Rs 400 Crore for Institutions of Excellence ; Private FM Radio Services in 294 New Cities; Post Offices to become Part of Core Banking Solution

Government will continue to support institutions of excellence and expand & modernise the broadcasting & the postal network.

Announcing this while presenting the Union Budget 2013-14 in Lok Sabha today, the Finance Minister Shri. P. Chidambaram proposed to make a grant of Rs. 100 crore each to Aligarh Muslim University,Aligarh Campus, Banaras Hindu University,Varanasi, Tata Institute of Social Sciences,Guwahati Campus and Indian National Trust for Art and Cultural Heritage (INTACH).

The Finance Minister proposed to expand private FM radio services to 294 more cities. The Minister said that about 839 new FM radio channels will be auctioned in 2013-14 and, after the auction, all cities having a population of more than 100,000 will be covered by private FM radio services.

The Minister proposed to provide Rs. 532 crore to modernise postal network as a result of which post offices will become part of the core banking solution and offer real time banking services.

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(Release ID :92730)