Business Briefs 30-07-2012

Key policy moves Tata project MFI law Mobile banking Funds inflow

By The Telegraph Online
  • Published 30.07.12
  •  

Key policy moves

New Delhi, July 29: Two groups of ministers (GoMs) — one on the constitution of an independent regulatory authority for coal and the other on the amendment to the Competition Act — are likely to make their recommendations next week. The GoMs, headed by home minister P. Chidambaram, have held several meetings in recent days and deliberated on the issues.

Tata project

Hanoi, July 29: In a bid to break a four-year deadlock involving Tata Steel’s $5-billion project, Vietnam has sought financial assistance of $100 million from India towards payment of land compensation cost.

MFI law

Hyderabad, July 29: An Andhra Pradesh law, said to be the root cause for the collapse of microfinance in India and the state in particular, has no jurisdiction over microfinance institutions registered as non-banking financial companies, the Reserve Bank of India has told the Andhra Pradesh high court recently.

Mobile banking

Mumbai, July 29: Banking transactions through mobile phones have more than trebled to Rs 286 crore during May on account of a higher number of users with hand-held devices.

Funds inflow

Mumbai, July 29: Foreign investors have poured a little over Rs 8,400 crore into the Indian equity markets this month so far, sidelining concerns over a weak monsoon, slowing economic growth and a high interest rate regime.