L&T Finance get CCI nod for taking over Fidelity MF

According to the Commission the proposed combination between L&T Finance and Fidelity MF is not likely to have an appreciable adverse effect on competition in India

New Delhi: The Competition Commission of India (CCI) has approved the proposal of L&T Finance to take over the mutual fund business of Fidelity in India, reports PTI.

"...the Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, the Commission hereby approves the proposed combination," the competition watchdog said in an order approving the acquisition.

In March, L&T Finance had announced that it will take over the mutual fund business of Fidelity of its India operations. But, it did not disclose the financial details.

L&T Finance is a part of engineering conglomerate L&T Group and Fidelity Mutual Fund is part of the US-based Fidelity Worldwide Investment.

The total size of the market for asset management services in the country was about Rs6.64 lakh crore, in terms of average assets under management, during January-March, as per the data from Association of Mutual Funds in India (AMFI).

"There is ample choice available to the customers in the selection of mutual funds. Further, the customers can switch from one mutual fund to another without any significant cost...mutual funds business in India is fragmented with existence of many players and significant entry barrier," CCI said.

Fidelity AMC, incorporated in 2004, manages the 15th largest mutual fund in India with a market share of 1.3% and an average asset under management (AUM) for the quarter ended December 2011 of Rs8,688.06 crore.

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UP government decides to launch new pension scheme

About 25.75 lakh families will be covered under the 'Rani Lakshmi Bai Pension Scheme that would benefit mainly women head of families
 

Lucknow: The Uttar Pradesh government decided to launch a pension scheme covering 25.57 lakh families which would be given Rs400 per month, reports PTI.
 

The decision to launch 'Rani Lakshmi Bai Pension Scheme' was taken at a cabinet meeting, chaired by Chief Minister Akhilesh Yadav.
 

The beneficiaries under the scheme would be mainly women head of families, officials said.
 

“During FY13, about 25.75 lakh families will be covered under the scheme,” they said.
 

Those who are not covered under the BPL list, Antyodaya scheme and other pension schemes would be included in the scheme.
 

The beneficiaries for the scheme would be selected in an open meeting of Gram Sabhas in the presence of SDMs.
 

The cabinet also accepted proposals for amending rules pertaining to computerisation of revenue records.

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RBI to relax policy norms to encourage banking in Uttarakhand

RBI governor D Subbarao said the matrix of Uttarakhand is probably not very good in terms of number of villages per bank branch
 

Mussoorie: To expand banking network in hilly areas, Reserve Bank of India (RBI) said it will consider relaxing policy guidelines to encourage banks to open more branches in Uttarakhand, reports PTI.
 

“The Reserve Bank and the government, as the case may be, will relax the policy guidelines to see that there is greater penetration of banking system in the hilly areas,” RBI governor D Subbarao told reporters after the central bank's board meeting.
 

He said three state-run banks, State Bank of India, Bank of Baroda and Punjab National Bank have agreed to increase the credit-deposit (CD) ratio in five districts of Uttarakhand.
 

“In order to raise CD ratio, not only the banks will work, but the state government will also generate proposals for SME (small and medium enterprises) sector loans,” Subbarao said.
 

He also said the matrix of Uttarakhand is probably not very good in terms of number of villages per bank branch.
 

“We have told banks and state government to prepare an operational plan which will focus on taking banks to hilly areas, taking banks to uncovered districts,” he said.

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