They need to have 15 years of mainstream banking experience

Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks

Bad loans are on a rise.

A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.

The Reserve Bank of India (RBI) plans to impose stricter limits on how much a bank can lend to a single corporate group, a move aimed at curbing risk in the banking sector at a time when bad loans are on the rise.

The CBI has launched an initial probe over the loan against both companies, a spokeswoman for the agency said on Saturday.

If completed, the move would create a 50-50 joint venture valuing Reliance Communications' cable assets at $1 billion.

If completed, the 50-50 joint venture would value Reliance Communications' cable assets at $1 billion, the newspaper said, adding Citic Telecom beat out two other bidders from West Asia earlier this month.

The directives will apply to both passenger and cargo planes, the Directorate General of Civil Aviation said in a statement on Wednesday.

Mumbai-based Reliance Communications increased voice call prices by about a fifth late last month and also increased the base tariff for voice calls.

The company has similar pact with Bharti Infratel.

A series of operational problems have dogged the Dreamliner

India does not have a formal bankruptcy process. Liquidation pleas could take years before a final verdict.

Bharti Airtel, nearly a third owned by Southeast Asia's top phone carrier SingTel, said it was helped by lower competition and an increase in voice call prices.

Telecommunication companies buying airwaves in an Indian auction next month will pay 5 per cent of their revenue as an annual fee.

The foreign investment regulator cleared a decision on Vodafone Group Plc's $1.6 billion plan to take full ownership of its local unit.