India will host its first Formula 1 Grand Prix in October 2011. This will make 2011 a 20-race season, the longest in F1 history. India has dropped to 51st in global competitiveness, while China has risen to 29th. Excessive borrowing by non-banking financial firms beyond needs of production and investment could lead to asset bubbles and deteriorating credit quality. The National Bank for Agriculture and Rural Development approved 110.27 crore for rural infrastructure projects in Himachal Pradesh such as roads and bridges.

1. 3 rd WEEKLY NEWS for the week ending 10 th Sept., 2010 SUBMITTED BY: LAKHVIR SINGH MBA 2A

2. India to host F1 Grand Prix in 2011 It's official. India will host its first Formula 1 Grand Prix on October 30, 2011 The announcement came following an extra-ordinary meeting of the World Motor Sport Council in Paris on Wednesday. The addition of an Indian GP to the F1 calendar will make 2011 a 20-race season, the longest in the history of the sport.

3. India drops to 51st position in global competitiveness ranking India has slipped by two places to 51st in the World Economic Forum's global competitiveness rankings, while rival China has managed to improve its standing to 29th. As per the WEF's Global Competitiveness Report 2010-11 Switzerland is No. 1 in the world Sweden, another technology powerhouse in Europe, ranks second, followed by Singapore and the United States, which both fell by two positions from their ranking last year. The African nation of Chad figures at the bottom of the list of 139 countries .

4. Excessive borrowings beyond the need of production and investment leading to potential asset bubbles and deterioration of credit quality. NBFCs source their funding from domestic capital markets and money markets as well as offshore, difficult to monitor the end-use of funds extended by non-banking financial firms. NBFCs stepped up lending to Indian corporates since the RBI launched a new lending rate structure from July 1, known as the base rate, under which banks cannot lend below that reference rate.

5. Banks ought to be moving to advanced approaches with less reliance on rating agencies. Agencies in turn have to take a holistic approach while awarding ratings, keeping in regard the tendency for end-use, asset bubbles and possible instability.

6. NABARD okays Rs. 110 cr for HP National bank of agriculture and rural development (NABARD) has sanctioned Rs 110.27 cr to Himachal Pradesh Government for creation of Rural Infrastructure. Roads and Bridges will constructed in Hamirpur,Kangra,Mandi,Bilaspur,Chamba,Solan,Una. Out of it Rs. 65.42 cr has been sanctioned for construction of 28 Rural Roads and 10 Bridges.

7. Bank may get to fix interest rate on saving a/c RBI has moved a step forward to Deregulate the interest rates. Deregulation means that Banks would be given freedom to set the interest rates on saving a/c based on their need for funds. Rate of interest on savings deposit is mandated by RBI at 3.5%. As Banks are calculating interest rates on daily

8. Hundred years of Central Bank In 2011, the Central Bank will celebrate its century. Central Bank was established on Dec 21, 1911 by Sir Sorabji Pochkhanawala . It was 1 st Commercial Bank owned & managed by Indians.

9. India seeks to invest in diverse sectors of Peruvian economy India is keen to invest in Peru's hydrocarbon, mineral, pharmaceutical and agriculture sectors through joint ventures. Given the complementarities in the growing economies of Peru and India, there is considerable scope for improving trade and investment between the two countries. Zinc, cooper, silver, fishmeal, beans and sheep skins are Peru's most demanded products in India.

10. THANKS