RBI constituted High Powered Committee headed by R Gandhi on Urban Cooperative Banks

The Reserve Bank of India (RBI) constituted a High Powered Committee to re-examine and recommend appropriate set of businesses, size, conversion and licensing terms for the Urban Cooperative Banking (UCB) Sector.

The eight-member committee will be chaired by R Gandhi, the Deputy Governor of Reserve Bank of India.

Union Government divested 10 percent stake in Coal India Limited

Union Government divested 10 percent of its stake in Maharatna Coal India Limited (CIL). With this, government’s share in CIL came down to 79.65 percent.

CCEA approved HDFC Bank’s proposal to raise foreign holding limit to 74 per cent

The Cabinet Committee on Economic Affairs (CCEA)  approved a proposal of HDFC Bank to raise the foreign holding limit to 74 per cent. The decision will enable inflow of around 10000 crore rupees into the country from overseas investors.
HDFC Bank would raise the fund through issuing of equity shares to non-resident Indians (NRIs) or foreign institutional investors (FIIs) or foreign portfolio investors (FPIs)

RBI signed an MoU on Supervisory Cooperation with Banco Central do Brasil

The Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) on Supervisory Cooperation and Exchange of Supervisory Information with Brazil’s Central Bank, Banco Central do Brasil (BCB) on 26 December 2014.

After ‘Make In India’, PM to launch services initiative

After the ‘Make In India’ aimed at the manufacturing industry, Prime Minister Narendra Modi is all set to launch a big push to the services sector in April. Mr. Modi will inaugurate a global exhibition on services on April 23, 2015 to showcase India’s strength in the sector and provide platform to the industry to explore business opportunities.

Over 20 companies to support Jan Dhan Yojana

Over 20 Indian, U.S. and other international private sector organisations will partner with US Agency for International Development (USAID) in supporting the central government’s Jan Dhan Yojana programme.

Cabinet nod for 3,705 crore as base price for 3G auction

The Cabinet has decided on a reserve price of Rs. 3,705 crore per MHz for the 2100 MHz band for the spectrum auctions. The base price suggested by the Commission is around 11 per cent higher than what telecom firms paid for in the 2010 sale. It is also 36 per cent higher than Telecom Regulatory Authority of India’s recommendation.

India tops Credit Suisse Emerging Consumer Scorecard 2015

India ranked first in the Credit Suisse Emerging Consumer Scorecard 2015 being the only country to score in the top three for medium-term expectations of personal finances, expectations of inflation, and household income trends alongside their immediate spending intentions. The survey also showed India as having the lowest consumption of beer, meat and cigarettes, the lowest ownership of cars and lowest access to the internet.

Photo credit: Alan O'Rourke / Foter / CC BY