Money & Banking
Some new banking licences by August, says Rajan
The first set of new banking licences will be issued by August, taking the number of such private financial institutions operating in the country to more than 12.
 
"I hope to announce at least one set of bank licence by August end," Reserve Bank of India (RBI) Governor Raghuram Rajan said during a press conference on the monetary policy review held at the RBI headquarters at Mint Street here. 
 
"I hope to also review all of our past decisions." 
 
According to the data available with the RBI, 26 applicants were vying for a new banking licence, of which two -- Tata Sons and Videocon -- withdrew their applications later.
 
A committee headed by former RBI governor Bimal Jalan submitted its report in February last year, recommending the names of the prospective institutions out of the 24 applicants that were in the fray for these licences.
 
India's central bank has licensed 12 banks in the private sector in the last two decades, of which 10 were licensed on the basis of guidelines issued in January 1993.

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Monsoon forecast downgraded to 88 percent
India is expected to receive only 88 percent of the long-term average rainfall this year, Science and Technology Minister Harsh Vardhan said on Tuesday.
 
"The northwest area will receive 85 percent of the normal (average) rainfall," he added.
 
"The latest forecast is bothering me as the rainfall this monsoon is likely to be 88 percent - plus or minus four percent - of the normal (average) rainfall, which is down from 93 per cent in April," he remarked.
 
The India Meteorological Department had in April forecast 93 per cent of the average rainfall for the country.
 
The minister further said that Prime Minister Narendra Modi was monitoring the developments closely and had directed all the concerned ministries to make the necessary preparations and take action so that the common man was not affected.

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Serious Slowdown?

Large IT companies have lost their growth momentum

 

From their peak y-o-y growth in...

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