March 22: News pics of the day
March 22: News pics of the day
A labourer works on the sign of a bank building in Ahmedabad
The government on Tuesday sought parliamentary approval to amend a banking law for allowing investors in private banks to have voting rights proportional to their shareholdings, a long-awaited move to help grow the sector.
Currently, the voting right of a single individual or entity in private banks is limited to 10%, irrespective of their shareholding.
Analysts say a relaxation in the rule will help attract more players in the sector and thereby improve competition.
The bill, introduced by Finance Minister Pranab Mukherjee, also sought to raise investor voting rights in state-run banks to 10% from 1%, and lift the cap on state-run banks' authorised capital.
A Cairn India employee works at a storage facility for crude oil at Mangala oil fild at Barmer in Rajasthan
Cairn Energy expects to receive Indian approval for a long-delayed deal to sell a stake in its Indian unit, the UK explorer said on Tuesday, as it announced a swing to annual profit.
Cairn agreed seven months ago to sell up to 51% in Cairn India to Vedanta Resources for up to $9.6 billion.
"Cairn continues to believe the necessary approvals to complete the Vedanta transaction will be received and is working with the Government of India in a positive and constructive manner," Chief Executive Bill Gammell said in a statement.
Cairn moved to a full-year pretax profit of $577 million, after it started oil production in India, compared with a loss of $27 million in 2009.
A worker of a food superstore arranges price tags of the products inside a mall in Ahmedabad
The RBI will do everything possible to ensure inflation is contained without hurting growth, Governor Duvvuri Subbarao said on Tuesday.
India's wholesale price index rose an annual 8.31% in February on higher fuel and manufactured product prices, well above Reuters forecast of 7.79% and higher than January reading of 8.23%.
The Reserve Bank of India, which last week raised interest rates for the eighth time since last March, has warned both of inflationary pressures and emerging risks to growth.
A customer looks at trousers at one of the retail outlets of in Mumbai
India's government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail what is one of the ruling coalition's most ambitious reforms of its second term.
Here are some of the main reforms that the government plans:
GOODS AND SERVICES TAX
FINANCIAL SECTOR REFORMS
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