#WeeklyNewsRoundUp: UP To Release Rs 1,500 Cr For Jewar Airport Land Purchase

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The Uttar Pradesh government has approved the Social Impact Assessment (SIA) report for the international airport in Jewar. The government would soon transfer Rs 1,500 crore in the account of district magistrate of Gautam Budh Nagar for compensation to farmers whose land is being acquired for the project.

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The Supreme Court on October 11 initiated contempt proceedings against three Amrapali them and ordered they be placed under police surveillance for the next 15-days in a Noida hotel. The three directors, Anil Kumar Sharma and directors Shiv Priya and Ajay Kumar, were released last night from police custody after nine properties of Amrapali Group, where bulky documents of group companies are stashed, were sealed in compliance with the top court's order.

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State-owned Oriental Bank of Commerce (OBC) has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points for various tenors with effect from October 11. Syndicate Bank has also increased its MCLR by 10 basis points for three-month tenor while keeping the other rates unchanged.

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Coming to the rescue of cash-strapped non-banking finance companies (NBFCs) , public lender State Bank of India (SBI) has decided to buy their assets to the tune of Rs 45,000 crore. SBI had initially planned for a growth of Rs 15,000 crore through portfolio purchase during the current year, but the limit has been increased to give the much-required liquidity to NBFCs.

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The first trial run of the Ahmedabad-Gandhinagar Metro rail project is likely to be conducted in January next year. The trial run will cover a 6.5-km stretch between Vastral and Apparel Park. In Phase-I, the Metro will connect suburbs in Ahmedabad along the east-west and the north-south axis. The route will be extended to Gandhinagar in Phase-II.

Source: Media reports