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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.
Shares in ITC Ltd , India's largest cigarette maker, closed 5.2 per cent lower in a broader Mumbai market that fell 0.8 percent.
Some Indian generic drugmakers are, however, uncertain about the pace of approvals in the near future.
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.
ICICI Venture denied the allegations, noting it had extended the lifespan of the Dynamic India Fund III by three years
A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.
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The tycoon had been allowed to use an office, phone, internet connection and three secretaries.
Ties between India and the United States have been strained in recent years because of trade policies and patent disputes.
India has capped the prices of 36 drugs, including those used to treat infections and diabetes, in its latest move to make essential medicines more affordable, a senior official of the country's drug pricing authority told Reuters on Friday.
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
Roy and his associates were jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog over the company's failure to repay billions of dollars to investors who were sold outlawed bonds.
India had the third-largest number of people living with HIV in the world at the end of 2013 and accounts for about four out of 10 people living with HIV in the Asian region.
The Reserve Bank of India (RBI) plans to impose stricter limits on how much a bank can lend to a single corporate group, a move aimed at curbing risk in the banking sector at a time when bad loans are on the rise.
The CBI has launched an initial probe over the loan against both companies, a spokeswoman for the agency said on Saturday.
Piramal, controlled by billionaire Ajay Piramal, and APG will invest in local infrastructure companies through rupee-denominated mezzanine instruments.
The health ministry has formed a committee to consider raising the number of drugs deemed essential and subject to price caps.
Both companies can now complete the deal.
If completed, the move would create a 50-50 joint venture valuing Reliance Communications' cable assets at $1 billion.
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