ADVERTISEMENT

Mumbai

Tyeb Mehta's Falling Bull sells for Rs 17.54 crore at Christie's auction in Mumbai

Tyeb Mehta's 'Falling Bull'
Tyeb Mehta's 'Falling Bull'
Tyeb Mehta's Untitled (Falling Bull) sold well above the estimate for Rs 17.54 crore ($ 2,818,072) to top fine arts auction house Christie's second auction in India here yesterday.
 
Francis Newton Souza's Untitled (Indian Family), an oil on board, went for Rs 9,02,25,000 ($1,449,398), while Vasudeo S. Gaitonde's Untitled 1998 oil on canvas ws sold for Rs 6,62,25,000 ($1,063,855).
 
Overall the auction totaled Rs 75,27,45,000 ($12,092,289), selling 90% by lot and 97% by value. This is the highest total for any auction of modern and contemporary Indian Art in 2014. 
 
Christie’s said they had a multitude of new clients, both online and in the room, and said it was an indication of its continuing success in India following a decade of market leadership in Indian art through international sales held in New York, London and Mumbai. 
 
More than 70% of the lots sold above their high estimates, a press release from the auction house said.
 
The evening’s auction buying came from India, Asia, the United States and Europe, with the top lot of the sale, Tyeb Mehta’s Untitled selling online against competitive bidding in the saleroom.
 
"This result confirms the international appeal of top quality Indian art and the power of online bidding. The pre-sale events in New Delhi, Chennai, Pune and Mumbai attracted a high number of collectors and interest from both new and existing clients.
 
A group of 10 contemporary works donated by the artists to benefit the New Delhi based Khoj International Artists’ Association, sold for a collective total of Rs 1.9 crore.
 
Sonal Singh, Head of Department, at Christie's Mumbai said: “Tonight’s results are an indication of the strong level of interest from clients who wish to buy exceptional works. The auction was sold 97% by value, mirroring the results from our inaugural sale in India."
 
She said the list of the top ten reflected the interest from clients for works by the modern masters.
 
"I was particularly delighted to see the interest in the Tagore pocket book, which sold for four times its pre-sale estimate, the highest price for a manuscript sold in India.”
 

Related Story

NNN
 
 
ADVERTISEMENT
 

See News Videos

Actor Dilip Kumar discharged from hospital on 92nd birthday

 
Dilip Kumar discharged from hospital on his 92nd birthday
Renowned actor Dilip Kumar, who turned 92 today, was discharged this morning from the Lilavati Hospital here where he was admitted on December 6 for treatment of a chest infection.
 
Scores of his fans greeted the actor as he and his actress-wife Saira Banu as he stepped out of the hospital.
 
Later, he had a quiet birthday at home with members of his family and friends.
 
Pulmonologist Jalil Parkar, who was among those who treated the actor at the hospital, said, "Dilip Saab is feeling great now and does not require to be in hospital. So we have discharged him."
 
He said the actor would only be required to continue with his routine medication at home.
 
Dilip Kumar was taken to hospital after he complained of cold and breathlessness. He was later diagnosed with bronchopneumonia.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Mumbai Indians appoint Ricky Ponting as head coach

File photo of Ricky Ponting
File photo of Ricky Ponting
Indian Premier League (IPL) franchisee Mumbai Indians (MI) today announced the appointment of former Australian captain Ricky Ponting as its head coach ahead of IPL season 8.
 
The most successful captain and is one of the most celebrated cricketers in cricketing history, Ponting was associated with Mumbai Indians as a captain and player in IPL 6. He continues his association in an enlarged role from the upcoming season.
 
John Wright, who was the team’s coach for season 6 and 7 is now tasked with evaluating and establishing a youth development organisation and will be working closely with the MI management on talent scouting for the team.
 
Meanwhile, Anil Kumble is elevated to the Owners Group and shall oversee the implementation of the Vision for Reliance Sports that currently has interests across multiple sports including football, basketball and cricket.
 
Kumble said, "We are delighted to have Ricky back with us and look forward to his contribution based on his experience and expertise. John Wright will continue his association with MI and will look after talent scouting and youth development, which is one of the areas that we would like to build a stronger base in years to come".
 
NNN
ADVERTISEMENT
 

See News Videos

Tata Power to acquire Ideal Energy Projects Limited

ADVERTISEMENT
Tata Power, India's largest integrated power company, today said it had signed a share purchase agreement (SPA) for acquisition of 100% shareholding in Ideal Energy Projects Limited (IEPL).
 
IEPL owns a 540 MW coal-based thermal power project near village Bela in Nagpur district of Maharashtra, out of which 270 MW was commissioned in May 2013 and is based on domestic coal.
 
"An agreement was reached between Tata Power and IEPL for sale of 100% stake in IEPL. The acquisition is subject to statutory approvals and certain conditions precedent," a press release from the company said.
 
"We are happy to announce our intent to acquire this project in Maharashtra. It is our constant endeavour to maximize stakeholder value in line with our vision," Mr. Anil Sardana MD and CEO, Tata Power, said.
 
With this acquisition, Tata Power's total generating capacity will increase to 8885 MW. This project will help Tata Power service its customers in Maharashtra competitively and also give opportunity to the company to work closely with the local communities in the vicinity to improve their quality of life, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

L&T Construction wins orders valued at Rs 2008 crore

ADVERTISEMENT
Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders worth Rs 2008 crore, including two new international contracts, in November-December 2014.
 
A press release from the company said these included new orders worth Rs 1058 crore in the Power Transmission & Distribution Business.
 
Among these are an engineering, procurement and construction (EPC) order from an Algerian transmission utility company, Sonelgaz-GRTE (National Society for Electricity and Gas). The order is for engineering, procurement, construction, testing and commissioning of a 220/60 kV EHV sub-station at Bougzoul. 
 
The scope includes the construction of an air insulated sub-station comprising 220/60 kV bays, protection and substation automation systems, a DC system and auxiliaries. The contract encompasses design and construction of civil buildings with a complete set of utilities such as air-conditioning, fire protection and lighting systems.
 
This is a second order in Algeria after a breakthrough award of a 400kV sub-station.
 
At home, the business bagged an order in Jammu & Kashmir from the Power Grid Corporation of India Limited for the supply and erection of transmission lines as part of tower packages 2 & 3. The order involves setting up 220 kV single circuit and 66 kV double circuit transmission lines with associated transmission & interconnection systems.
 
Another transmission line order has been received from the Bihar Grid Company Limited for the supply and erection of 132 kV and 220 kV double and single circuit transmission lines. This is a part of tower packages which are associated with strengthening Bihar’s electric transmission system.
 
The business has also received an order from Purvanchal Vidyut Vitran Nigam Limited for rural electrification works to be carried out under RGGVY -12th Plan on turnkey basis in Ghazipur district of Uttar Pradesh.
 
ADVERTISEMENT
Additional orders worth Rs 319 crores have been received for various transmission line and sub-station works of various ongoing jobs.
 
The release said the Buildings & Factories Business had secured contracts worth Rs 920 crore, including one for the construction of a midfield airport terminal building and car park at Abu Dhabi.
 
The scope involves the construction of a multi-storey structure with extended at-grade parking to accommodate approximately 3,400 parking spaces with provisions for future development. The project also includes overall MEP systems comprising HVAC, MV, LV, plumbing, fire-protection, IT, security systems and a decorative PTFE facade with associated framework.
 
On the domestic front, an order has been secured from a two-wheeler manufacturer for the construction of various buildings for their upcoming manufacturing plant in Gujarat. The scope involves civil, structural and other associated works.
 
Orders worth Rs 30 crores have also been received from various ongoing jobs of Heavy Civil Infrastructure and Water & Renewable Energy Businesses, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

ISL: Injured Freddie Ljungberg to miss remaining Mumbai City FC games

ADVERTISEMENT
Mumbai City FC today said that an injury has forced marquee player Freddie Ljungberg to miss the team's remaining matches in the inaugural season of Indian Super League (ISL) football tournament.
 
The former Arsenal star will return to Europe for treatment, the team said.
 
Speaking about his exit, Ljungberg said, "I'd like to thank Mumbai City Football Club for the great welcome and support they have given me. I'm sad to leave earlier than planned due to injury and that I won't be able to help my team in the last few games. I have enjoyed every moment and fallen in love with India and its people, a beautiful experience which I won't forget."
 
Ljungberg is recognised the world over for his skill and contribution to the sport when he was part of Arsenal's feared line-up. For several seasons, he played a major role for the club and was part of the unbeaten 49-game run for the team.
 
In 2008, Arsenal's manager Arsene Wenger placed Ljungberg 11th in Gunners' Greatest 50 Players. For his home country of Sweden, Ljungberg has earned 75 caps scoring 14 times.
 
Mumbai City FC COO Arunava Choudhary said, "Due to an injury from which Freddie Ljungberg will not recover in time for the remainder of the season, we've agreed to let Freddie go back to Europe and follow the rest of his treatment there."
 
NNN
 
ADVERTISEMENT
 

See News Videos

Reliance enters into JV with China's Shandong Ruyi Group for textile business

Reliance logo
Reliance logo
Energy and petrochemicals major Reliance Industries Limited (RIL) today said it had signed an agreement with Shandong Ruyi Science and Technology Group Co. Ltd of China, through its wholly owned subsidiary, for a joint venture (JV) in textiles.
 
Under the agreements, RIL will transfer its existing textile business into a newly incorporated company, the JV, for which RIL will receive cash consideration.
 
RIL will own a majority 51% in the proposed JV, with the balance 49% owned by Ruyi. The proposed transaction is subject to obtaining requisite approvals, a press release from RIL said.
 
RIL’s existing textile business is the founding business of RIL and operates under the well-known brand ‘Vimal’. It has a prominent presence in the Indian textile market, especially in the worsted and synthetic suiting fabric segments. 
 
Ruyi, a leading textile company in China with revenues in excess of $ 3 billion, has a global presence including in America, Europe, Japan, Australia, New Zealand and China. It has a portfolio of world renowned brands such as ‘Taylor & Lodge’, ‘Harris Tweed’, ‘Royal Ruyi China’, ‘Nogara Italy’ and ‘Indios Italy’.  
 
The Ruyi group includes Renown Inc (founded in 1902 and listed on the Tokyo Stock Exchange) which owns or operates several leading global brands such as ‘Aquascutum’, ‘Simple Life’, ‘Ensuite’, ‘Mano’, ‘addenda’, ‘CHARGE’, ‘next eye’, ‘D’urban’ and ‘Intermezzo’. 
 
Ruyi also operates in India under the ‘Georgia Gullini’ brand in the worsted suiting segment of the market. These business operation and activities would get realigned to strengthen the JV, the release said.
 
According to the release, the JV will build on RIL’s existing textile business and wide distribution network in India as well as Ruyi’s state-of-the-art technology and its global reach. The JV will benefit from the strength of the ‘Vimal’ and ‘Georgia Gullini’ brands and plans to introduce some of the well-known global brands of Ruyi.
 
Mr Nikhil R. Meswani, Executive Director, Reliance Industries Ltd., said: “Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high growth path. Our partner’s deep commitment and global reach in textile business will enable this JV to harness the growth potential of the Indian market and emerge as a global textile player”.
 
Mr Qiu Yafu, Chairman, Shandong Ruyi Group, said: “With closer economic relations between China and India and Shandong Ruyi Group’s expanding global presence in the textile sector, we see our joint venture with Reliance as a significant event for the group. To enter the Indian market with Reliance we truly believe in the bright future of this joint venture business."
 
NNN
ADVERTISEMENT
 

See News Videos

ISL: Mumbai City FC edge out Atlético de Kolkata 2-1 in thriller

Mumbai City FC players celebrate after going 2-1 up against Atletico de Kolkata in the Hero Indian Super League in Navi Mumbai on December 7, 2014. Photo courtesy ISL
Mumbai City FC players celebrate after going 2-1 up against Atletico de Kolkata in the Hero Indian Super League in Navi Mumbai on December 7, 2014. Photo courtesy ISL
Mumbai City FC picked up a long-awaited win after they trumped Atlético de Kolkata 2-1 in a riveting encounter in the Hero Indian Super League (ISL) at the DY Patil Stadium at Navi Mumbai tonight.
 
Lalrindika Ralte opened the scoring in the first half with Baljit Sahni equalising for Kolkata. Former German international Manuel Friedrich scored the winner for the home side to keep their hopes of a semi-final berth alive.
 
It was a frantic first half with both teams threatening in equal measure. The home side kept possession of the ball for longer spells and directed their attacks forward through returning forward Nicolas Anelka. 
 
Kolkata keeper Apoula Edel Bete was forced into making some good saves, but opposite number Subrata Paul was also kept busy throughout the half. 
 
The first real chance of the match came in the 3rd minute as Rafi cut the ball back for Borja Fernández, who fired a shot from the edge of the area that went just wide.
 
Mumbai City’s pressure finally told in the 40th minute when Tiago Ribeiro collected a ball over the top, ran down the right and cut back beautifully for Lalrindika Ralte. The Mumbai City’s composed finish gave his side a vital lead. Kolkata pushed hard for the remainder of the half but were unable to equalise before half time.
 
Mumbai certainly looked the stronger of the two teams in the second half as they looked to double their lead. It was short-lived however, when a clever set piece from Luis Garcia saw the away side equalise. A free kick on the right just outside the box was rolled to Borja on the edge of the area, who played the ball into the box. Substitute Baljit Sahni stepped in and smashed home to level the scores.
 
The home side knew that even a draw would knock them out of the tournament, and they pushed forward looking for the goal to restore their lead. Abhishek Yadav had a glorious chance when substitute Subhash Singh burst through the defence and put in a superb low ball, but the veteran striker’s first touch was off and the chance was missed. 
 
Less than four minutes later, however, Mumbai went back in front. Ralte’s floated a free kick into the box, and Manuel Friedrich lost his marker and headed past Edel to send the DY Patil crowd into a frenzy.
 
Kolkata pushed hard in the dying minutes to equalise again, and Arnal Llibert had the ball back in the net right at the end, but it was rightly disallowed for offside, and Mumbai City held on for a nervy win.
 
The loss leaves the away side in a precarious position as they travel back home to face a rampaging FC Goa side on December 10. A victory against Goa will see them through. Mumbai City play NorthEast United FC in Guwahati on the same day and will also require a big win to have hopes of going through.
 
Match Awards:
Hero of the Match: Lalrindika Ralte (Mumbai City FC) 
Swift Moment of the Match: Subrata Paul (Mumbai City FC) 
Amul Fittest Player of the Match: Borja Fernández (Atlético de Kolkata)
ISL Emerging Player of the Match: Asif Kottayil (Mumbai City FC)
 
NNN
ADVERTISEMENT
 

See News Videos

Maharashtra: Fadnavis inducts 20 new Ministers, including 10 from Shiv Sena

Maharashtra Cabinet Expansion: Ministers take oath
Maharashtra Chief Minister Devendra Fadnavis today carried out the first expansion of his five-week-old Council of Ministers by inducting 20 new Ministers, including ten from the Shiv Sena, a day after the two parties patched up their differences.
 
The new Ministers were sworn in by Governor Chennamaneni Vidyasagar Rao at a ceremony in Raj Bhavan and included 10 of Cabinet rank -- five each from the Bharatiya Janata Party (BJP) and the Shiv Sena. With this, the strength of the Ministry has risen to 30, including 18 Cabinet Ministers.
 
Mr Fadnavis had announced yesterday that the two parties, who had broken off their 25-year-old alliance just before the October 15 Assembly elections because of differences over power sharing, had decided to work together again.
 
Mr Fadnavis, who had met BJP President Amit Shah in New Delhi on Wednesday, told journalists that he had called up Shiv Sena president Uddhav Thackeray over the telephone yesterday morning and told him that they should carry forward their discussions on power sharing and settle the differences between the two parties.
 
He said Mr Thackeray agreed to this and, accordingly, a team of BJP leaders, including state BJP President Chandrakant Patil and Union Minister Dharmendra Pradhan, deputed by the central leadership, met Shiv Sena leaders and worked out the details of the agreement.
 
The new Cabinet Ministers sworn in today are: Girish Bapat, Girish Mahajan,  Chandrashekhar Bawankule, Babanrao Lonikar, Rajkumar Sudam Badole (all BJP), Diwakar Raote, Subash Desai, Ramdas Kadam, Eknath Shinde and Deepak Sawant (all Shiv Sena).
 
The new Ministers of State are: Ram Shinde, Vijay Deshmukh, Amrish Atram  Raje, Ranjit Patil, Praveen Pote (all BJP), Sanjay Rathod, Dadaji Dagdu Bhuse, Vijay Shivtare, Deepak Kesarkar and Ravindra Waikar (all Shiv Sena).
 
Mr Fadnavis and nine others, including two Ministers of State, had taken oath of office on October 31.
 
The two parties have previously been together in government in Maharashtra, with the BJP as a junior partner, but the latest elections saw the equations changing.
 
The BJP emerged as the single largest party in the elections, winning 122 seats in the 288-member house. The Shiv Sena finished second with 63 seats. 
 
The Congress and the Nationalist Congress Party (NCP), which ruled the state for the past 15 years and had also called off their alliance ahead of the elections, ended up in third and fourth places, with 42 and 41 seats, respectively.
 
After the election results were out, the Shiv Sena had made conciliatory noises and indicated that it was prepared to be part of the government if given an honourable offer, but the BJP did not respond to it openly, though the two sides were said to be in touch with each other informally. One of the key demands of the Shiv Sena was for the deputy chief minister's post, which the BJP firmly turned down.
 
ADVERTISEMENT
The BJP government got unconditional support from the outside from the NCP, which voted in its favour in the vote of confidence early last month. The Shiv Sena had voted against the motion. Now that the Shiv Sena is back as an ally of the BJP, the NCP has said that it would play the role of a "constructive opposition".
 
"The people's mandate is for us to come together for running the government. We honour the sentiments of the people, workers of both Sena and BJP," Mr Fadnavis said at Thursday's press conference at which Sena leader Subhash Desai was also present. He said there were other parties also which could join the alliance later.
 
Mr Fadnavis said the two parties had also agreed to fight elections to local bodies in the state and a coordination committee would be set up to work out the modalities.
 
With the Sena joining it, the Fadnavis government has acquired a clear majority of 184 in the Assembly.
 
Mr Thackeray and members of his family were amongst those present at the ceremony.
 
NNN
ADVERTISEMENT
 

See News Videos

India’s forex reserves rise by $ 1.433 billion to $ 316.312 billion

ADVERTISEMENT
India’s foreign exchange reserves climbed by $ 1.433 billion to $ 316.312 billion in the week ended November 28, the Reserve Bank of India (RBI) said here today.
 
The forex reserves had fallen by $ 672.4 million to $ 314.879 billion in the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, went up by $ 1.424 billion to $ 290.822 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 19.738 billion, while its special drawing rights (SDRs) rose by $ 6.4 million to $ 4.23 billion during the week.
 
India's reserve position in the International Monetary Fund (IMF) went up by $ 2.5 million to $ 1.521 billion during the period, the bulletin added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Western Union signs up actor Shah Rukh Khan as brand ambassador

Shah Rukh Khan
Shah Rukh Khan
Global payment services provider Western Union Company today said that it had signed up popular Bollywood actor Shah Rukh Khan as its brand ambassador.
 
"With a massive fan following across the world, Shah Rukh Khan will now represent Western Union and its quick, convenient and reliable money transfer services, offered across 200 countries and territories," a press release from the company said.
 
The release said many of the people who cross borders to work and live use Western Union services to send money to their families. 
 
"According to research carried out by Western Union, watching movies from their native country is one of most common things that connect migrants to their homeland. The survey also revealed that for Indian diaspora who are living and working outside the country, Bollywood ranked second in terms of platforms helping them to remain connected to their homeland.
 
"Shah Rukh Khan’s popularity, his remarkable ability to connect with his audiences across all age groups around the world, especially the connections he builds for the South Asian diaspora to their home countries, resonates with the Western Union brand promise of bringing families closer to their loved ones," it said.
 
Mr Kiran Shetty, Regional Vice President & Managing Director- India & South Asia, Western Union said, “We are very excited to have Shah Rukh Khan as a Western Union ambassador, as he truly symbolizes our ability to create connections for families around the world with their loved ones back home. We are certain, that with this association, our consumers across the globe will feel even closer to home.”
 
“I am extremely thrilled to be part of the Western Union family. Via their services they connect people around the world with their loved ones, like I do with my films. Western Union’s reliable, fast and convenient service is what makes Western Union popular amongst consumers across the globe – Transferring money, is fat-a-fat, or quick and easy,” said Shah Rukh Khan.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Reliance, Pemex sign MoU to explore oil, gas opportunities in Mexico

Reliance logo
Reliance logo
Energy and petrochemicals major Reliance Industries Limited (RIL) and Mexican state-owned Petroleos Mexicanos (Pemex) have signed a memorandum of understanding (MoU) to cooperate for assessment of potential upstream oil and gas business opportunities in Mexico.
 
The two companies will also jointly evaluate value added opportunities in international markets, a press release from the Mukesh Ambani-led RIL said here today.
 
It said RIL and Pemex would also share expertise and skills in the relevant areas of oil and gas industry including for deep-water oil and gas exploration and production.
 
The MOU envisages sharing of RIL’s pioneering expertise in deepwater development and best practices in East Coast of India and RIL’s experience in shale gas in United States. RIL will also provide technical support and share experience with Pemex for refining value maximisation and other technical optimization strategies. 
 
The two companies will also collaborate to exchange experiences on environmental and social responsibility front.
 
"The signing of the MOU marks further strengthening of the long standing relationship between RIL and Pemex," the release said.
 
"RIL’s cooperation with Pemex is in line with its growth strategy to explore opportunities to expand its international asset base in regimes having internationally attractive competitive terms. The company hopes to leverage its organizational capabilities and expertise to create long term value for Exploration and Production Business and for RIL on the whole," it added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Shiv Sena to join BJP govt. in Maharashtra as both parties end their differences

 
BJP and Shiv Sena come together in Maharashtra
The ruling Bharatiya Janata Party (BJP) and the Shiv Sena, its erstwhile ally in Maharashtra, patched up their differences today with the latter agreeing to join the Devendra Fadnavis government in the state when it is expanded tomorrow.
 
About 20 new ministers are expected to take oath at the swearing-in ceremony, including 12 from the Shiv Sena.
 
Mr Fadnavis, who had met BJP President Amit Shah in New Delhi yesterday, told journalists that the 12 Shiv Sena ministers would include five of Cabinet rank and seven Ministers of State.
 
He said he had called up Shiv Sena president Uddhav Thackeray over the telephone this morning and told him that they should carry forward their discussions on power sharing and settle the differences between the two parties.
 
He said Mr Thackeray agreed to his and, accordingly, a team of BJP leaders, including Mr Chandrakant Patil and Mr Dharmendra Pradhan, deputed by the central leadership, met Shiv Sena leaders and worked out the details of the agreement.
 
Mr Fadnavis and nine others, including two Ministers of State, had taken oath of office on October 31.
 
The two parties had called off their 25-year-old alliance in the state days before the October 15 elections to the state legislative assembly after failing to reach an agreement on seat sharing.
 
The two parties have previously been together in government in Maharashtra, with the BJP as a junior partner, but the latest elections saw the equations changing.
 
The BJP emerged as the single largest party in the elections, winning 122 seats in the 288-member house. The Shiv Sena finished second with 63 seats. 
 
ADVERTISEMENT
The Congress and the Nationalist Congress Party (NCP), which ruled the state for the past 15 years and had also called off their alliance ahead of the elections, ended up in third and fourth places, with 42 and 41 seats, respectively.
 
After the election results were out, the Shiv Sena had made conciliatory noises and indicated that it was prepared to be part of the government if given an honourable offer, but the BJP did not respond to it openly, though the two sides were said to be in touch with each other informally.
 
Unhappy with the BJP's cold response, the Shiv Sena had indicated that it would stay away from the October 31 swearing-n ceremony. But Mr Shah and Mr Fadnavis reached out to Mr Thackeray by calling him up and on the telephone and inviting him to the ceremony. Mr Thackeray relented and attended the function, in a sign of improving ties between the two parties.
 
The BJP government got unconditional support from the outside from the NCP, which voted in its favour in the vote of confidence early last month. The Shiv Sena had voted against the motion.
 
"The people's mandate is for us to come together for running the government. We honour the sentiments of the people, workers of both Sena and BJP," Mr Fadnavis said at the press conference at which Sena leader Subhash Desai was also present. He said there were other parties also which could join the alliance later.
 
Mr Fadnavis said the two parties had also agreed to fight elections to local bodies in the state and a coordination committee would be set up to work out the modalities.
 
With the Sena joining it, the Fadnavis government will acquire a clear majority of 184 in the Assembly.
 
NNN
ADVERTISEMENT
 

See News Videos

 

Sehwag, Gambhir, Harbhajan, Yuvraj, Zaheer dropped as India names 30 World Cup probables

 
Senior players Virender Sehwag, Gautam Gambhir, Yuvraj Singh, Harbhajan Singh and Zaheer Khan did not figure in the list of 30 probables named by the Board of Control for Cricket in India (BCCI) for the Indian team that will play in the ICC Cricket World Cup to be played in Australia and New Zealand in February-March 2015.
 
Apart from Mahendra Singh Dhoni, Virat Kohli, Rohit Sharma, Ravichandran Ashwin and Ravindra Jadeja, the list includes players like Sanju Samson, Manish Pandey and Kuldeep Yadav.
 
The list also includes Shikhar Dhawan, Ajinkya Rahane, Robin Uthappa, Suresh Raina, Manoj Tiwary, Wriddhiman Saha, Parvez Rasool and Ishant Sharma.
 
The following is the list of 30 probables picked by the All India Senior Selection Committee which met here today:
 
MS Dhoni, Shikhar Dhawan, Rohit Sharma, Ajinkya Rahane, Robin Uthappa, Virat Kohli, Suresh Raina, Ambati Rayudu, Kedar Jadhav, Manoj Tiwary, Manish Pandey, Wriddhiman Saha, Sanju Samson, R Ashwin, Parvez Rasool, Karn Sharma, Amit Mishra, Ravindra Jadeja, Axar Patel, Ishant Sharma, Bhuvneshwar Kumar, Mohd Shami, Umesh Yadav, Varun Aaron, Dhawal Kulkarni, Stuart Binny, Mohit Sharma, Ashoke Dinda, Kuldeep Yadav and Murali Vijay.
.
 
2015 ICC World Cup: 2011 heroes fail to make the cut
The list will be pruned down to the final 15 in the coming weeks.
 
The five seniors who have been dropped have been out of international cricket for various reasons for some time now and have been hoping to make a comeback into the Indian side. Zaheer, for instance, had suffered an injury during the Indian Premier League (IPL) 2013 and has been unable to make his way back into the Indian team.
 
The ICC World Cup will be played frm February 14 to March 29. The two semi-finals will be played in Auckland, New Zealand and Sydney, Australia while the final will be held at the historic Melbourne Cricket Ground (MCG) in Australia.
 
NNN
ADVERTISEMENT
 

See News Videos

RBI releases Charter of Customer Rights for bank customers

ADVERTISEMENT
The Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the five basic rights of bank customers.
 
These are: (i) Right to Fair Treatment; (ii) Right to Transparency; Fair and Honest Dealing; (iii) Right to Suitability; (iv) Right to Privacy; and (v) Right to Grievance Redress and Compensation.
 
The Reserve Bank has also advised the Indian Banks’ Association (IBA) and the Banking Codes and Standards Board of India (BCSBI) to formulate a “Model Customer Rights Policy” encapsulating the principles enshrined in the Charter.
 
Initially, all the scheduled commercial banks, regional rural banks and urban co-operative banks are expected to prepare their own Board approved policy incorporating the five basic rights of the Charter which, among other things, would contain a monitoring and oversight mechanism for ensuring adherence, a press release from the central bank said here yesterday.
 
The policy, if needed, would have to be suitably dovetailed with the “Model Customer Rights Policy” proposed to be formulated by IBA/BCSBI.
 
The Reserve Bank would monitor the progress and oversee the adherence by banks over a period of time, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Journalist Allwyn Fernandes passes away in Mumbai

Allwyn Fernandes
Allwyn Fernandes
Well-known journalist Allwyn Fernandes, who had moved to corporate communications in the later years of his career, passed away at his home in Marol, Andheri here last night after battling cancer for more than two years.
 
He was 66. He is survived by his  wife Enid, son Rohan and daughter Rohini.His funeral will be held here later today, his family said.
 
Fernandes had been suffering from sarcoma, an aggressive cancer, and his condition took a turn for the worse around the end of September.
 
The news of his death stunned his large number of friends in the media, civil society and the corporate world as well as the hundreds of students he had taught and mentored over the years.
 
Born on June 1, 1948, Fernandes graduated in Physics and Mathematics from St Xavier's College here and did courses in journalism at the Bhavan's College of Mass Communication here as well as the International Institute for Journalism in Berlin.
 
He began his career as a teacher before joining The Times of India, where he earned a name for himself with his investigative stories. After about 25 years with the newspaper, he became Director, Media Practice at public relations firm Edelman India and conducted training sessions in media and crisis management there for corporate executives.
 
He also taught at journalism schools and wrote books, including one on the late consumer activist M R Pai.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Jet Airways commences roll out of full service product across domestic network

ADVERTISEMENT
Private sector carrier Jet Airways today commenced the roll out of a full service product on all flights across its domestic network in keeping with its Master Brand Plan, announced in August, as part of which it has phased out the low-cost services offered by JetLite under the JetKonnect brand, for a return to profitability.
 
Jet Airways Chairman Naresh Goyal had said on August 11 that the airline would "streamline and align its domestic operation, creating a strong, uniform Jet Airways master brand, simultaneously revitalising its product and service offering."
 
A press release from the airline said that, starting today, Jet Airways’ would offer guests a two class, full service product with a complimentary dining experience onboard all domestic flights. 
 
"Apart from the enhanced service quality levels, the airline will offer easy convenient connections on its domestic network to over 51 destinations across India with over 450 daily domestic flights," it said.
 
The release said passengers would  also be able to access 22 international destinations on Jet Airways network and also offer connectivity to over 135 international destinations across the world with its strategic alliance partner Etihad Airways.
 
Cramer Ball, CEO of Jet Airways, said “We hope that our move to a full service brand, across all flights demonstrates our commitment to continually enhance the service and hospitality we offer our guests. I firmly believe that this move to a full service carrier, delivered in our inimitable style with the warmth and graciousness of Indian hospitality will help Jet Airways redefine the service paradigm in Indian skies. We are all committed to delivering the best domestic full service product in India.”
 
JetPrivilege members will also earn JPMiles in line with the accrual structure of full service flights. The programmewill offer guests easy tier retention, faster tier upgrades, improved tier benefits, easy redemptions, a minimum of 500 JPMiles on every flight, and a wide range of 150 partners to choose from.
 
Jet Airways currently operates a fleet of 115 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 75 Boeing 737-700/800/900/900ER aircraft and 15 ATR 72-500 and 3 ATR72-600. 
 
ADVERTISEMENT
 

See News Videos

RBI keeps repo rate unchanged at 8% despite pressure from govt.

The Reserve Bank of India on Tuesday kept its key policy repo rate under the liquidity adjustment facility unchanged at 8.0% and the cash reserve ratio of scheduled banks at 4.0% net demand and time liabilities, citing the durability of the current upturn, especially the fall in inflation rates, as the key uncertainty.

The Reserve Bank of India (RBI) today kept its key policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent and the cash reserve ratio (CRR) of scheduled banks at 4.0 per cent of net demand and time liabilities (NDTL), citing the durability of the current upturn, especially the fall in inflation rates, as the key uncertainty.
 
In its Fifth Bi-Monthly Monetary Policy Statement 2014-15, the RBI said this was done on the basis of an assessment of the current and evolving macroeconomic situation.
 
"A change in the monetary policy stance at the current juncture is premature. However, if the current inflation momentum and changes in inflationary expectations continue, and fiscal developments are encouraging, a change in the monetary policy stance is likely early next year, including outside the policy review cycle," RBI Governor Raghuram G. Rajan said.
 
Dr Rajan said the central bank would continue to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under 7-day and 14-day term repos of up to 0.75 per cent of NDTL of the banking system through auctions and continue with daily one-day term repos and reverse repos to smooth liquidity.
 
Consequently, the reverse repo rate under the LAF will remain unchanged at 7.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 9.0 per cent, the statement said.
 
The RBI has not reduced the rates since May 2013 though retail inflation has eased to a record low of 5.5 per cent in October this year.
 
Today's decision is in keeping with general expectations though there was pressure from both the government and the industry for a cut in interest rates to help boost demand and growth.
 
Dr Rajan said that, consistent with the balance of risks set out in the fourth bi-monthly monetary policy statement of September, headline inflation had been receding steadily and current readings are below the January 2015 target of 8 per cent as well as the January 2016 target of 6 per cent. 
 
"The inflation reading for November – which will become available by mid-December – is expected to show a further softening. Thereafter, however, the favourable base effect that is driving down headline inflation will likely dissipate and inflation for December (data release in mid-January) may well rise above current levels," he said.
 
Dr Rajan said the key uncertainty was the durability of this upturn. "The full outcome of the north-east monsoon will determine the intensity of price pressures relating to cereals, oilseeds and pulses, but it is reasonable to expect some firming up of these prices in view of the monsoon’s performance so far and the shortfall estimated for kharif production. Risks from imported inflation appear to be retreating, given the softening of international commodity prices, especially crude, and reasonable stability in the foreign exchange market. Accordingly, the central forecast for CPI inflation is revised down to 6 per cent for March 2015," he said.
 
Turning to the outlook for inflation in the medium-term, the statement said projections at this stage would be contingent upon expectations of a normal south-west monsoon in 2015, international crude prices broadly around current levels and no change in administered prices in the fuel group, barring electricity. 
 
"Over the next 12-month period, inflation is expected to retain some momentum and hover around 6 per cent, except for seasonal movements, as the disinflation momentum works through. Accordingly, the risks to the January 2016 target of 6 per cent appear evenly balanced under the current policy stance," it said.
 
Dr Rajan said some easing of monetary conditions had already taken place. "The weighted average call rates as well as long term yields for government and high-quality corporate issuances have moderated substantially since end-August. However, these interest rate impulses have yet to be transmitted by banks into lower lending rates. Indeed, slow bank credit growth is mirrored by increasing reliance of large corporations on commercial paper and domestic as well as external public issuances," he said.
 
"Still weak demand and the rapid pace of recent disinflation are factors supporting monetary accommodation. However, the weak transmission by banks of the recent fall in money market rates into lending rates suggests monetary policy shifts will primarily have signaling effects for a while. Nevertheless, these signaling effects are likely to be large because the Reserve Bank has repeatedly indicated that once the monetary policy stance shifts, subsequent policy actions will be consistent with the changed stance. There is still some uncertainty about the evolution of base effects in inflation, the strength of the on-going disinflationary impulses, the pace of change of the public’s inflationary expectations, as well as the success of the government’s efforts to hit deficit targets.
 
The statement said that, while activity appeared to have lost some momentum in the second quarter (Q2), probably extending into Q3, conditions congenial for a turnaround – the softening of inflation; easing of commodity prices and input costs; comfortable liquidity conditions; and rising business confidence as well as purchasing activity – were gathering. 
 
"These conditions could enable a pick-up in Q4 if coordinated policy efforts fructify in dispelling the drag on the economy emanating from structural constraints.
 
"A durable revival of investment demand continues to be held back by infrastructural constraints and lack of assured supply of key inputs, in particular coal, power, land and minerals. The success of ongoing government actions in these areas will be key to reviving growth and offsetting downside risks emanating from agriculture – in view of weaker-than-expected rabi sowing – and exports – given the sluggishness in external demand. Anticipating such success, the central estimate of projected growth for 2014-15 has been retained at 5.5 per cent, with a gradual pick-up in momentum through 2015-16 on the assumption of a normal monsoon and no adverse supply/financial shocks," it said.
 
NNN
 
ADVERTISEMENT
 

See News Videos

 

India scraps 20:80 gold import rule in surprise move

India today scrapped a rule that required traders to export 20 per cent of the gold imported by them as part of the government's efforts to bring down the current account deficit.
 
"It has been decided by the Government of India to withdraw the 20:80 scheme and restrictions placed on import of gold. Accordingly, all instructions issued about the scheme from time to time starting with A.P. (DIR Series) Circular No.25 dated August 14, 2013 stand withdrawn with immediate effect," a notification issued by the Reserve Bank of India (RBI) said.
 
The government had on July 22 last year impsoed some restrictions on the import of various forms of gold by nominated banks and agencies, premier and star trading houses, special economic zone (SEZ) units and export-oriented units (EOUs) which are permitted to import gold for use in the domestic sector.
 
Through the circular of August 14, 2013, the government prohibited the import of gold in the form of coins and medallions.
 
It also said that it would be incumbent on all nominated banks/nominated agencies and other entities to ensure that at least 20%, of every lot of import of gold imported to the country is exclusively made available for the purpose of exports and the balance for domestic use. 
 
Further, nominated banks/ nominated agencies and other entities could make available gold for domestic use only to the entities engaged in jewellery business/bullion dealers and to banks authorised to administer the Gold Deposit Scheme against full upfront payment. In other words, supply of gold in any form to the domestic users other than against full payment upfront was not permitted.
 
ADVERTISEMENT
At the same time, as part of the measures to contain the current account deficit (CAD), the Government had hiked the customs duty on gold and platinum to 10 per cent from eight per cent.
 
Thus, additional duty of customs (CVD) on gold dore bars and on gold ore/concentrate was increased from 6% to 8%. In recent months, some of these provisions were eased.
 
Today's announcement is expected to come as a relief to jewellers who faced difficulties in sourcing gold during the peak festival and wedding season that began last month. The restrictions had also led to a spurt in smuggling of gold.
 
NNN
ADVERTISEMENT
 

See News Videos

ISL: Delhi Dynamos outplay Mumbai City FC 4-1

Photo courtesy ISL
Photo courtesy ISL
Delhi Dynamos FC were in unstoppable form as they outplayed Mumbai City FC 4-1 in the Hero Indian Super League (ISL) at the Jawaharlal Nehru Stadium here tonight.
 
The hosts went 3-0 up with goals by Hans Mulder, Mads Junker and Gustavo dos Santos before substitute Abhishek Yadav grabbed a consolation for the visitors.
 
But substitute Manish Bhargav completed the rout with a stoppage time strike to help Delhi move up to fifth on the table and leave Mumbai languishing at the bottom.
 
Mumbai started the stronger of the two sides as they pushed forward for an early goal but Delhi stayed strong. It didn't take the home side long to get into the game though. The enigmatic dos Santos had a shot blocked early on for a corner. 
 
Delhi were denied four minutes later when Deepak Mandal cleared a Junker shot off the line. 
 
Mumbai were in control briefly in the middle period but were unable to make it count. 
 
Delhi finally took the lead in the 44th minute. Junker put in a low cross at the near post, Manuel Friedrich made a poor clearance and Mulder was on hand to smash it into the roof of the net for his second goal in two games.
 
Peter Reid took off Lalrindika Ralte and marquee man Fredrik Ljungberg at the start of the second half but it was Delhi who doubled their lead in the 48th minute through some good football. The young Brazilian dos Santos split the Mumbai defence with an excellent through ball. Junker read the play, ran on to it and rolled it past a stunned Subrata Paul. 
 
ADVERTISEMENT
Ten minutes later it was 3-0 as Francis Fernandes put in a superb cross from the right. An unmarked dos Santos got on the end of it and headed superbly past a stationary Paul.  
 
Peter Reid threw in Abhishek Yadav on as a final option. The lanky former international striker repaid his coach's faith with a superb volley to beat Kristof Van Hout for a goal on debut. But Delhi were not done yet as substitute Bhargav smashed the ball into the net after Paul had saved a shot from substitute Steven Dias’ cut back.
 
Reid will be hoping his side can pull up their socks when they take on state rivals FC Pune City away on December 3. Delhi will want to continue in the same vein against Atlético de Kolkata at home on December 2 as they eye a top four spot.
 
Match awards
 
Hero of the Match: Gustavo dos Santos (Delhi Dynamos FC) 
Swift Moment of the Match: Hans Mulder (Delhi Dynamos FC) 
Amul Fittest Player of the Match: Francis Fernandes (Delhi Dynamos FC)  
ISL Emerging Player of the Match: Sushil Kumar Singh (Mumbai City FC)  
 
NNN
 
ADVERTISEMENT
 

See News Videos

RBI releases final guidelines on Bharat Bill Payment System

ADVERTISEMENT
The Reserve Bank of India today released the final guidelines for implementation of Bharat Bill Payment System (BBPS).
 
In terms of the guidelines, the National Payments Corporation of India (NPCI) will function as the authorised Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS processes which need to be adhered to by all operating units (Bharat Bill Payment Operating Units - BBPOUs) under the system.
 
NPCI, as the BBPCU, will also undertake clearing and settlement activities related to the BBPS as outlined in the guidelines, a press release from RBI said here
 
The prospective participants of the BBPS system are advised to interact with the NPCI to work out the modalities. 
 
The prospective BBPOUs may submit applications for authorisation under Payment & Settlement Systems Act, 2007 to the Reserve Bank of India from the first quarter of 2015. The exact date from which/format in which such applications for authorisation/approval can be submitted will be notified in due course, it said.
 
The Payment Systems Vision in India 2012-15 had highlighted the existence of a huge bill payments market with a diverse and a complex biller market structure with varied national/regional players and private/state owned entities.
 
In the Second Quarter Review of Monetary Policy 2012-13, the RBI announced the setting up of a committee to finalise the modalities of implementing an electronic GIRO payment system in India. The committee was set up under the chairmanship of Mr G. Padmanabhan, Executive Director, RBI to study the feasibility of implementation of an electronic GIRO payment system in the country.
 
Subsequently, based on the recommendations of the committee, a Giro Advisory Group was constituted under the Chairmanship of Prof. Umesh Bellur, IIT Bombay, with the objective of defining a framework that enables the creation of pan India touch points for bill payments by  customers in the country, irrespective of the geographical location of the billers. 
 
The group, which submitted its report on March 20, 2014, had recommended a tiered structure for bill payments system in the country – with a central unit setting the standards and various operating units working in accordance and adherence to the standards set for the BBPS. 
 
Accordingly, the draft guidelines for implementation of the BBPS were placed on the RBI's website on August 7, 2014 for public comments. The final guidelines have been prepared based on public comments received on the draft guidelines, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

India’s forex reserves fall by $ 672.4 million to $ 314.879 billion

ADVERTISEMENT
India’s foreign exchange reserves fell by $ 672.4 million to $ 314.879 billion in the week ended November 21, the Reserve Bank of India (RBI) said here today.
 
The forex  reserves had risen by $ 419.4 million to $ 315.551 bilion in the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, went down  by $ 6643 million to $ 289.398 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 19.738 billion, while its special drawing rights (SDRs) fell by $ 5.9 million to $ 4.223 billion during the week.
 
India's reserve position in the International Monetary Fund (IMF) fell by $ 2.2 million to $ 1.519 billion during the period, the bulletin added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

RBI releases guidelines for licensing of Payments Banks, Small Finance Banks

ADVERTISEMENT
The Reserve Bank of India (RBI) released on its website today the guidelines for licensing of Payments Banks and Small Finance Banks in the private sector.
 
Finance Minister Arun Jaitley had, while presenting the Union Budget for 2014-15 in the Lok Sabha on July 10, had said that the RBI would create a framework for licensing of small banks and other differentiated banks to serve niche interests, including local area banks and payments banks.
 
These are expected to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force. 
 
Draft guidelines in this regard were formulated by the RbI and released for public comments on July 17. Guidlines have been finalised on the basis of comments and suggestions received from interested parties and the public.
 
According to a press release from the RBI, the following are the key features of the guidelines for Small Finance Banks:
 
i) Objectives:
 
The objectives of setting up of small finance banks will be to further financial inclusion by (a) provision of savings vehicles, and (ii) supply of credit to small business units; small and marginal farmers; micro and small industries; and other unorganised sector entities, through high technology-low cost operations.
 
ii) Eligible promoters: Resident individuals/professionals with 10 years of experience in banking and finance; and companies and societies owned and controlled by residents will be eligible to set up small finance banks. Existing Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs), and Local Area Banks (LABs) that are owned and controlled by residents can also opt for conversion into small finance banks. Promoter/promoter groups should be ‘fit and proper’ with a sound track record of professional experience or of running their businesses for at least a period of five years in order to be eligible to promote small finance banks.
 
iii) Scope of activities :
 
The small finance bank shall primarily undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
 
There will not be any restriction in the area of operations of small finance banks.
 
iv) Capital requirement: The minimum paid-up equity capital for small finance banks shall be Rs. 100 crore.
 
v) Promoter's contribution: The promoter's minimum initial contribution to the paid-up equity capital of such small finance bank shall at least be 40 per cent and gradually brought down to 26 per cent within 12 years from the date of commencement of business of the bank.
 
vi) Foreign shareholding: The foreign shareholding in the small finance bank would be as per the Foreign Direct Investment (FDI) policy for private sector banks as amended from time to time.
 
vii) Prudential norms :
 
The small finance bank will be subject to all prudential norms and regulations of RBI as applicable to existing commercial banks including requirement of maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). No forbearance would be provided for complying with the statutory provisions.
 
ADVERTISEMENT
The small finance banks will be required to extend 75 per cent of its Adjusted Net Bank Credit (ANBC) to the sectors eligible for classification as priority sector lending (PSL) by the Reserve Bank.
 
At least 50 per cent of its loan portfolio should constitute loans and advances of upto Rs. 25 lakh.
 
viii) Transition path: If the small finance bank aspires to transit into a universal bank, such transition will not be automatic, but would be subject to fulfilling minimum paid-up capital / net worth requirement as applicable to universal banks; its satisfactory track record of performance as a small finance bank and the outcome of the Reserve Bank’s due diligence exercise.
 
ix) Procedure for application: In terms of Rule 11 of the Banking Regulation (Companies) Rules, 1949, applications shall be submitted in the prescribed form (Form III) to the Chief General Manager, Department of Banking Regulation, Reserve Bank of India, 13th Floor, Central Office Building, Mumbai – 400 001. In addition, the applicants should furnish the business plan and other requisite information as indicated. Applications will be accepted till the close of business as on January 16, 2015. After experience gained in dealing with small finance banks, applications will be received on a continuous basis. However, these guidelines are subject to periodic review and revision.
 
x) Procedure for RBI decisions :
 
An External Advisory Committee (EAC) comprising eminent professionals like bankers, chartered accountants, finance professionals, etc., will evaluate the applications.
 
The decision to issue an in-principle approval for setting up of a bank will be taken by the Reserve Bank. The Reserve Bank’s decision in this regard will be final.
 
The validity of the in-principle approval issued by the Reserve Bank will be eighteen months.
 
The names of applicants for bank licences will be placed on the Reserve Bank’s website.
 
The key features of the Payments Banks guidelines are:
 
i) Objectives:
 
The objectives of setting up of payments banks will be to further financial inclusion by providing (i) small savings accounts and (ii) payments/remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users.
 
ii) Eligible promoters :
 
Existing non-bank Pre-paid Payment Instrument (PPI) issuers; and other entities such as individuals / professionals; Non-Banking Finance Companies (NBFCs), corporate Business Correspondents(BCs), mobile telephone companies, super-market chains, companies, real sector cooperatives; that are owned and controlled by residents; and public sector entities may apply to set up payments banks.
 
A promoter/promoter group can have a joint venture with an existing scheduled commercial bank to set up a payments bank. However, scheduled commercial bank can take equity stake in a payments bank to the extent permitted under Section 19 (2) of the Banking Regulation Act, 1949.
 
Promoter/promoter groups should be ‘fit and proper’ with a sound track record of professional experience or running their businesses for at least a period of five years in order to be eligible to promote payments banks.
 
iii) Scope of activities :
 
Acceptance of demand deposits. Payments bank will initially be restricted to holding a maximum balance of Rs. 100,000 per individual customer.
 
Issuance of ATM/debit cards. Payments banks, however, cannot issue credit cards.
 
Payments and remittance services through various channels.
 
BC of another bank, subject to the Reserve Bank guidelines on BCs.
 
Distribution of non-risk sharing simple financial products like mutual fund units and insurance products, etc.
 
iv) Deployment of funds :
 
ADVERTISEMENT
The payments bank cannot undertake lending activities.
 
Apart from amounts maintained as Cash Reserve Ratio (CRR) with the Reserve Bank on its outside demand and time liabilities, it will be required to invest minimum 75 per cent of its "demand deposit balances" in Statutory Liquidity Ratio(SLR) eligible Government securities/treasury bills with maturity up to one year and hold maximum 25 per cent in current and time/fixed deposits with other scheduled commercial banks for operational purposes and liquidity management.
 
v) Capital requirement :
 
The minimum paid-up equity capital for payments banks shall be Rs. 100 crore.
 
The payments bank should have a leverage ratio of not less than 3 per cent, i.e., its outside liabilities should not exceed 33.33 times its net worth (paid-up capital and reserves).
vi) Promoter's contribution: The promoter's minimum initial contribution to the paid-up equity capital of such payments bank shall at least be 40 per cent for the first five years from the commencement of its business.
 
vii) Foreign shareholding: The foreign shareholding in the payments bank would be as per the Foreign Direct Investment (FDI) policy for private sector banks as amended from time to time.
 
viii) Other conditions :
 
The operations of the bank should be fully networked and technology driven from the beginning, conforming to generally accepted standards and norms.
 
The bank should have a high powered Customer Grievances Cell to handle customer complaints.
 
ix) Procedure for application: In terms of Rule 11 of the Banking Regulation (Companies) Rules, 1949, applications shall be submitted in the prescribed form (Form III) to the Chief General Manager, Department of Banking Regulation, Reserve Bank of India, 13th Floor, Central Office Building, Mumbai – 400 001. In addition, the applicants should furnish the business plan and other requisite information as indicated. Applications will be accepted till the close of business as on January 16, 2015. After experience gained in dealing with payments banks, applications will be received on a continuous basis. However, these guidelines are subject to periodic review and revision.
 
x) Procedure for RBI decisions:
 
An External Advisory Committee (EAC) comprising eminent professionals like bankers, chartered accountants, finance professionals, etc., will evaluate the applications.
 
The decision to issue an in-principle approval for setting up of a bank will be taken by the Reserve Bank. The Reserve Bank’s decision in this regard will be final.
 
The validity of the in-principle approval issued by the Reserve Bank will be eighteen months.
 
The names of applicants for bank licences will be placed on the Reserve Bank website.
 
NNN
ADVERTISEMENT
 

See News Videos

Radiologist Deepak Patkar elected chairman of ICRI

Dr Deepak Patkar
Dr Deepak Patkar
Leading consultant radiologist Deepak Patkar, who is the head of the Department of Radiology of Nanavati Super Speciality Hospital here, has been elected as the chairman of Indian College of Radiology and Imaging (ICRI), an academic wing of Indian Radiology and Imaging Association (IRIA).
 
The appointment is for two years from January 2015 to December 2016. Dr. Patkar has been a fellow of ICRI and had earlier served as its secretary in 2008 and 2009.
 
He is also Director of Teleradiology Diagnostic Services Pvt. Ltd., dealing in teleradiology with clients in the United States, Africa and the Middle East.  He has been associated with Nanavati Super Speciality Hospital for the last 22 years and has been responsible for setting up the new radiology wing there.
 
Dr Patkar has more than 150 international publications predominantly on Neuro and Musculoskeletal MRI related topics.
 
“It is a great honour and privilege to be elected as Chairman for the ICRI. During its 36 years of journey, ICRI has helped many budding radiologists to quench their thirst for knowledge through its various academic projects and programmes," Dr Patkar said.
 
NNN
ADVERTISEMENT
 

See News Videos

Central Railway to run six special trains on Mahaparinirvan Divas

ADVERTISEMENT
The Central Railway will run six special trains between Chhatrapati Shivaji Terminus/Dadar in Mumbai to Sevagram/Ajni/Nagpur to clear the extra rush of passengers on account of Dr. Babasaheb Ambedkar's Mahaparinirvan Divas on December 6.
 
According to a press release from Central Railway, the details are:
 
1. Special train No. 01069 will leave Mumbai CST at 04.05 p.m. on 6.12.2014 and will reach Ajni  at 08.10 a.m. next day.
 
2. Special train No. 01071 will leave Mumbai CST at 06.40 p.m. on 6.12.2014 and will reach  Sevagram  at 10.30 a.m. next day.
 
3. Special train No.01073 will leave Dadar at 00.40 a.m. on 7.12.2014 and will reach Nagpur at 06.00 p.m. same day.
 
4. Special train No.01075 will leave Mumbai CST at 12.35 p.m. on 7.12.2014 and will reach Nagpur at 3.30 a.m. next day.
 
5. Special train No.01083 will leave Mumbai CST at 06.40 p.m. on 8.12.2014 and will reach Nagpur at 12.10 pm next day. 
 
6. Special train No.01085 will leave Dadar at 00.40 a.m. on 8.12.2014 and will reach Nagpur at 06.00 p.m. same day.
 
All these special trains will run with 12 general second class coaches, the release said.
 
Halts for all these special trains will be at Dadar, Kalyan, Kasara, Igatpuri, Nasik Road, Manmad, Chalisgaon, Jalgaon, Bhusawal, Malkapur, Jalamb, Akola, Murtizapur, Badnera, Damangaon, Pulgaon, Wardha, Sewagram, Ajni and Nagpur. 
 
NNN
ADVERTISEMENT
 

See News Videos

Syndicate content
© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.