NBFCs tell RBI they are better positioned than corporate houses to float new banks, as they are already familiar with lending and regulations. The IMF projects India's growth at 9.7% in 2010 and 8.4% in 2011, driven by robust industrial production and macroeconomic performance. British Telecom is in talks to sell its stake in Tech Mahindra, and was waiting for financial details to emerge before proceeding with the sale.

1. Weekly News

2. NBFCs tell RBI they are better-placed to float
bank.
 Non- Banking Finance Companies (NBFCs) tell
they are more competent to float a bank
compared to a corporate houses As, they are
already familiar with business of lending and RBI
regulations.
 This issue was raised when RBI is to issue new –
banking license.
 NBFCs have presence in semi-urban area & they
are better candidates.
 RBI is keen on giving new banking license to
those who are willing to provide banking services
in non banking area.

3. IMF pegs India growth at 9.7%
 The International Monetary Fund has projected
the Indian Economy will grow by 9.7% in 2010 &
8.4% in the next fiscal, Driven by robust industrial
production & macroeconomic performance.
 China is expected to grow by 10.5% in 2010 &
9.6% in 2011 Driven by domestic demand .
 Advanced economy are projected to grow by
2.7% in 2010 and 2.2% in 2011 .
 In china , a major fiscal stimulus, expansion in
credit, increase in household income & domestic
demand led to growth upto 13% in 2009.

4. Contd…
 Latin America has recovered strongly with real
GDP growth at about 7%.
 Brazil GDP growth at about 10% since the
third quarter of 2009.
 Output of emerging & developing economy
expand at a rate of 7.1% & 6.4% in 2010 &
2011.

5.  Uk telecom major, British telecom,one of the
original promoters of tech Mahindra.
 The restating of the financials of mahindra
satyam clears the way for a stake sale.
 BT was waiting for a clear picture to emerge on
the financials before proceding with the sale
process.
 BT is said to be expecting a 30% premium over
the current market price for its stake.
 It is already the single largest stakeholder with
over 43% stake.
British Telecom in talks to sell Tech
Mahindra stake

6.  Bank of Japan pledged to pump more funds
into the struggling economy and keeping
interest rates virtually at zero
 Central Bank of Japan had eschewed
government calls for more decisive action but
in face of growing evidence Bank of Japan cut
its overnight rate target
British Telecom in talks to sell Tech
Mahindra stake