Security procedures for ISPs
New Delhi: The guidelines for internet service providers make it mandatory for private gateway providers to connect routers above 2 mbps to the monitoring facilities of national security agencies. The ISPs will also be required to install the monitoring equipment on their own.

The department of telecommunications will be the nodal agency for all security clearances and a committee comprising representatives of DoT, department of electronics, ministry of defence, ministry of home, department of space, National Informatics Centre and NASSCOM will clear each application.

The guidelines have been finalised by the government recently. The security agencies identified are the Intelligence Bureau and the Research and Analysis Wing.
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New body to regulate NBFCs
New Delhi: The government is all set to establish a separate body to regulate non-banking finance companies. The body will function under the Reserve Bank of India and the RBI Act will be amended and the regulations will be incorporated in a proposed NBFC Act.

An RBI committee is at present evaluating the plan.  
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Nasscom action plan on e-com
Mumbai: The National Association of Software and Services Companies has released a 20-point action plan for the growth of electronic commerce in India.

The plan encompasses development of a telecommunications infrastructure and codification of cyber laws so that India can become an e-business hub in the years to come. Nasscom is working closely with the government of India to develop a framework for implementation of these action points.

Releasing the action plan at a conference on e-commerce, 'E-biz India 99' in Mumbai on 20 July, Dewang Mehta, president, Nasscom, said that e-commerce or e-business is fast emerging as the new business opportunity in India. "We do not see a business surviving without adopting e-business in the next five years," he said. India would, therefore, require to develop a telecom infrastructure and tariff in consonance with world standards accompanied by a comprehensive regulatory framework.

The conference saw captains of industry and information technology discuss the biggest opportunity of the millennium, that is, e-commerce.

Ravindra Gupta, secretary, department of electronics, inaugurated the conference. He said e-business would cut through the functioning of governments, companies and individuals while presenting an opportunity for businesses to attain global standards.
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Doordarshan given DTH clearance
New Delhi: The group of ministers on direct-to-home television projects has cleared Doordarshan as the sole agency in India to offer the service. Doordarshan will have an advantage over Star TV and Zee TV in this field as it will be given an exclusive right to start a Ku band-based DTH service and operate it for a likely period of five years.

The members of the group, have however, not finalised the period as some of them are understood to have noted that the time frame was too long.
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HDFC loans for consumer items, cars
Mumbai: The Housing Development Finance Corporation will offer loans for consumer durables at a rate of 19.5 per cent. The company will also offer car loans at an effective rate of 16.25 per cent. HDFC claims that the rates are among the lowest in the market, as they involve no other charges.

The coupon rates for the loans have been fixed at 13 per cent per annum for a three-year car loan, 14.5 per cent for a five-year car loan and 16 per cent for a three-year loan on consumer durables. The effective rates of interest will, however, work out between 1.75 and 3.5 per cent higher.
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IDBI allocation for short-term investments
Calcutta: The Industrial Development Bank of India plans to allocate around Rs 4,000 crore for short-term investments in the current financial year.

IDBI is to come out with its next Flexibond series, Flexibond 7, on 27 July, with a target funds mobilisation of Rs 750 crore with a greenshoe option of the same amount.

IDBI has set a target of Rs 12,000 crore collection for the full year. V.P. Singh, executive director of IDBI, said the bank will invest a third of the new funds in short-term opportunities as it is expected that interest rates will come down.
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Citibank VRS has 190 takers
Mumbai: Some 190 employees of Citibank opted for the just-concluded voluntary retirement scheme of the bank.

Bank sources said an employee opting for the scheme received around Rs 12 lakh in compensation. Following the VRS, the bank's staff strength in India has dropped to about 1,350 employees. This is the fourth VRS announced by the bank ever since it came to India 97 years ago. Earlier schemes were offered in 1976, 1986 and 1993.
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Reliance MF seeks nod to raise international funds
Mumbai: Reliance Capital Asset Management, a Reliance group company, has sought the government's permission to allow international and multilateral agencies to invest in two of its mutual fund schemes, Reliance Assured Income Fund and Reliance Growth Fund.

The company has also sought permission to give a full repatriation facility for such investments by the multilateral agencies.

Although Reliance Capital has not specified the names of the agencies, it is understood that International Finance Corporation, Asian Development Bank and Commonwealth Development Fund are among the entities from which investments are expected.
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