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August 2011 - Economic Issues

The report on Customer Service in Banks by a committee chaired by M. Damodaran, former Chairman of the Securities and Exchange Board of India (SEBI) was released. The Reserve Bank of India panel recommended an increased deposit insurance cover of Rs.5 lakh to encourage individuals to keep all their deposits in banks. The Damodaran panel mentioned that in case of sick banks, a possibility to enable customers immediately avail themselves of a part of their insured deposits before the final fate of sick banks is decided should be explored. 

The Cabinet Committee on Economic Affairs (CCEA) on 4 August 2011 approved equity infusion of Rs.1200 crore into the national carrier Air India that is passing through critical financial crunch. Air India had so far received financial assistance amounting to Rs 2000 crore in the last two financial years while its cumulative loss and debt burden is around Rs 67000 crore. The airline has a debt of Rs.4695 crore on an equity base of Rs.2145 crore.


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