RBI bans 3 MNC 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 these

banks.

MFs irked by SEBI to check ‘Smart’

Investing

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

LLPs

The finance ministry and Reserve Bank of India have

opposed changes in the external commercial

borrowings policy to allow overseas borrowings by

LLps.

The finance ministry is of the view that while FDI can

be allowed in this form of business entities but not

overseas debt

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 for2011 to 8.5% just a shade below its projection of 8.6%for India. If it goes true then India will for the first timebecome the fastest growing economy among largeeconomies

However it is expected that India could overtakeChina’s growth rate by 2013 and expected to beahead 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.