Money & Banking
Aditya Birla Nuvo applies to RBI for payments bank licence
Payments Banks cannot issue credit cards or undertake lending activities
 
Aditya Birla group has applied to RBI (Reserve Bank of India) for a payments bank license. The specific company within the group was Aditya Birla Nuvo Limited.
 
"Aditya Birla Nuvo, on 2 February 2015, submitted an application to the Reserve Bank of India for obtaining licence for setting-up Payments Bank," the company said in a BSE filing.
 
As per the proposed structure, the company will be the promoter of the new Payments Bank holding 51% equity capital. Idea Cellular Ltd, also an Aditya Birla Group company, will be holding the balance 49%.
 
As per RBI guidelines on Payments Bank, they can raise deposits of up to Rs1 lakh per individual, issue ATM/debit cards and sell simple financial products such as mutual funds and insurance products. Payments Banks cannot, however, issue credit cards or undertake lending activities.

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Manufacturing growth declines to three-month low
The Reserve Bank of India is scheduled to review its policy rates on Tuesday. An interest rate cut could be a stimulus to manufacturing activity in India
 
Manufacturing growth declined to a three-month low in January 2015 on slower pace of order flows from domestic and global markets. According to the monthly HSBC-Markit survey just released, India's headline Purchasing Managers' Index (PMI), a composite gauge of manufacturing business conditions, fell from December's two-year record of 54.5 to 52.9 in January 2015. A figure above 50 indicates the sector is expanding, while a figure below that level means contraction.
 
The slip in growth rate can partly be attributed to consolidation after two months of impressive upticks, felt HSBC's chief India economist Pranjul Bhandari.
 
“On the inflation front, growth in input and output prices moderated further due to cheaper commodity prices. Sluggish growth and falling inflation further reinforces our view that the RBI should deliver upfront rate cuts. We expect the repo rate to be lowered by 75 bps in the first half of 2015,” Bhandari said.

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Domestic sales of Tata Motors’ grew by 5.35% in January 2015
Exports, by Tata Motors, during January 2015, stood at 3,961 units, up 3.58% as against 3,824 units in the year-ago month
 
Domestic sales of Tata commercial and passenger vehicles grew by 5.35% at 38,621 units as compared to 36,657 units in January 2014, Tata Motors said in a BSE filing.
 
Sales of passenger vehicles in the domestic market in January 2015 stood at 13,047 units, up 18.89% from 10,974 units in January 2014. In the commercial vehicles segment, domestic sales remained flat at 25,574 units during the month, the company said.
 
Exports during the month stood at 3,961 units, up 3.58% as against 3,824 units in the year-ago month.
 
The company reported a 5.19% increase in total sales at 42,582 units in January, as against 40,481 units in the same month last year.
 

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