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RBI model to provide banking services in remote areas
The Reserve Bank of India has adopted a business correspondence model, acting as an agent of a commercial bank, to provide banking services to the people of remote areas where there is no banking outlet.

Nifty may fall to 4,500-level
The Nifty maintained its support of 4,580 and closed at 4,593, indicating that it could go down to the 4,500-level in the near future. The Nifty September futures closed at a discount to the spot and built an open interest (OI) of 0.6 million shares, hinting at fresh sell-offs by bear operators. The upside for the index is around 4,650 with a major support likely at 4,500.

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ICICI Bank to raise up to Rs 1,200 crore via bonds
The country"s largest public sector lender, ICICI Bank, is raising up to Rs 1,200 crore by issue of bonds.
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Govt to prosecute RCom for reporting less revenue

The government today said in the Lok Sabha that a special audit has observed that Reliance Communication and its other subsidiaries under reported revenues during 2006-07 and 2007-08. - Govt earns Rs 8,308 cr from mobile companies - DoT moves SC againt HC order on 2G licence cut-off date - Wkly Tech Analysis: Weakness seen in first half - 3G auction shortly: PM - Passing the buck - Making banking mobile There was an under reporting of Rs 1,000 crore to Rs 1,500 crore by the telecom firms, to avoid payment of licence fee, and the government may have lost about Rs 250 crore due to this, Telecom Minister A Raja said during Question Hour. The Department of Telecom (DoT) had appointed special auditors to look into financial accounts of five leading telecom companies for allegedly indulging in fudging of accounts and under-reporting of revenue to the telecom regulator TRAI during 2006-07 and 2007-08 to avoid payment of licence fee. Out of five auditors the one for RCom has submitted the report, the Minister said. "The auditor has observed that three companies -- RCom, Reliance Telecom and Reliance Communications Infrastructure Ltd (all belonging to Anil Ambani group) -- under reported their revenues to the TRAI during 2006-07 and 2007-08," the minister said. The observations are under examination of the DoT, he said adding whatever action is needed, it would be taken by the end of January next year. A committee, headed by Member (Finance), DoT is looking into the nearly 900-page report. Raja said the DoT shall raise additional demands including interest and penalty, as per licence terms, on the concerned licencees (RCom and others), after examination of special auditor"s report. Replying to a supplementary, Minister of State for Telecom Sachin Pilot said another case has been reported that a private internet service provider Tikona Private Limited was using wireless broadband even as the operator has not been assigned any spectrum. "This is being examined by the Wireless Planning and Coordination (WPC) wing of the Telecom Ministry," he added.


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