Union Bank of India today opened its 180th branch at new Motibagh area in the national capital. The branch has been opened under the Bank’s Nav Nirman transformation initiative, which aims at delivering superior customer services. It is fully equipped and backed by technology driven value added services including Sampurna ATM, locker, 24-hour lobby banking and call center facilities. Inaugurating the branch, the Chairman and Managing Director of the bank, D. Sarkar said that it is committed to provide better facilities to customers and has also started several special initiatives for the physically handicapped. The Secretary Department of Personnel and Training, P.K Mishra, Urban Development Secretary, Dr. Sudhir Krishna and other officials were also present on the occasion.

The Union Cabinet today gave its approval to continue interest subsidy to Public Sector Banks (PSBs), Regional Rural Banks (RRBs), Cooperatives Banks and NABARD to enable them to provide short-term crop loans up to Rs 3 lakh to farmers at 7% p.a. during the year 2012-13. It also decided to provide additional interest subsidy of 3% p.a. to those farmers who repay loans within one year of disbursement in the current fiscal year.

The Cabinet allowed the release of 10,901 crore Rupees as interest subvention for 2012-13 . Interest subsidy has also been allowed for small and marginal farmers having Kisan Credit Cards for loan against negotiableखरीद फरोख्त के लायक warehouse receipts for post harvest at 7% p.a. The Cabinet approved the release of 442 crore rupees as interest subsidy to small and marginal farmers having Kisan Credit Cards against negotiable warehouse receipts, for post-harvest.

AIR correspondent reports, centre has been subsidizing short-term crop loans to farmers since 2006-07 to ensure the availability of crop loans to farmers upto Rs.3 lakh at 7% p.a. Banks have been consistently meeting the target set for agriculture credit flow in the past years. For the year 2012-13, the target for agricultural credit flow has been raised to 5,75,000 crore Rs from 4,75,000 crore Rs in the year 2011-12.

The government is to distribute five lakh seventy-five thousand crore rupees by way of agricultural loans in the current fiscal. The last fiscal's target was four lakh seventy-five thousand crore rupees which crossed the mark of five lakh eleven thousand twenty-nine crore rupees by March, this year. Minister of State for Finance Namo Narain

A pledge by European Central Bank president Mario Draghi to do whatever it takes to preserve the euro supported the single currency as well as crude prices in Asia today.

New York's main contract, light sweet crude for delivery in September, was up nine cents to 89.48 dollar a barrel and Brent North Sea crude for September delivery gained five cents to 105.31 dollar.

Draghi's rousing vow of support for the single European currency issued late yesterday inspired crude traders to enter the market again, analysts said.

Markets cheered after European Central Bank president Mario Draghi said that the ECB is ready, within its mandate, to do whatever its takes to preserve the euro. Draghi's statements helped boost the euro against the dollar, lending support to dollar-priced oil. 

The euro was trading at 1.2277 dollar in early Asia trade today from 1.2280 dollar in overnight trade. The single currency had climbed to a two-week high of 1.2330 dollar following Draghi's pledge