* BANKING: In a relief to new bank licence aspirants, the RBI has extended the validity of the in-principle approval for such licences to 18 months from 12 months announced earlier. RBI has said that new banks will be given time to achieve priority sector loan targets, but the timeline will be linked to the date of grant of in-principle approval.
- A promoter of a listed, non-operating holding company will not be permitted to serve as the chief operating officer or managing director of either the non-operating financial holding company or the new bank. In case of regulatory overlap with other financial sector regulators, the decision of regulators such as Securities and Exchange Board of India and Insurance Regulatory and Development Authority will be final and binding on aspirants for new bank licences.
- The Financial Stability and Development Council, chaired by Finance Minister P. Chidambaram, has reviewed asset quality and capital adequacy of the banking system.
* BONDS: The RBI has clarified that the price quoted in the market will be the real price of inflation-indexed bonds and they will be treated at par with government securities when allocating them to the held-to-maturity, available-for-sale, or held-for-trading portfolio of banks.
* ECONOMY: RBI will purchase up to 70 bln rupees worth of four government bonds through open market operations on Friday. The government has incorporated a new definition for group companies under the foreign direct investment policy.
* ENERGY: State-owned oil marketing companies' daily revenue loss on sale of subsidised fuels is estimated to rise around 9.5% in the first half of June, compared to the previous 15-day period.
* FMCG: ChrysCapital has picked up 14% stake in CavinKare for 2.5 bln rupees.
* GOLD: India imported around 162 tn of gold in May, and around 150 tn in April. The government may impose some more restrictions on gold imports.
* MINING: India imported around 1 mln tn of iron ore in the financial year ended March and the country's exports fell over 70% to 18.37 mln tn.
* REALTY: The Cabinet is likely to take up the Real Estate (Regulation and Development) Bill today. The government plans to make registration mandatory for property deals done through a power of attorney.
* RETAIL: Infrastructure norms for foreign direct investment in multi-brand retail is likely to be eased. Himachal Pradesh is among 10 other states and union territories that has allowed foreign direct investment in multi-brand retail.
* ROADS: The National Highways Authority of India may not be able to award even half the targeted 9,000 km highway road projects in the current financial year.
* TELECOM: Telecom companies having direct cross holding in a competing entity in the same licence area will get six months to comply with the new norm proposed in the Unified Licensing regime. Department of Telecommunications has imposed a fresh 12.63-bln-rupee fine on Vodafone for under-reporting revenues during financial years 2007-08 to 2010-11.
- A promoter of a listed, non-operating holding company will not be permitted to serve as the chief operating officer or managing director of either the non-operating financial holding company or the new bank. In case of regulatory overlap with other financial sector regulators, the decision of regulators such as Securities and Exchange Board of India and Insurance Regulatory and Development Authority will be final and binding on aspirants for new bank licences.
- The Financial Stability and Development Council, chaired by Finance Minister P. Chidambaram, has reviewed asset quality and capital adequacy of the banking system.
* BONDS: The RBI has clarified that the price quoted in the market will be the real price of inflation-indexed bonds and they will be treated at par with government securities when allocating them to the held-to-maturity, available-for-sale, or held-for-trading portfolio of banks.
* ECONOMY: RBI will purchase up to 70 bln rupees worth of four government bonds through open market operations on Friday. The government has incorporated a new definition for group companies under the foreign direct investment policy.
* ENERGY: State-owned oil marketing companies' daily revenue loss on sale of subsidised fuels is estimated to rise around 9.5% in the first half of June, compared to the previous 15-day period.
* FMCG: ChrysCapital has picked up 14% stake in CavinKare for 2.5 bln rupees.
* GOLD: India imported around 162 tn of gold in May, and around 150 tn in April. The government may impose some more restrictions on gold imports.
* MINING: India imported around 1 mln tn of iron ore in the financial year ended March and the country's exports fell over 70% to 18.37 mln tn.
* REALTY: The Cabinet is likely to take up the Real Estate (Regulation and Development) Bill today. The government plans to make registration mandatory for property deals done through a power of attorney.
* RETAIL: Infrastructure norms for foreign direct investment in multi-brand retail is likely to be eased. Himachal Pradesh is among 10 other states and union territories that has allowed foreign direct investment in multi-brand retail.
* ROADS: The National Highways Authority of India may not be able to award even half the targeted 9,000 km highway road projects in the current financial year.
* TELECOM: Telecom companies having direct cross holding in a competing entity in the same licence area will get six months to comply with the new norm proposed in the Unified Licensing regime. Department of Telecommunications has imposed a fresh 12.63-bln-rupee fine on Vodafone for under-reporting revenues during financial years 2007-08 to 2010-11.
