Reforms at our own pace, says Sinha
The Government today struck a defiant note over the downgrading of India’s sovereign rating by international rating agencies, Standard and Poor's and Moody's, with the Finance Minister, Mr Yashwant Sinha, declaring that the Government would pursue economic reforms “at our own pace.” “We will carry out the reforms agenda without being hostage to anyone,” he said after a meeting with the Governor of the Reserve Bank of India, Dr Bimal Jalan, in the Finance Ministry.
Citibank goes for single management set-up
Citibank India has restructured its management set-up. The bank today said it has simplified its management structure and moved towards a singular reporting system for its corporate and consumer banking businesses. Earlier, these businesses operated independently reporting directly to the region's functional heads. Under the new structure, Mr Nanoo G. Pamnani, CEO and Head of Consumer Banking of Citibank in India, will now be responsible for Citibank's activities in the region as cluster head of Citibank's corporate and consumer banking businesses in India, Sri Lanka, Bangladesh and Nepal.
Frequent flying babus to become extinct
The frequent flying plans of many a babu in Raisina Hill have been grounded with the Government deciding to dispense with the practice of holding negotiations pertaining to World Bank-funded projects in Washington. Instead, such parleys will henceforth be held within the country, except for the odd project or two, senior Government officials confirmed today.