Not interested in foreign banks, want more branches: ICICI - livemint

PTI reports:

"“You must let the local players grow up before further opening the sector for foreign players to put Indian banking sector on a global stage.” Kamath also said India can emulate China in encouraging domestic banks, instead of foreign banks. “They are not giving unrestricted access to foreign banks, rather they are allowing the local banks to grow up... besides their economy started opening up about 15 years ago, while India is only two-three years in this process,” he said."

Parliament passes bill to regulate goods carriers

BS/PTIreports:

"Parliament today passed a key bill to regulate and fix the liability of goods carriers by road, including agents and courier agencies.....The legislation will cover the entire chain of intermediaries engaged in the transport of goods by road. The liability of the common carriers for loss or damage to any consignment will be limited to Rs 10,000."

Time to rescind the ban

BS writes:

"The suggestion mooted by the Confederation of Indian Industry (CII), to extend the ban on milk powder exports till March, is bizarre. The ban was ill-advised in the first place because milk production has steadily and consistently been growing at more than double the rate of population growth, and there was no fear of any shortage of milk. The milk price index, too, has historically remained lower than that of all food items taken together, and also of individual major food items grouped as cereals and pulses, fruits and vegetables, and eggs, meat and fish. If the government’s decision to ban exports, taken last February, which is the beginning of the seasonal lean phase in milk output, was meant to ward off any abnormal rise in prices, that threat (if it ever existed) is now over."

Govt to curb STC`s monopoly of wheat imports

BS reports:

"At an emergency meeting held here on Friday, the empowered group of ministers (EGoM) on wheat, headed by the union minister for external affairs Pranab Mukherjee, has decided in all future wheat import contracts, both MMTC and PEC, which are trading corporations under the commerce ministry, will also be involved. However, STC, which is also a commerce ministry body, will continue to import wheat, said highly placed sources in the food ministry."

By doing what?

Textile ind cautions govt on FTAs

FE reports:

"Nair’s note of caution is significant as India is eager to sign FTAs with Thailand and the ASEAN. The industry has already suggested to the government not to go for tariff reduction for textile products while signing FTAs and bilateral trade agreements with Asian neighbours. The WTO draft on non-agriculture market access (NAMA) released by Don Stephenson in July has already invited concerns for the industry. Indian textiles face tough competition from China, Bangladesh, Pakistan, Laos, Vietnam, and Cambodia. One of the main reasons for China's competitiveness is the artificial exchange rate of its currency. “Some Asian countries procure cheap yarns and fabric from China and export garments and apparels at competitive prices,” said Nair."

Milk prices drop Rs 4/litre in 2 months

BL reports:

"Speculation over a possible extension of the ban on skimmed milk powder (SMP) exports beyond this month has led to a crash in milk prices. Private dairies in the North are currently paying Rs 15-15.50 for a litre of buffalo milk containing 6.5 per cent fat and 8.5 per cent solids-not-fat (SNF) delivered at their dock. The same milk was being sourced at Rs 19-20 a litre in July. “We have seen a drop of around Rs 4 a litre in the last two months. Over the last week alone, prices have gone down by roughly Rs 1.50 a litre,” said Mr Kuldeep Saluja, Managing Director of the Delhi-based Sterling Agro Industries Ltd. Product prices fall He attributed the fall to the decline in realisations from products and speculation over the ban on SMP exports continuing beyond September 30."

Allianz bank gets RBI nod with rider

Allianz bank gets RBI nod with rider:

"The Reserve Bank of India has finally agreed to give a licence to European financial conglomerate Allianz AG for domestic retail banking. However, sources at the central bank point out that in order to obtain the banking licence, Allianz had to compromise by dropping its earlier plan to seek the licence in its own name.

Allianz has now agreed to accept RBI’s condition that the bank be known as Dresdner, a global bank owned by Allianz, which has had a representative office in India since 2000. The central bank has given permission to Dresdner to open one branch in the country."

I liked the "Allianz had to compromise by dropping its earlier plan to seek the licence in its own name" part. If I were RBI I would have insisted on it dropping the 'd' in the middle. Sounds better, no?