The bank, however, may not start functioning before 2014 and is likely to have substantially less initial paid-up capital than the amount of $240 billion that is doing the rounds currently.
While about 2,000 beneficiaries were transferred an amount of Rs 35 lakh (Rs 3.5 million) on the Aadhaar platform, the figure is expected to go up on Thursday.
As the deadline for direct cash transfer for subsidies in 43 districts nears, the government has started the mapping of gram panchayats to provide banking services in remote parts of the country.
The government is planning to cap the term of shareholder and non-official directors on the boards of public-sector banks, insurance companies and financial institutions at six years.
This adds to the list of projects that left the state, whose industrial image has suffered
The HPL board had reinstated its CDR committee to woo lenders.
Pranab Mukherjee proposed a separate entity for bank recapitalization.
Haldia Bulk Terminals pulled out of 10-year contract for cargo-handling operations, blaming the political climate and "vested interest".
Said to be considering a 2nd term for RBI deputy governor
The regulators have proposed changes in the norms for inclusion of mutual funds in the scheme.
The outstanding loan amount is Rs 7,000 cr.
Move fuels fears of consolidation among unions of some small banks; won't force unification, clarifies finance ministry.
Spectrum auction and divestment proceeds likely to disappoint, subsidies are likely to overshoot the Budget target and there might also be some shortfall in tax collections.
The Tata Group's agreement with one of the largest conglomerates in Bangladesh, the Nitol Niloy group, to make footwear and bicycles is likely to bear fruit soon.
Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months.
IIFCL Chairman S K Goel says the recommendations are premature, as the state-run lender's role as a guarantor for long-term funds would depend on the success of the Credit Enhancement Scheme and Infrastructure Debt Fund.
Now, the Rs 1,200 crore induction cooker industry has got a much needed boost to go for an all out marketing battle against the gas stove segment pegged at Rs 1,300 crore.
Stuck projects to spring back to life with fresh lending; cut in end prices to benefit buyers.
A positive list for taxation of services might be back, though only for accounting purposes.
FinMin talking to Irda on many issues, meeting Chidambaram this week.
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