The Reserve Bank has doubled the threshold limit for
electronic fund transfers using the Real Time Gross
Settlement (RTGS) system to Rs 2 lakh with effect
from November 15.
It has been decided to increase the threshold limit for
RTGS transactions from the present limit of Rs 1 lakh
to Rs 2 lakh.
The RTGS system facilitates high-value transfers of
money from one bank to another on a real-time and
The central bank said the RTGS system has witnessed
tremendous growth in terms of both transaction
volumes and values since inception in March, 2004.
With the increased number of electronic
payment transactions, it has become
expedient to position the Indian RTGS system
primarily for processing and settling large
value payment orders.
The RBI has revised the service charges for
fund transfers through the NEFT mode.
Fund transfers up to Rs 1 lakh will continue
to attract a service charge of Rs 5.
The Tata Motors-Jaguar-Land Rover combine,
with a valuation of $8.45 billion, has over
taken Reliance to top the list of the 50 most
valuable corporate brands in India.
The brand valuation of Tata Motors-JLR grew
172% over its 2009 value of $3.1 billion when
it was at No. 5 in the pecking order. Reliance,
the petrochemicals-to-retail major, saw a10%
erosion in its brand value at $7.04 billion,
down from $7.8 billion in 2009.
Tata Group has given America's prestigious Harvard
Business School a $50 million donation, the largest
gift the school has received from an international
donor in its 102-year history.
Earlier this month Anand Mahindra, head of Mahindra
Group, gave $10 million to Harvard where he earned
his undergraduate and master's degrees.
The funds will be used to build a new academic and
residential building on the school's campus in Boston.
Harvard said it hopes to break ground for the
building, which will be named Tata Hall, next spring.
Ratan Tata, chairman of Tata Sons Ltd since
1991, attended the school's advanced
management programme - one of three
leadership programmes offered by the
school's executive education programme-in
1975 and received its highest honour, the
Alumni Achievement Award.
The much-awaited mobile number portability
(MNP) service that allows subscribers to
change operators but retain the mobile
number will be available from November,
Union minister for communications A Raja
The official announcement of MNP availability
will be made on November 1, followed by a
first phase rollout in 11 circles in north and
west India from third week of November.
Implementation of MNP has been delayed
considerably over the last few months.
The initial deadline of January 1, 2010 has been
extended many times with the latest being
Apart from inadequate infrastructure from
service providers’ end, Foreign Investment
Promotion Board’s rejection of MNP
Interconnection Telecom Solutions, the second
company chosen by DoT, has added to the delay.
MNP Interconnection Telecom Solutions is a
74:26 joint venture between US-based
Telcordia and Deepak Talwar Consultants.
FIPB had rejected the licence after ministry of
home affairs objected on the grounds that
the company had operations in Pakistan
The Reserve Bank today said that there may not
be "enough merit" to include banks under the
purview of class action suits.
The new Companies Bill , 2009, that seeks to
replace the erstwhile Companies Bill, 1956, has
proposed to include banks under the purview of
class action suits.
However, the RBI said that since the revised
system of Ombudsman has served well to redress
customers' grievances, there may not be merit in
bringing banks under the purview of class action
Since the revised system of Ombudsman
scheme has served well as a mechanism to
provide quick and inexpensive redress of
customers' grievances against banks, there
may not be enough merit in extending the
provision to banks under the new Bill.