Insurance bill okayed
New Delhi: The insurance sector is now ready for private participation. The Rajya Sabha gave its assent to the Insurance Regulatory and Development Authority Bill, thus ending nearly five years of controversial discussions.

Addressing members of the lower house, finance minister Yashwant Sinha clarified that Indian subsidiaries of foreign companies will not be able to participate in insurance ventures as domestic companies because the definition of foreign and domestic companies given in the Income Tax Act will be applicable. Mr Sinha also ruled out privatisation of the government-controlled Life Insurance Corporation and the General Insurance Corporation. Nor will the government’s equity in these two organisations be diluted.

Mr Sinha said the bill is symbolic of his government’s reform plans and promised that the first private insurance company will be set up in the country soon. The bill will now go to the President for his approval.
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Ban on lottery trade
New Delhi: The cabinet approved introduction of a legislation to ban lottery trade in the country. Members of the ruling party have been demanding such legislation as they felt the lotteries have been "ruining" the lives of a large number of families.
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Amendment to debt recovery panel rules
New Delhi: The government will introduce a debt recovery tribunal amendment bill in Parliament to provide for speedier recovery of outstanding loans. Special secretary, banking of the government said the government is concerned about the high level of non-performing assets of public sector banks.
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FDI in print media likely
New Delhi: The government is seriously considering allowing foreign direct investments in the print media. It is likely to take a decision in the next few weeks, information and broadcasting secretary Y.N. Chaturvedi said.

"There is a consensus now on the need to loosen restrictions on allowing investments by foreign companies in the domestic print media and the issue will come up before the government during the next few weeks," Mr Chaturvedi said at the India Economic Summit.
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Global Trust starts Internet service
Hyderabad: Global Trust Bank has launched its Internet banking service. The service, Ibank@gtb, was inaugurated by Reserve Bank of India governor Bimal Jalan.

Internet banking will enable demat account holders of the bank to look up their equity holdings and transaction details on the net. They will also be able check their accounts and transactions, give instructions for fund transfers between accounts, make requests for demand drafts, and open and renew term deposits. The bank will also introduce facilities like letters of credit and bank guarantees for corporate clients.
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IIT, Bombay to raise Rs 500-crore fund
Mumbai: The Indian Institute of Technology, Bombay, has launched a fund to support its development. The fund will raise Rs 500 crore by the year 2008 from its alumni and corporate organisations. The institute's director S.P. Sukhatme said the government support to the institution has not been enough to keep with the changing pace of technology and will needs external support.

Infosys Technologies’ managing director Nandan Nilekani, an alumnus of IIT, is actively involved in launching the fund. He said at the announcement of the fund that there are over 25,000 IIT alumni across the world, and it would not be difficult to raise the amount. The funds will be used mainly to maintain the premier technical education institution’s research initiative in areas of bio-science, bio-engineering and technology.
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HSBC gets nod for takeover of Republic
Washington: HSBC Holdings of Britain has secured the approval of the US Federal Reserve to take over Republic New York Corporation. The $9.85 billion deal gets the approval three days after the death of Republic’s billionaire founder Edmond Safra.

HSBC is buying Republic and its European private banking affiliate Safra Republic Holdings.
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NatWest rejects Bank of Scotland offer
London: National Westminster Bank says an improved bid by Bank of Scotland is still inadequate. NatWest chairman David Rowland said Bank of Scotland’s sudden change of tack did not alter NatWest's rejection of the bid.

NatWest has rejected the Royal Bank of Scotland’s unsolicited offer too.
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