The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms. In the interim, NBFCs that want to convert themselves to LLP firms will have to obtain a no-objection certificate from the central bank. LLPs refer to a corporate structure introduced and actively promoted by the ministry of corporate affairs. LLPs also do not have a minimum capital requirement in contrast to a private company which requires a minimum paid-up capital of Rs 1 lakh. RBI wants to ensure that the easier rules and regulations governing LLPs do not encourage unhealthy practices among NBFCs. Additionally, there is no mandate under current RBI rules to regulate an entity termed an LLP.

Fraud losses on UK credit and debit cards totalled £440m in 2009 - a drop of 28% compared with the previous year - the UK Cards Association said. But the number of "phishing" attacks rose by 16% in the same period. This is when fraudsters trick people into entering their personal details on a website or in an e-mail. The fall in card fraud is the first recorded for three years, with criminals now using a series of methods aimed at targeting online banking, which has risen in popularity. The UK Cards Association said that criminals were hoping to avoid banks' own security controls by tricking people out of their personal details through scams, or by infecting home computers with software that gathers these details.

After DTH, FM radio and film production, distribution & exhibition, the Reliance Anil Dhirubhai Ambani Group (ADAG) may soon get a slice of the cable distribution business in the country. Investment banking sources say London-based private equity fund Ashmore Investment may soon swap a significant portion (over 20%) of its stake in Digicable, a leading cable distribution firm, with that of Big TV, the direct-to-home (DTH) arm of Reliance Adag, or its subsidiary firms. Ashmore had picked up a 49% stake in Digicable three years ago and has been looking at restructuring its investments in the cable business in favour of the fast-growing DTH business that has over 20-million subscribers, giving higher returns, compared to 2 million digital cable subscribers. Once struck, the deal will give ADAG access to Digicable's cable business in several cities and a share in the Rs 2,500-crore annual cable subscription revenues.