1.5 lakh post offices to be converted into banks

Telecom minister Kapil Sibal wants to reach out to the masses in the rural areas with modern banking facilities through the post offices

The humble post office is all set to undergo a radical change with a proposal to convert over 1.5 lakh post offices across the nation into full fledged banks on the anvil.

Telecom minister Kapil Sibal wants to reach out to the masses in the rural areas with modern banking facilities through the post offices. "We want to commercialise the department. We will seek a licence from the RBI to convert all our post offices into banks," Mr Sibal told PTI.

The lack of modern banking facilities in rural areas and dependence of villagers on informal sector for their credit requirements has prompted the government to work on financial inclusion by way of setting up 'postal banks'.

"The State Bank of India can't build branches all over India, but there are post offices across India. The branches are already there, so infrastructure expenditure is not required. So you can actually give banking facilities at relatively lower costs, which would be extremely beneficial to people," he said.

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SEBI makes IPO form simpler, more informative

To make IPO more investor friendly, SEBI has revised the structure, design, format, contents and order of information of the IPO form and prospectus

Market regulator SEBI made it simpler for investors to apply for shares in initial public offer (IPO) by cutting down the paper work and removing unnecessary details.

At the same time, SEBI also decided in favour of investors getting more useful information, such as track record of bankers managing the issue and important details related to the pricing of the offer.

To make IPO more investor friendly, SEBI has revised the structure, design, format, contents and order of information of the IPO form and prospectus.

"This has been done based on recommendations of group constituted by SEBI, comprising cross section of market participants. The revised Abridged Prospectus shall contain company/project specific information and highlight materially relevant disclosures such as peer comparison of important financial ratios and risk factors," it said. Information which is generic in nature would be given in a separate document and not in the main form.

The size of the form in the prospectus would be reduced to a normal A4 paper size while number of pages would be reduced to half. The information would be given in a readable and investor friendly manner while highlighting information related to the pricing, SEBI said.

Besides, these forms run into 15-20 pages in most cases, although there are only 2-3 pages where particulars need to be filled in by the investors and the rest of the pages contain instructions, information about the company and the issue and details about bankers, registrars and bidding centres.

"Board has approved the simplification and rationalisation of trading account opening process with stock brokers," Sebi said.

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Tata Motors sales fall 6% in July

Total passenger vehicles sales in the domestic market stood at 17,192 units in July, a fall of 38.30% from 27,865 units in the same month last year while exports grew by 36.08% to 5,771 units last month from 4,241 units a year ago

New Delhi: Tata Motors today reported a 5.96% decline in total sales during July, 2011, to 63,761 units from 67,800 units in the same month of 2010, reports PTI.

The home-grown firm's total passenger vehicles sales in the domestic market stood at 17,192 units in July, a fall of 38.30% from 27,865 units in the same month last year, the company said in a statement.

The company's latest offering Nano's sales stood at 3,260 units during the month, down 64%.

The 'Indica' range reported sales of 5,860 units, down 32% vis-à-vis July, 2010, Tata Motors said.

In addition, the 'Indigo'' family recorded sales of 4,877 units, a decrease of 30% in comparison to the same month last year. Sales of 'Sumo', 'Safari' and 'Aria' fell by 2% to 3,195 units.

In the commercial vehicles segment, the company sold 40,798 units in the domestic market during the month under review, compared to 35,694 units in the same month last year, translating into an increase of 14.30%.

Light commercial vehicle sales during the month amounted to 24,962 units, a growth of 22% over last year, while medium and heavy commercial vehicle sales stood at 15,836 units, a growth of 4% compared to July 2010.

The company's exports grew by 36.08% to 5,771 units last month from 4,241 units in the same month last year, it added.

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