RBI bans 3 I/ INC 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
IvIFs irked by SEBI to check ‘Smart’
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
o The finance ministry and Reserve Bank of India have
opposed changes in the external commercial
borrowings policy to allow overseas borrowings by
- The finance ministry is of the view that while FDI can
be allowed in this form of business entities but not
- 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
- 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.