News In Nutshell:

FOREX RESERVES DOWN $911 MILLION ON CURRENCY REVALUATION.
The country's foreign exchange reerves decreased by $911 million to $295.031 billion for the week ended December,24,2010.

Banking act to be amended to create depositor education and awareness fund from unclaimed amounts. RBI data as on december,31,2009,shows that scheduled commercial banks had unclaimed deposits worth Rs.1360 crores.The government, along with the RBI, proposes to use deposits that remain unclaimed for more than 10 years towards the above mentioned fund.