Newsmakers: PM launches gold schemes, power firms to get rescue package and more

PM Modi launches gold-related schemes, coin
Prime Minister Narendra Modi on November 5, 2015 launched gold-related schemes, including a coin engraved with the images of national emblem Ashok Chakra and Mahatma Gandhi on its two sides, in a bid to put some 20,000 tonnes of idle gold into productive use. "India has 20,000 tonnes of idle gold; gold is an important aspect of women empowerment. The reason behind the success of these schemes will be the women of India," Modi said at the launch of the gold related schemes and coin.

Moody's downgrades Volkswagen due to emissions scandal
Moody's has downgraded Volkswagen's debt due to the possible financial impact of the company's car emissions scandal. Moody's Investors Service said it had cut the rating on VW's long-term unsecured debt, short-term debt known as commercial paper, and subordinated notes issued by its finance arm and guaranteed by the company.

Infrastructure projects worth Rs 4 lakh-crore rolled out, says PM Narendra Modi
Asserting that infrastructure could play a pivotal role in bolstering India's economic growth, Prime Minister Narendra Modi said concerted efforts have led to rolling out of stuck projects worth Rs 4 lakh crore. Modi was addressing a public rally at Sonipat in Haryana after laying the foundation stone of three major highway projects in the state - Western Peripheral Expressway, Eastern Peripheral Expressway and eight-laning of Highway section from Mukarba Chowk (Delhi) to Panipat.

Govt clears rescue package for state power firms
The government approved a rescue package for its loss-making electricity utilities, the power minister said, a move Prime Minister Narendra Modi hopes will increase the supply of power and help spur economic growth.

RBI imposes Rs 1 crore penalty on Dhanlaxmi Bank
The Reserve Bank of India (RBI) has imposed Rs 1 crore penalty on Dhanlaxmi Bank for violation of Know Your Customer (KYC) and Anti Money Laundering (AML) norms. It had issued a Show Cause Notice to the bank for not complying with KYC and AML guidelines in respect of a current account under investigation of the Economic Offences Wing (EOW), Mumbai.