Sources familiar with the developments said the clearance came a few days earlier. While the details of the revised structure were not known, the sources said it would remain an all-stock deal.
According to market sources, Jhunjhunwala will acquire a significant minority stake in Pipavav.
This is being done for two reasons: to avoid conflict of interest and bring in transparency in the functioning of the banking regulator.
Minority shareholders are disappointed after the Securities and Exchange Board of India (Sebi) increased the size of the mandatory open offer from 20 per cent to 26 per cent, ignoring the Achuthan panel's recommendation of giving all shareholders an exit option.
RBI last year initiated the process for issuing fresh licences by publishing a discussion paper inviting comments from the public.
After rising for more than a year, short-term interest rates have started falling since the beginning of the month, thanks to improved liquidity.
State Bank of India (SBI) has put on the backburner its plan to acquire a stake in Tata Motors Finance, following the Reserve Bank of India's (RBI's) objection.
"The tacit understanding between people now is that a question should be looked upon as a statement," says an institutional dealer.
According to RBI data, bank lending to commercial real estate registered 20 per cent growth in the year ended May 30 as compared to 1.2 per cent in the previous year.
Rupee-denominated contracts will be traded from 9 am to 5 pm.
RBI feels allowing foreign companies into this business may affect financial stability.
It is clear now that our policy to treat FCCBs as debt upfront turned out to be the right approach.
Khan would replace Shyamala Gopinath who retires on June 20, after a seven-year stint as deputy governor.
The Financial Stability and Development Council had earlier mandated RBI and the Securities and Exchange Board of India to undertake a review of the existing practices followed by banks and brokerage houses in offering wealth management services.
While listing can be good, success depends on sentiment and performance.
Sharp increase is a major departure from those during former chairman O P Bhatt's regime.
Profits of domestic brokerages fell substantially in the quarter ended March 31, thanks to subdued participation of retail investors and continued increase in the share of the low-margin options segment in the overall market volume.
If the deal materialises, Angel will have to pay at least Rs 800-1,000 crore (Rs 8-10 billion) for a 51 per cent stake, valuing the brokerage at Rs 1,500-2,000 crore (Rs 15-20 billion). The talks are at an early stage.
With global investors shifting focus from developed to emerging markets in the last few days, India has emerged as a major beneficiary.
One of the MDs, R Sridharan, is focusing on associates and subsidiaries. Another managing director, S K Bhattacharyya, who retired in October, 2010, was the chief credit risk officer.
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