All set for NABARD transition as Bill in final stages of passing

The National Bank for Agriculture and Rural Development (Amendment) Bill, 2012, has entered the final stages of being legislated. The token 1 per cent stake of capital that the Reserve Bank of India holds in NABARD is sought to be vested in the central government, completing the transition. The central bank had sold its majority stake to the centre in 2010

Pact with Switzerland for easier access to banking information

India and Switzerland have signed an agreement for easier access to information about Indians having Swiss bank accounts. This is considered to be an effective mechanism to track Indian money stashed abroad. It is estimated that around $500 billion of illegal money belonging to Indians is deposited in tax havens abroad.

Three private sector banks on Moody’s watchlist

Global agency Moody’s placed credit ratings of leading private sector banks, ICICI Bank, HDFC Bank and Axis Bank, on watch for a possible downgrade within three months.

Core sector growth drops sharply in March

Output growth in eight core industries slowed to 2 per cent in March against 6.5 per cent in the year-ago period. In February, the eight infrastructure industries grew by 6.8 per cent. The fall was largely on account of a drop in output in the crude oil, petroleum refinery production and natural gas sectors. During the fiscal year 2012, the cumulative growth rate of the core sector industries was 4.3 per cent against 6.6 per cent in 2010-11.

Dept of Posts to set up 1,000 ATMs

The Department of Posts plans to set up 1,000 automated teller machines (ATMs) across the country under its modernisation plan.

ADB forecasts 7% growth in Asia-Pacific region

The Asian Development Bank projected a near 7% growth for the Asia-Pacific region during this year. The ADB president Mr Haruhiko Kuroda, said the Asian Development Outlook (ADO) forecasts a healthy GDP of 6.9 per cent for developing Asia and the Pacific in the 2012 and an accelerated 7.3 per cent growth next year. Mr Kuroda was addressing the media at the 45^th Annual Meeting of the ADB at Manila.

HSBC gets competition panel’s nod for RBS banking business buy

Anti-monopoly watch god, Competition Commission of India (CCI), has given its nod to HSBC Bank acquiring the retail and commercial banking business of The Royal Bank of Scotland (RBS) in India. The CCI decision comes close on the heels of the Cabinet approving the Banking Law (Amendment) Bill. The Bill exempts all banking mergers and acquisitions from the scrutiny of the anti-competitive practices watchdog.    

India starts preparing to host 2013 ADB annual meet

India will host the Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in May next year, providing an opportunity for policy makers across 67 countries to brainstorm developmental issues. The theme of the 46^th meeting is ‘Development through Empowerment’. The 45^th annual meeting focussing on inclusive growth through better governance and partnership was held in Manila, Philippines from May 2-5.

NRIs sent home $64 billion in 2011

India is estimated to be on top in terms of remittances from its workers abroad in 2011. The World Bank’s latest brief on ‘Migration and Development’ estimates that India is likely to receive nearly $64 billion in 2011 which is nearly $2 billion more than China.

Axis Bank sheds 25% stake in AMC to Singapore’s Schroder

The board of Axis Bank has approved the induction of Schroder Singapore Holdings Pvt Ltd, a wholly owned subsidiary of Schroder Plc as a 25 per cent shareholder in Axis Asset Management Company.

Samsung overtakes Nokia to become top selling phone brand globally

Samsung has overtaken Nokia to be the world’s top selling phone vendor according to the latest research from Strategy Analytics. Global handset shipments grew a modest 3 per cent annually to reach 368 million units in the first quarter of 2012.

Ronnie O'Sullivan won the 2012 World snooker championship

Ronnie O'Sullivan won the 2012 World snooker championship beating Ali Carter.

Victory gave O'Sullivan his fourth World title while defeat meant Carter had lost in his second final appearance after going down 18-8 to fellow Englishman in the 2008 edition.

It also meant ‘The Rocket', as O'Sullivan is known to his fans, maintained his record of never losing in a World championship final and this year, at the age of 36, he became the oldest player to lift the trophy since Dennis Taylor triumphed in 1985.

INS Vindhyagiri to be destroyed: court

The Bombay High Court on Tuesday allowed the destruction of INS Vindhyagiri, after the Navy said the warship might explode due the presence of ammunition which could not be removed from the vessel. The ship has been grounded since it collided with a merchant vessel, m.v. Nordlake.
The Navy application said if the ship exploded at the place where it is berthed, it might cause huge damage to the naval assets and merchant vessels passing nearby.