RBI order on bank accounts

Mumbai, April 27: The Reserve Bank of India today asked banks to allow intra-bank account portability in cases where full KYC (know your customer) details of the account concerned have been ascertained. The facility will enable the customers to shift their account to any of the desired branch any number of times, without any change in the account number.

IMF forecast

New Delhi, April 27: Cautioning that governance concerns have weakened business sentiment in the country, the IMF today lowered India’s growth projection to 6.9 per cent for 2012. The IMF in January had pegged growth at 7 per cent this year.

Magma plan

Calcutta, April 27: Magma Fincorp is planning to set up a subsidiary to get into the business of financing affordable housing. The company also plans to start giving loans against jewellery from this financial year.

AI health

New Delhi, April 27: Two parliamentary panels have castigated the government for the precarious health of Air India, with one of them saying “unscrupulous and vested interests” had worked overtime to “suck the life out” of the carrier.

Energy fund

New Delhi, April 27: After studying major sovereign wealth funds in different countries, the government is planning to create a strategic energy fund, Parliament was informed today.

Pak trade

Chennai, April 27: Commerce secretary Rahul Khullar today said Pakistan had promised to remove by this year-end goods in the negative list, a move that would boost trade between the two countries.

Bata net up

Calcutta, April 27: Bata India has posted a net profit of Rs 36 crore in the first quarter of 2012 against Rs 25.59 crore a year ago, an increase of 41 per cent, without considering gains of Rs 83.77 crore (net of taxes) from surplus property development in the first quarter of 2011.