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Tata Sons Limited Withdraws Its Application for New Bank Licence

MUMBAI (ABC Live): The Reserve Bank of India has today communicated that Tata Sons Limited has withdrawn its application made on July 1, 2013 for a new bank licence. The company has indicated that its current financial services operating model best supports the needs of the Tata Group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, …

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CBI Arrests SBI Deputy Managing Director for Bribery in Sanctioning Corporate Loan

New Delhi , 25.11.2013(ABC Live):The Central Bureau of Investigation has arrested a former Assistant General Manager of State Bank of India in an alleged bribery case. A case was registered U/s 120 B of IPC and Section 7, 8, & 12 of PC Act, 1988 against Deputy Managing Director, Mid Corporate Group, State Bank of India, Nariman Point, Mumbai; Chairman …

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India Decides to Continue Agriculture Export Promotion Plan Scheme for 12th Five Year Plan

New Delhi (ABC Live):The Cabinet Committee on Economic Affairs has approved the proposal of the Ministry of Commerce and Industry for continuation of the Agriculture Export Promotion Plan Scheme of the Agricultural and Processed Food Products Export Development Authority (APEDA) with four components in the 12th Plan period (2012-13 to 2016-17). These components are infrastructure development, transport assistance, market development …

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UNFCCC: Coal Industry Only to Get Capital Investment Compatible with 2 Degree Celsius Limit

Warsaw (ABC Live):– Speaking to the International Coal and Climate Summit, organized by the Polish government and the World Coal Association, Executive Secretary of the UN Framework Convention on Climate Change Christiana Figueres said the coal industry can and must radically transform and diversify to avoid the worst impacts of climate change. Directly addressing the CEOs of major coal companies she said: “Let …

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Axis Bank’s Equity Shares Purchase By Foreign Institutional Investors Touches Its Limit

Mumbai(ABC Live):The Reserve Bank of India has today notified that the foreign share holding through Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) in M/s Axis Bank Ltd. has reached the trigger limit. Accordingly, further purchases of equity shares of M/s Axis Bank Ltd. would be allowed only after obtaining …

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MCA Invites Public Suggestions on Draft Rules for Cost Audit under Companies Act 2013

New Delhi (ABC Live):The Ministry of Corporate Affairs has invited suggestions/ comments for the 5th and 6th tranche of Draft Rules being framed under the Companies Act, 2013. Under the 5th tranche, Draft Rules for Winding-Up have been put up; while under the 6th tranche, Draft Rules for Cost Audit have been put up for giving suggestions/ comments. December 6, …

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RBI Releases Statistical Tables Relating to Banks in India 2012-13

Mumbai (ABC Live):The Reserve Bank of India today released the Statistical Tables Relating to Banks in India 2012-13 – an annual publication that provides key information on banks. The publication provides bank-wise and bank group-wise information on major items such as liabilities and assets, income and expenses, non-performing assets, financial ratios, spatial distribution of offices, number of employees and details of priority …

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RBI Releases Report on Trend and Progress of Banking in India 2012-13

Mumbai (ABC Live):The Reserve Bank of India today released the statutory Report on Trend and Progress of Banking in India 2012-13. This Report presents the performance and salient policy measures relating to the banking sector during 2012-13. The Report also provides an analysis of the co-operative banks and non-banking financial institutions. The key messages of the Report are set out below: …

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SEBI Passes ex-parte Order in Sunil Laxman Kale,Trendline

Mumbai (ABC Live):Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI has passed an ex-parte order on November 18, 2013 in the matter of Sri Sunil Laxman Kale, sub broker and Trendline Traders Academy (Trendline) and issued the following directions: (i) Sri Sunil Laxman Kale  and Trendline are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing …

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IFC Issues 10 Billion Indian Rupee Global Bond to Strengthen India’s Capital Markets

Washington, D.C./New Delhi, November 20, 2013(ABC Live): IFC, a member of the World Bank Group, today issued an Indian rupees 10 billion (approximately $160 million) global Indian rupee bond to strengthen India’s capital markets and attract greater foreign investment in a time of renewed economic uncertainty across the world. The bond is IFC’s first rupee issuance, and the first bond issued …

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