Shri Nilaya Mitash, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of Government of India and Mr. Michael Haney, Operations Advisor of World Bank (India) on behalf of the World Bank. The Project Agreement was signed by Shri R.V. Verma, Chairman and Managing Director (CMD) on behalf of National Housing Bank (NHB). Representative(s) from NHB and officials from the Finance Ministry and World Bank, among others, were present.
The Objective of the project is to provide access to sustainable housing finance for low income households, to purchase, build or upgrade their dwellings.
The project will have three components which are
• Financial Support for Sustainable and Affordable Housing for NHB to, directly or indirectly through Qualified Intermediary Institutions, refinance low income housing loans made by QPLIs to Primary Borrowers to purchase, build or upgrade their dwelling;
• Capacity Building of the National Housing Bank (NHB), Qualified Intermediary Institutions, and Qualified Primary Lending Institutions (QPLIs), and • Project Implementation
Expected results to be achieved at the end of the project include an increase in – o the number of primary lenders active in the low-incomesegments, o volume of loans to lower income borrowers, and o the number of borrowers in these segments.
Financing under the project aims to create incentives for lenders to focus on lower income households through a net all-in reduction of the lenders’ cost of funds of approximately 200-300 basis points.
• The project also aims to deliver on its stated objective of reaching a higher proportion of lower income households while maintaining portfolio quality standards. The project expects to develop prudent lending standards to serve the more vulnerable, lower income households, expand the coverage of credit bureaus to include informal income borrowers, develop consumer information and disclosure norms for the project’s target groups, enhance the appraisal capacity of the lenders, as well as pilot new policies and products to overcome the challenges of dwelling informality.
It is a financial intermediary loan for an implementation period of 5 years. NHB is the implementing agency
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16082013
Quake of M6.8 – SOUTH ISLAND OF NEW ZEALAND
Quake with a magnitude of 6.8 struck New Zealand south of the capital Wellington. There are no reports of injury or serious damage, but some air and rail services have been suspended to check tracks and runways. More than two years ago, 6.3-magnitude earthquake destroyed parts of New Zealand’s second city Christchurch killing 185 people
| Magnitude | 6.8 |
| Date-Time |
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| Location | 41.751S 173.833E |
| Depth | 10 km |
| Distances |
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| Location Uncertainty | Horizontal: 12.8 km; Vertical 4.1 km |
| Parameters | Nph = 70; Dmin = 70.4 km; Rmss = 1.22 seconds; Gp = 61° Version = 7 |
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National Skill Certification and Monetary Reward Scheme
16082013
INVITATION
Dear Sir/Madam,
The Union Finance Minister, Shri P. Chidambaram will launch the National Skill Certification and Monetary Reward Scheme in the presence of Shri Jairam Ramesh, Union Minister for Rural Development and Dr. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission as per the following schedule
Date : August 16, 2013 (Friday)
Time : 4.30 p.m.
Venue : Plenary Hall, Vigyan Bhavan, New Delhi.
You are requested to depute your Accredited Correspondent/Reporter/ Cameraperson/Photographer for the coverage of the aforesaid event.
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