· Canara Bank to get overseas licences
· RBI asks Zoha to close India business
Canara Bank to get overseas licences
Staterun Canara Bank is in advanced stages of getting banking licences to operate in Qatar, Johannes burg and Frankfurt as it looks to ramp up its overseas business, a top official said.
The Bangalore based bank is also applying for a licence in New York and is exploring options in Nairobi and Nigeria, chairman and managing director Sunder Rajan Raman has said.
RBI asks Zoha to close India business
The Reserve Bank of India (RBI) on Friday asked the US based money transfer firm Zoha Inc to imme diately wind up its operations in India.
“RBI has asked Zoha Inc to wind up their existing services for cross border money transfer to India with immediate effect,“ the apex bank said in a statement.
RBI said the company should not operate payment system for cross border inbound money transfer services in India. The apex bank, however, did not give any reason for refusing authorization to the money transfer firm.
HP sets up education fund for India
HewlettPackard Co. (HP) on Friday said it will initially invest $1 million (`4.52 crore) in support of a new education innovation challenge fund for India, that will provide opportunity to pursue new approaches to science, technology, engineering and math (STEM) learning. The fund is meant to motivate institutions and students to “think out of the box for solutions and ideas that are both collaborative and creative in furthering STEM education in India”, said Jeannette Weisschuh, director of global education programs, of Global Social Innovation, HP. PRASHANT K. NANDA
