unveils this week, rebuffing demands for pre-election spending and insisting on austerity to shore up investors' faith in a troubled economy.
* The Reserve Bank of India is moving closer to requiring foreign banks to set up subsidiaries to operate in India, said two people familiar with the latest licensing conditions for foreign banks.
* Jaypee Infratech Ltd has raised 66 billion rupees in loans from IDBI Bank Ltd at reduced interest rates to repay its high-cost debt and improve profitability, a senior executive with the bank said
* Sistema emerged as the only operator bidding in an auction of airwaves in India, a sign that the government may have to drop the reserve price of remaining airwaves to attract interest, analysts said.
* Vodafone Group PLC has put off plans to list its Indian unit because of the regulatory and policy uncertainties in the country, said Vittorio Colao, the chief executive of the world's largest private telecom company.
* India said it will give away Kingfisher Airlines Ltd's slots and foreign flying rights to other operators in the latest blow to the grounded carrier.
* The Gurgaon District Court has restrained Unitech Ltd from carrying out further construction at the site of its luxury project in Gurgaon after an apartment owner association filed a suit against a shift in location, according to an order on Saturday.
* Seven Bank, a unit of Japanese chain 7-Eleven, which itself is owned by Seven & I Holdings Co, is considering entering into the white label automated teller machine (ATM) space in India, three people aware of the development said.
* Tata Elxsi Ltd and Get2Volume (G2V) on Monday announced their partnership to incubate and grow technology companies in India and Singapore.
GLOBAL MARKETS ROUNDUP
* Asian shares fell on Tuesday, taking their lead from overnight plunges in global equities while currency markets remain volatile as no party has won a Senate majority in Italy's elections, extending fears of a resurgent euro zone debt crisis.
* The euro crouched near a six-week low against the dollar while the yen kept some distance from multi-month lows on Tuesday after the spectre of political gridlock in Italy spurred traders to seek refuge in the U.S. and Japanese currencies.
* Brent crude futures fell by more than a dollar to one-month lows below $114 a barrel on Tuesday as a potential political vacuum in Italy revived worries over instability in the debt-plagued