Economy & Policy

The Reserve Bank of India
(RBI) on Wednesday said it intends to grant a limited number of new bank licences, a move that was earlier flagged by the government to expand the geographic reach of the sector.

The RBI, in a discussion paper on the subject of entry of new banks, has invited comments on the minimum capital requirements as well as promoters shareholding in new banks.

India is rewriting a bill that will allow global firms to access its $150 billion nuclear power market, suggesting stiffer compensation for industrial accidents and extending liability to cover private suppliers.

The changes, if approved, would mean higher costs for firms such as U.S.-based General Electric Co (GE.N: Quote) and Westinghouse Electric Co, a subsidiary of Japan's Toshiba Corp (6502.T: Quote), which would have to pay higher insurance premiums.

The government is now looking to add MMTC and Shipping Corporation of
India to its disinvestment list, raising the possibility of the proceeds
crossing the budgeted Rs 40,000-crore mark for the current fiscal.

The Union Cabinet has already approved disinvestment in Coal India,

To improve retail participation in the public issues of state-run
companies, the finance ministry has decided to bear brokerage charges in
all PSU (public sector undertaking) offers that came after April. The
move is expected to encourage brokers to sell issues, which have not
received a very encouraging response so far.

Asking Indians not to expect much from the climate change conference in Copenhagen, environment minister Jairam Ramesh today said the government would follow a twin track approach of not binding itself to any global agreement but, at the same time, putting in place ruthless measures to cut emissions on the domestic front.

The gross budgetary support for the remaining period of the Eleventh Five-Year Plan (2007-12) will decline due to the slowdown effect.

Former Jharkhand Chief Minister Madhu Koda, facing money laundering and corruption charges, today failed to appear before the Enforcement Directorate citing reasons of election campaigning in interior areas of the state.

His own party the CPI(M) might have sidelined him. But V S Achuthanandan the octogenarian chief minister of Kerala, has eventually found a place in the international arena of communism.

Air hostess training institute, Frankfinn Group, has launched a range of customised training solutions to groom people who wish to leave a memorable first impression.

After ruffling feathers in Delhi with a reference to Indo-Pak ties, the US today sought to pacify India, saying it has to decide with Pakistan the substance, scope and pace of their relationship.