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CHENNAI: The Reserve Bank of India (RBI) will act against banks that do not implement its guidelines on electronic security of their transactions and operations by October 2012, a senior official said Friday.

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A working group, under the chairmanship of RBI Executive Director G. Gopalakrishna , has recommended strengthening the informattion technology architecture of banks and security measures to tackle cyber fraud. A working group, under the chairmanship of RBI Executive Director G. Gopalakrishna , has recommended strengthening the informattion technology architecture of banks and security measures to tackle cyber fraud. "The banking regulator expects reasonable compliance. RBI will take a serious action against banks that do not implement the recommendations of the committee. By October 2012, banks will have to implement the recommendations," Gopalakrishna said here.

RBI to act against banks not beefing up cyber security - Times of India

DAVOS: With HCL Technologies announcing 10,000 jobs for locals in the US and Europe, India Inc on Thursday chose the WEF meet to send a strong message that Indian IT firms are creating and not stealing jobs in troubled western economies.

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Also, a message emerged from British Prime Minister David Cameron's advice to the European Union (EU) that instead of being a threat, the emerging economies like India can be of great help to Europe. Concluding a Free Trade Agreement(FTA) with India by the year-end would be in Europe's interest, he said. "We need to have a check-list to tackle the euro crisis... There has to be FTAs, bilateral trade agreements and EU trade agreements with countries like India and Singapore , among others by the end of the year," he said.

India Inc to Obama: We are creating jobs in US, Europe - Times of India

NEW DELHI: India and Thailand hope to conclude a far-reaching duty-free agreement by the middle of this year that will help double bilateral trade to $14 billion by 2014, Thai industry minister M R Pongsvas Svasti has said.

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NEW DELHI: India and Thailand hope to conclude a far-reaching duty-free agreement by the middle of this year that will help double bilateral trade to $14 billion by 2014, Thai industry minister M R Pongsvas Svasti has said. "Previously, we had tariff exemption for only 80 items or so. This year, we will add many more," the minister said, referring to the framework accord signed by the two countries in 2004 that called for an "early harvest" tariff-free import and export on 82 items. NEW DELHI: India and Thailand hope to conclude a far-reaching duty-free agreement by the middle of this year that will help double bilateral trade to $14 billion by 2014, Thai industry minister M R Pongsvas Svasti has said. "Previously, we had tariff exemption for only 80 items or so. This year, we will add many more," the minister said, referring to the framework accord signed by the two countries in 2004 that called for an "early harvest" tariff-free import and export on 82 items. "So, you can have many hundred items on that list that can be traded without any tariff. That makes it very easy to double two-way trade," Svasti, who is member of a high-level delegation here led by Prime Minister Yingluck Shinawatra , told IANS in an interview.

Trade accord with India by mid-year, says Thailand industry minister - Times of India

Biocon Ltd , India's top-listed biotechnology company, fell as much as 4.4 percent on Wednesday, after its December quarter net profit fell 15 percent on lower licensing income, which the company expects to rise in future.

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The Bangalore-based drugmaker's consolidated net profit fell to 848 million rupees, much below estimates, in the fiscal third quarter ended December 31 from 1.01 billion rupees a year ago.

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Its total revenue rose a mere 3 percent in October-December as the licensing fees and income dropped to 292 million rupees from 768 million rupees a year ago.

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Biocon Q3 net profit falls 15 per cent; shares fall - Times of India

MUMBAI: Home loans and other loans to individuals and businesses are set to become cheaper with Reserve Bank of India releasing Rs 32,000 crore to banks through a half percentage point cut in the cash reserve ratio (CRR) on Tuesday, a step which is also aimed at driving growth.

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The CRR, which is the level of deposits that banks have to mandatorily maintain with RBI, was reduced to 5.5% from 6%. This marks RBI's first reduction in CRR since January 2009 when it had released funds to stimulate demand in the wake of the Lehman Brothers crisis. Bankers that TOI spoke to said that interest rates are headed down and it was a matter of time before lending rates also dip. Pratip Chaudhuri, chairman of the country's largest lender State Bank of India said that interest rates will come down on loans to certain sectors where there is good growth and low delinquencies. However, banks might be circumspect about reducing deposit rates since there are many tax-free schemes offering returns ranging from 8.3% to 8.5%.

RBI cuts CRR, home loans to get cheaper - Times of India

NEW DELHI: Mobile handset market leader Nokia, with manufacturing facility in an SEZ near Chennai, plans to revamp its business in India by infusing fresh investment of Rs 250 crore in the next three years, with potential to create 500 new jobs.

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The company has furnished the information with the Commerce Ministry , seeking permission for its restructuring plan. Since the handset manufacturer has a facility in the Special Economic Zone(SEZ), it requires a nod from the Board of Approval (BoA) for effecting changes in its business model.

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The BoA, headed by Commerce Secretary Rahul Khullar, will take up the issue at its meeting on January 24, an official said. "Nokia has submitted that with a change in business model and streamlined processes, further investment of Rs 250 crore in India operations by 2014 as well as creation of additional 500 jobs is expected," he said.

Nokia plans to revamp India business with Rs 250 cr; to create 500 new jobs - Economic Times

MUMBAI: Vodafone's victory over India's tax authorities may have a sting in the tail. The UK phone giant's $2.2 billion Supreme Court win is a boost to India's battered reputation. It also bodes well for firms such as AT& , which are threatened with similar tax bills. But if the government now changes the law, future offshore M&A deals may not escape so easily.

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The verdict is clearly great news for Vodafone, which had set aside $5 billion in case the ruling went against it and it had to pay penalties on top of its tax bill. It also looks promising for other firms which have been threatened with similar cases. These includes the likes of SABMiller , which has a pending case related to its 2006 purchase of the Indian division of Fosters, and multinationals including AT&T, E*Trade and Kraft.

'Vodafone's $2.2 billion win in SC a boost to India's battered reputation' - Times of India

The Supreme Court on Friday set aside a Bombay High Court judgement asking Vodafone International Holding to pay income tax of Rs 11,000 crore on a deal abroad.

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NEW DELHI: In a major victory to Vodafone International Holdings , the Supreme Court on Friday set aside the Bombay high court judgement asking the company to pay income tax of Rs 11,000 crore, holding that tax authorities do not have jurisdiction on an overseas transaction. A three-judge bench headed by Chief Justice S H Kapadia held that the IT department has "no jurisdiction" to levy tax on overseas transaction between companies incorporated outside India.

Vodafone-Hutchison deal: Vodafone wins Rs 11000 crore tax case - Times of India

NEW DELHI: India has been ranked the sixth most "innovative" country in the world in multinational conglomerate GE's Annual Global Innovation Barometer , driven by financial support from public authorities and long-term support from investors.

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The report, based on a survey of 2,800 senior business executives in 22 countries, including 200 respondents in India, identifies the top enablers for innovation in the country as talent ('creative' talent and people with technical expertise), financial support from public authorities and long-term support from investors. When asked to identify the three countries they consider "innovation champions", 65 per cent of the global respondents identified the US, followed by Germany (48 per cent), Japan (45 per cent), China (38 per cent), Korea (13 per cent) and India (12 per cent).

India is world's sixth most innovative country: Survey - Times of India

CNBC-TV18 gives away India Business Leader Awards 2012 « Best Media Info, News and Analysis on Indian Advertising, Marketing and Media Industry.

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CNBC-TV18, India’s no. 1 English business news channel has yet again hosted the 7th edition of ‘India Business Leader Awards 2012’ (IBLA)-Asia’s most distinguished awards for Excellence in Leadership, presented by Omkar Realtors and Developers Pvt Ltd. The awards witnessed some of the brightest stars from India Inc. take centre stage in a glittering ceremony, which was presided over by the Finance Minister Pranab Mukherjee at The Lalit, Connaught Place, New Delhi. The India Business Leader Awards are a continuation of the tradition set by CNBC’s Asia Business Leader Awards.

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CNBC-TV18, India’s no. 1 English business news channel has yet again hosted the 7th edition of ‘India Business Leader Awards 2012’ (IBLA)-Asia’s most distinguished awards for Excellence in Leadership, presented by Omkar Realtors and Developers Pvt Ltd. The awards witnessed some of the brightest stars from India Inc. take centre stage in a glittering ceremony, which was presided over by the Finance Minister Pranab Mukherjee at The Lalit, Connaught Place, New Delhi. The India Business Leader Awards are a continuation of the tradition set by CNBC’s Asia Business Leader Awards. ‘India Business Leader Awards 2012’ has been established to honor the individuals and organizations that have created new benchmarks for corporate excellence and have taken Indian Business to a new echelon of fame.

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CNBC-TV18 gives away India Business Leader Awards 2012 - Best Media Info