RBI bans 3 MNC banks from trading in gilts for 6 months The Reserve Bank of India has pulled up some foreign banks in India amid investigations into circular trading in Government Bonds. The Board of Financial Supervision has decided to impose certain restrictions on the market operations of these foreign banks. The Central Bank has decided on a six month trading ban on three foreign banks. Standard Chartered Bank, Societe Generale and Caylon are among these banks.
MFs irked by SEBI to check ‘Smart’ Investing The mutual fund industry is taken aback by the Securities and Exchange Board of India’s plan to take a relook at a system that allows investors to take advantage of the cut-off timings for accepting cheques in liquid funds. SEBI may change system where investors mostly corporate put money in liquid schemes usually on Friday or Monday before 12pm to get the previous day’s NAV.
Close foreign loan windows for LLPs The finance ministry and Reserve Bank of India have opposed changes in the external commercial borrowings policy to allow overseas borrowings by LLps. The finance ministry is of the view that while FDI can be allowed in this form of business entities but not overseas debt The current policy allows companies to raise ECBs but sole proprietorship firms and partnerships are prohibited from accessing such debt
China Grows slowest in a year China Government said its economy expanded 9.6% in the three months to September World bank had pared China’s growth forecast for 2011 to 8.5% just a shade below its projection of 8.6% for India. If it goes true then India will for the first time become the fastest growing economy among large economies However it is expected that India could overtake China’s growth rate by 2013 and expected to be ahead from 2015 onwards.
Tata's Nano catches world's most powerful man's eyes No sooner the powerful US couple was introduced to Ratan Tata, who heads the USD 72 billion conglomerate, President Obama told the first lady Michelle that this is the person who created the USD 2,500 wonder car. Michelle immediately expressed the desire to see the car that revolutionized the auto industry and put India prominently on the global map.