They need to have 15 years of mainstream banking experience
India's decrepit state-run train services stand to receive at least a 25 percent boost in investment to over $9 billion.
India's decrepit state-run train services stand to receive at least a 25 per cent boost in investment to over $9 billion.
Total subsidy bill could come down to around Rs 2 trillion.
A collapse in global oil prices has unleashed a wave of monetary easing.
FM is seen to step up the pace of sales of state assets and curb spending
Budget is widely seen as a test of Prime Minister Narendra Modi.
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
Trouble at a single bank among the top five most connected lenders could wipe out nearly 50% of Tier I capital
India's industrial output unexpectedly contracted 4.2 percent year-on-year in October, dragged down by a fall in the manufacturing and the capital goods sector, government data showed on Friday.
The government holds stakes ranging from 56% to 84% in 27 state-run banks.
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
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Indian companies are keenly waiting for reforms on rules related to land acquisition, labour, coal and power sector, and foreign direct investment in insurance sector.
Official GDP data for the second quarter of the current fiscal year ending March are due to for release this Friday.
In a speech, Jaitley said that while he expected to hit targeted levels for direct taxes, reaching the goal for indirect taxes would be a "challenge".
Road projects alone worth $10 billion face delays over land disputes and other clearances.
October shipments to India, the world's No.2 gold consumer behind China, jumped to about 150 tonnes from less than 25 tonnes a year earlier and 143 tonnes in September, a finance ministry official said last week.
India and the United States settled a dispute on Thursday that had paralysed the World Trade Organization and risked derailing a $1 trillion package of reforms.
The Reserve Bank of India (RBI) raised the minimum capital requirement for so-called shadow banks and tightened rules on deposits and bad loans to avoid any potential risk to the economy from these rapidly growing finance firms by regulating them like traditional banks.
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