Top headlines: Govt plans bank with $13.7 bn equity, Dec services PMI dips

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Govt considers creating bank with $13.7 bn equity to fund roads, ports

India is considering a proposal to create a bank to help fund port, road and power projects as Prime Minister Narendra Modi’s administration aims to lift Asia’s third-largest economy out of the recession. The new entity, likely to be part of the budget announcement in February, may have an equity capital of 1 trillion rupees ($13.7 billion), people with knowledge of the matter said, asking not to be identified as the matter isn’t public. The existing India Infrastructure Finance Co., which has a 20 billion rupee corpus, will