Indian Oil gets Rs.200 Bn cash injection
New Delhi: The state-owned Indian Oil Corp (IOC) has got a temporary cash injection with the Reserve Bank of India (RBI) raising its credit limit by Rs.200 billion.
IOC, along with other oil marketing companies Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), has been facing a severe liquidity crisis due to high crude prices and huge subsidy burden.
After the oil prices started to slide down over the past few weeks, RBI Governor Y.V. Reddy announced last month that the central bank would stop the special scheme to buy bonds from the oil companies.
London's Brent crude jumped to an all-time peak of $147.50 a barrel July 11, before it started to go down, falling to about $118 a barrel Wednesday.
As a temporary measure, the petroleum ministry had asked for raising the credit limit of IOC from Rs.450 billion by allowing it to use the Paradeep refinery's additional credit limit of Rs.200 billion.
According to petroleum ministry additional secretary S. Sundareshan, RBI Tuesday allowed IOC to convert the Paradeep refinery's credit limit into working capital.
Write a comment now!
IANS
Today’s top news
Busy fathers less involved in children's upbringing: survey
Increasing pressure at the work place is forcing fathers to spend lesser time with their children, leaving the mothers to juggle office and household work and also bring ...
Shah Rukh brings Priyadarshan, Deepika Padukone together
Deepika Padukone was supposed to make her debut with a Priyadarshan film but she chose Farah Khan's 'Om Shanti Om' instead. Now, three years later, the actress is making ...
U.S. sprinter Marion Jones released from prison
Disgraced U.S. sprinter Marion Jones has finally been released from prison after completing a six-month term behind bars for lying to federal investigators over steroid u...
'Rock On' cast condemns ban on live music in Bangalore
Farhan Akhtar and other cast members of the hit movie 'Rock On', the first Hindi film on rock music, Thursday described as shocking the recent ban on live music and dance...
Sanjay Dutt can shoot abroad till Nov 15: apex court
The Supreme Court Friday granted Bollywood actor Sanjay Dutt - convicted in connection with the 1993 Mumbai blasts - an additional one-and-a-half months to complete film ...
Punishment to Nanda not sufficient, says victim's family
The five-year jail term slapped on Sanjeev Nanda by a court here Friday was greeted with scepticism and a touch of indifference by the family of Peru Lal, one of the six ...
Tourism ministry to promote adventure tourism
The tourism ministry is planning to lay stress on adventure tourism in a major way, especially hot air ballooning and mountain biking.
Rajyavardhan Singh Rathore walks the ramp
Indian silver medallist at that 2004 Olympics, shooter Rajyavardhan Singh Rathore, couldn't repeat his performance at the Beijing Olympics this year; but he is still a fa...
Get ready for your designer dog
If you want a dog with specific looks, coat, colour, size and behavioural traits, then science and breeding could design one for you.
Activists urge India to amend law against gays
Over 120 rights groups, including those championing gay rights, have written an open letter to India's law ministry saying consenting sexual acts between adults should no...