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There were reports that the finance ministry might ask state-run banks, which are receiving fresh funds from the government, to exit non-core businesses like insurance
The Indian government on Wednesday said that it has no intention to prevent state-run or public sector banks (PSBs) from entering into non-core businesses like insurance and mutual funds, reports PTI.
"There is no issue at all. We have never asked and there is no thinking in the ministry," financial services secretary R Gopalan said, when asked if the government has issued a circular asking banks to desist from entering into non-core businesses.
There were reports that the finance ministry might ask state-run banks, which are receiving fresh funds from the government, to exit non-core businesses like insurance.
"The banks have to expand in various financial product activities so you cannot prevent them from getting into them," Mr Gopalan said.
There is some space available so there is nothing wrong in entering into those activities, he said.
Mr Gopalan said that the government will take a decision on infusing Rs16,500 crore in capital in public sector banks by the end of next month.
The government is expected to take a view on public sector banks' recapitalisation by April-end.
Last month, the government announced that it would provide Rs16,500 crore financial assistance to the 16 state-owned banks for shoring up their capital base.
UMP is planning to produce around five films for south Indian audiences over the next three years
UTV Motion Pictures Plc is planning to produce films in south Indian languages and is looking for co-production proposals as well, said a top company official.
“We are definitely looking at the southern market as a key growth area. We are not looking at producing a whole host of films, but around five films in the next three years,” said Siddharth Roy Kapur, chief executive, UTV Motion Pictures (UMP).
However, he said that UMP’s focus would remain on Hindi films. “We expect a good potential from the south Indian market and are open to produce films and co-produce them as well,” he added.
Last year, the company co-produced ‘A Wednesday’ with actor Kamal Hassan, by remaking the Hindi film in Tamil and Telugu.
Over the next 12-15 months, UMP will be releasing about 15 films. ‘Rajneeti’, its much talked about film, directed by Prakash Jha, will be released in June 2010.
“We are planning to release 15 movies in the next 12-15 months, including ‘Delhi Belly’, a comedy co-produced with Aamir Khan Productions and also one with producer-director Vishal Bhardwaj,” said Mr Kapur.
Commenting on the impact of last year’s tussle between producers and multiplex operators, Mr Kapur said, “The strike between the two parties lead to bunching up of movies which got released together when the multiplexes opened. But now since there are fewer movies being released, each movie will get a better chance at the box office.”
In order to generate more revenues, UMP is using different release dates for various platforms such as theatres, direct-to-home (DTH) telecasts and home video. "We do a DTH release in four weeks after the theatrical release. Then we release the home video between six to eight weeks, followed by a satellite release in three months. We are working on shortening these timeframes as we move further," Mr Kapur added.
Last month, UMP tied up with Apple to release ‘Delhi 6’, one of its Hindi films, on Apple’s iTunes online library which allows users to download the movie for $9.99.
UMP, a unit of UTV Software Communications Ltd, is also working on cost rationalisation by keeping talent costs down, maintaining production efficiencies and by relying on home production.
Mirae Asset will allow purchase or redemption of units of its equity or fund of funds schemes through the BSE StAR mutual fund platform
Mirae Asset Global Investments (India) on Wednesday said that it has tied up with the Bombay Stock Exchange (BSE) to provide its investors the facility to transact in Mirae Asset Mutual Fund (MF) units through the new mutual fund platform of the Exchange.
"Mirae Asset's arrangement with the BSE will facilitate quicker settlement of transactions and provide a single window to investors," the company's chief executive, Arindam Ghosh, said.
The asset management company (AMC) will allow purchase/redemption of units of its equity/fund of funds schemes through the BSE StAR mutual fund platform, it said in a press release.
The BSE StAR MF is an electronic platform introduced by the BSE for transacting in units of mutual funds.
The schemes available for transacting on the BSE StAR MF platform are Mirae Asset India Opportunities Fund, Mirae Asset Global Commodity Stocks Fund and Mirae Asset China Advantage Fund, the release said.
Trading members of the BSE, who are AMFI-certified stock exchange brokers and also empanelled with the AMC can help investors to subscribe and redeem the mutual fund units using their existing network and order collection mechanism provided by the BSE.
Currently, the window for purchase/redemption of units on the Exchange will be available between 9am to 3pm.