Banks plan to e-auction cars, vehicles on BAANKNET to speed up recoveries

Banks are planning to auction cars and vehicles on the BAANKNET platform. This initiative aims to streamline the recovery of non-performing assets for lenders. The platform will integrate with VAHAN and RTO services for complete vehicle information. PSB Alliance operates BAANKNET and has already facilitated numerous property auctions. This expansion seeks to enhance efficiency and…

Govt offers 50% funding capped at Rs 2 crore to replace fossil fuels with solar heat in industry

The Ministry of New and Renewable Energy is inviting proposals for solar thermal technology. Financial support up to fifty percent is available for industrial process heating applications. This initiative aims to reduce fossil fuel consumption across various sectors. Start-ups and entrepreneurs can receive assistance capped at two crore rupees. Proposals for this renewable energy program…

Coal ministry opens second round of gasification scheme

The government has initiated the second application phase for its coal gasification scheme. Seven projects applied in the first round, seeking support for various industrial products. This initiative aims to boost domestic production and reduce import dependency significantly. The scheme offers financial aid for establishing new coal gasification facilities. India currently holds sufficient coal stocks…