For Basel III banks need Rs 1.75 lakh cr recapitalisation

Indian banking system need Rs 1.75 lakh crore recapitalisation for meeting Basel III norms, but according to RBI it is manageable though challenging. This view is from the recently released annual report for FY12. Out of this, 1.50  lakh crore is for public sector banks which control almost 70% of total operations while private sector banks will need Rs. 25,000 cr. Basel-III norms were formulated after the 2008 credit crisis and aimed to reduce the risk of financial collapse.  Indian banks will start to prepare to meet these norms from March 2013 and will achieve the target by March 2018.

India Under-19 Cricket team crowned 2012 world cup

India beat Australia to lift their third Under-19 Cricket world cup. Earlier India won the world cup in 2000 and 2008 under the leadership of Mohammed Kaif and Virat Kohli respectively. Unmukt Chand's unbeaten 111 helped India in passing 225 for 8 set by Australia with six wickets in hand. 

XVI NAM Summit

XVI NAM Summit will be held at Tehran, Iran. Ahead of this summit Prime Minister Manmohan Singh will engage in talks with  Iran’s supreme leader Ayotollah Ali Khamenei and Iranian President Mahmoud Ahmadinejad. In this meeting the Prime Minister will raise all issues for India-Iran bilateral relations and issues of interest and concern to us, Foreign Secretary Ranjan Mathai said. Ahead of the summit there will be India, Iran and Afghanistan will hold a strategic trilateral meet. In this trilateral meeting the major focus will be the utilization of Iranian port for trade with Afghanistan.