New Delhi: The government said today that the Financial Stability and Development Council (FSDC) would be set up next month to sort out inter-regulatory issues and prevent "financial mess", reports PTI.
"The council is expected to come into force in the month of December 2010," minister of State for finance Namo Narain Meena said in a written reply to the Rajya Sabha.
He further said that the objectives of the FSDC would be to deal with financial stability, financial sector development, inter-regulatory coordination, financial literacy, financial inclusion and macro-prudential supervision of the economy, including the functioning of large financial conglomerates.
Besides, it would coordinate the country's international interface with financial sector bodies such as the Financial Action Task Force (FATF) and Financial Stability Board (FSB).
"The ministry of finance has consulted all the financial sector regulators on the formation of the council," Mr Meena added.
Blend Financial Services Ltd has signed a memorandum of cooperation (MoC) with African Export Import Bank (Afreximbank) to offer support to the small and medium enterprises (SMEs) sector in Africa.
The MoC entails that Blend Financial and Afreximbank will institutionalise factoring, credit rating institutions in Africa along with providing access to specialised services such as credit/financial appraisal to the financial institutions in Africa.
As a part of the business strategy, Blend Financial has signed a joint venture agreement with FIMBank Plc, Banca IFIS and Punjab National Bank to set up a company engaged in the business of factoring, forfaiting and leasing in India.
Blend Financial and Afreximbank will also promote other trade services between India and Africa.
Abu Dhabi: India, which is negotiating a Free Trade Agreement with the six-nation Gulf Cooperation Council, today made a strong pitch for greater investment from the UAE, asking the oil-rich country to be a part of its growth story, especially in the infrastructure sector, reports PTI.
"India is an attractive destination for foreign investment. Therefore, it is only natural that we expect Abu Dhabi to have a significant presence in the Indian economy," president Pratibha Patil said, addressing a function organised by the Abu Dhabi Chamber of Commerce and Industry.
The Abu Dhabi Investment Authority manages one of the largest sovereign funds in the world.
The strong fundamentals of the Indian economy combined with a young population will continue to generate huge demand in every economic sector in India, especially in the area of infrastructure, Ms Patil told the meeting, which was also attended by the UAE minister for foreign trade Sheikha Lubna Bint Khalid Al Qasimi.
India and the UAE are the largest trading partners with a turnover of $43 billion and the Gulf country is also home to the largest expatriate Indian community (numbering 1.75 million).
"It is only natural that we expect Abu Dhabi, being home to some of the largest sovereign funds in the world, to have a significant presence in the Indian economy," said Ms Patil, who is here on a five-day maiden official visit.
India has embarked on an ambitious programme of disinvestment in its public sector undertakings and has a huge requirement for developing basic infrastructure like roads and ports, power generation and communications, among others, she noted.
"There are also a large number of Special Economic Zones in India that beckon UAE investors," said the president.
Besides, the president said that there was a need for reactivating the India-UAE Joint Business Council and increasing the frequency of exchanges between apex chambers of commerce and industry.