Election Commission Allows RBI to Issue new Bank Licences
The Election Commission (EC) on 1 April allowed the Reserve Bank of India (RBI) to issue licences for setting up new banks.The approval came after the RBI missed the March-end deadline for issuing the first bank licence in almost a decade.The RBI on 12 March 2014 approached the Election Commission (EC) seeking its approval for granting bank lincences as the model code of conduct had come in place after the general elections announcement on 5 March 2014.

RBI’s First Bi-monthly Monetary Policy Statement 2014-15
The Reserve Bank of India (RBI) on 1 April released it first Bi-monthly Monetary Policy statement 2014-15 .According to the statement , RBI has kept the policy repo rate unchanged at 8.0%.Other policy instruments such as cash reserve ratio (CRR) also remain unchanged at 4%.

RBI grants in-principle Approval To IDFC, Bandhan For Bank Licences
The Reserve Bank of India (RBI) on 2 April granted in-principle approvals to IDFC Ltd and Bandhan Financial Services Pvt. Ltd to start new banks in India.These approvals have been granted under the guidelines on licensing of new banks in the private sector. The two have been granted the permission to set-up banks from a field of 25 aspirants.

Dilip Shanghvi Among Asia’s Top 10 Richest Self-made Billionaires
The ‘ Wealth-X ‘ Asia’s top ten wealthiest self-made billionaires list released on 30 April. According to the list, Dilip Shanghvi, founder and managing director of Sun Pharmaceuticals Industries, has been named in the list , topped by Hong Kong business tycoon Li Ka-Shing. Shanghvi, ranked seventh, is the only Indian on the list with a net worth of $13.5 billion, while Li Ka-Shing topped the chart with a fortune of $29.4 billion.


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