India

Forward Markets Commission latest to some under FM.

It's part of the bank’s financial inclusion initiative.

New banking licenses will be issued by January.

ICICI, SBI among those involved.

Raghuram Rajan faces staggering problems from sinking rupee.

Also allows Indian companies more discretion to raise funds.

Rural areas remain under served.

Spending could hit US$6.3 billion.

But there are 2 potential silver linings.

Will promote financial stability and resiliency.

Intends to help bridge the current account deficit.

Claims bank will list in three years.

But the worst is yet to come.

Last week the Indian Central Bank took us by a surprise with some of the retrograde steps which calmed down the unrest in the fixed income and equity market.

Is aimed at the unbanked and under-banked.

Will also have 25 branches.