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INDIAN AFFAIRS
ICG inaugurated its 4th Subordinate Officers Conclave 2019 in New Delhi
On June 6, 2019, a two-day 4th Subordinate Officers Conclave 2019 organized by Indian Coast Guard (ICG) was inaugurated by Rajendra Singh, Director General (DG) of ICG at ICG Headquarters in New Delhi. It focussed on accountability in job profile, improving lifestyle for healthy living and integrating evolving technology in Coast Guard operations, especially towards strengthening search and rescue organizations during cyclone and floods.
Key Points:
i. Among the armed forces, the subordinate officer’s conclave is one of the unique initiatives. Here, the suggestions and ideas of jawans are taken into consideration for running the force.
ii. DG Rajendra Singh conferred ‘Uttam Jeevan Raksha Padak ’to Navik Vinod. The award was bestowed in recognition of his exceptional courage, expert use of lifesaving techniques and selfless attitude displayed in saving a precious life of a woman drowning into the rough sea due to monsoonal weather conditions in pitch dark hours near Gateway of India, Mumbai in 2018.
iii. On this occasion, A Coast Guard Benevolent Association App was launched. Through this app, the Coast Guard Personnel can log on the site and apply for the required financial assistance online.
About ICG:
♦ Motto: We Protect
♦ Headquarters: New Delhi
NGT formed panel to discuss plea seeking ban on plastic packaging
The National Green Tribunal (NGT) has formed a panel to look into the needs for further norms to restrict the use of plastic packaging of food products. This was formed after a plea to seek a ban on the plastic packaging of food products.
Key Points:
i. A bench headed by NGT Chairperson Justice Adarsh Kumar Goel formed the panel.
ii. The panel comprises of the representatives of Food Safety and Standards Authority of India (FSSAI), Bureau of Indian Standards (BIS), Central Pollution Control Board (CPCB) and Directorate General of Health Services (DGHS).
iii. The nodal agency for coordination is FSSAI (Food Safety and Standards Authority of India) and it is required to furnish its report to the tribunal within three months by e-mail.
iv. The move has come after a petition was filed by NGO Him Jagriti Uttaranchal Welfare Society seeking a ban on the use of plastic bottle and multi-layered/plastic packages /pet bottles.
About NGT:
♦ Established: 2010
♦ Chairperson: Justice Adarsh Kumar Goel
INTERNATIONAL AFFAIRS
Estonia, Niger, St. Vincent and the Grenadines, Tunisia, Vietnam elected to UNSC as Non-permanent Members
On June 7, 2019, Estonia, Niger, St. Vincent, and the Grenadines, Tunisia, and Vietnam are elected to United Nations Security Council (UNSC) as Non-permanent Members for a 2-year term beginning January 1, 2020.
- The United Nations General Assembly (UNGA) had held elections for 5 non-permanent members of the Security Council in the General Assembly hall. UNGA has 193 members.
- The Security Council has 15 members – 5 permanent members namely China, France, Russian Federation, the United Kingdom& the United States and 10 non-permanent members who are elected for two-year terms by the General Assembly. At present, 10 non-permanent members are Belgium, Cte d’Ivoire, Dominican Republic, Equatorial Guinea, Germany, Indonesia, Kuwait, Peru, Poland and South Africa…………………………………………Click here to Read more
World’s most punctual airline tag won by Srilankan Airlines
Sri Lanka’s state-run Srilankan Airlines has been named the world’s most punctual airline by flight data analysis company Flightstats.com. An extraordinary 90.5 percent of SriLankan Airlines’ flights were on time according to an analysis by Flightstats.
Key highlights:
i. This is the second consecutive time in less than 12 months that Sri Lankan has achieved this milestone.
ii. Earlier it was won the tag in September 2018 with the punctuality rating of 91.37 percent.
iii. LATAM Airlines was in second place with 38,202 flights. All Nippon Airways was in third place with 29,536 flights. 8th was Singapore Airlines with 7,987 flights. Emirates was in 10th place with 12,615 flights.
About SriLankan Airlines
CEO: Vipula Gunatilleka
Hub: Bandaranaike International Airport
BANKING & FINANCE
RBI to create foreign exchange trading platform for retail participants
On June 6, 2019, the Reserve Bank of India (RBI) announced to set up a foreign exchange trading platform for retail participants. This is to create a market infrastructure that ensures fair and transparent pricing for users of foreign exchange like Small and Medium Enterprises (SME) exporters & importers and individuals.
Key Points:
- The trading platforms are developed by the Clearing Corporation of India Limited (CCIL) and are tested by the users. The platform is an extension of CCIL’s FX(Forex)-Clear which is used for large-volume interbank trading.
- The foreign exchange trading platform will show the customer rates of all banks in one place. The customer can choose the most competitive rate and buy forex. The customer’s bank will debit the money from his or her account and settle with the forex providing bank………………………………Click here to Read more
India’s first mutual fund side pocket initiated by Tata Mutual Fund
- On June 6, 2019, Tata Mutual Fund launched the side-pocketing (segregated portfolio) option to set aside its troubled investment in Dewan Housing Finance Limited (DHFL).
- They were created for 3 schemes namely Tata Corporate Bond Fund, Tata Medium Term Fund, and Tata Treasury Advantage Fund. This is India’s first formal use of the side pocketing provisions which was introduced by the Securities and Exchange Board of India (SEBI) in December 2018.
- The investors are allowed to redeem their investments in 3 schemes without any exit load till June 14, 2019……………………………………Click here to Read more
e-Money share in India’s payment systems reaches 21.5%: RBI
According to a new report “Benchmarking India’s Payment Systems”, released by Reserve Bank of India(RBI) stated that the share of e-Money in India’s payment systems raise to 21.5 percent in 2017 from 0.8 percent in 2012.
Key points:
i. India was next to Japan and the US in 2017 with respect to e-Money transactions of Rs 3,459 million.
ii. The report noted that demonetization plays an important role to provide a better position of the payment system in India compared to other countries.
iii. India has 26 percent of online transactions using e-Money, next only to China.
iv. ATM deployment between 2012-2017 grew at a compound annual growth rate of 14 percent.
v. At the end of 2017, India had 2,22,300 ATMs which dropped to 2,21,703 as on March 31, 2019.
vi. Debit and credit card payments made up 29.9 percent of India’s payment systems volume in the year 2017.
RBI relaxed leverage ratio for banks to 3.5%
On June 6, 2019, The Reserve Bank of India (RBI) relaxed the Leverage Ratio (LR) for banks to 3.5%. This is done to help them in order to expand their lending activities. The LR is reduced to 4% for Domestic Systemically Important Banks (D-SIBs).
About LR:
LR is defined under Basel-III norms, Tier 1 Capital as a percentage of the bank’s exposure. It was introduced for banks post-financial crisis of 2008. The minimum requirement for LR set by the Basel Committee on Banking Supervision (BCBS) is 3%. Banks have been required to publicly disclose their Basel III leverage ratio on a consolidated basis from 1 April 2015 quarterly. LR is one of the 4 indicators under the RBI’s Prompt Corrective Action (PCA) framework and an important supplement to the risk-based capital requirements.
BUSINESS & ECONOMY
MoU signed between MCA and SEBI for data exchange
On June 7, 2019, A Memorandum of Understanding (MOU) was signed between Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) for automatic data exchange in order to tackle the rising instances of fraud. It was signed by Shri KVR Murty, Joint Secretary, MCA, and Smt. Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organizations.
Key Points:
i. It will facilitate the sharing of data and information between SEBI and the MCA on an automatic and regular basis.
ii. Along with this, SEBI and MCA will share any information available in their respective databases on request for the purpose of carrying out scrutiny, investigation, inspection, and prosecution.
iii. Information like the details of suspended companies delisted companies, shareholding pattern from SEBI and financial statements filed with the Registrar by corporates, returns of allotment of shares, audit reports relating to corporates will be shared.
iv. A Data Exchange Steering Group has been set up as a part of this initiative. It will meet periodically to review the data exchange status and take steps to improve the effectiveness of the data sharing mechanism.
v. The move comes amid alleged frauds being investigated by SEBI and the MCA into Fortis Healthcare and Religare Enterprises Ltd and the brokers of National Spot Exchange Ltd (NSEL).
About SEBI:
♦ Founded: April 12, 1992
♦ Headquarters: Mumbai
♦ Chairman: Ajay Tyagi
About MCA:
♦ Headquarters: New Delhi
♦ Minister-in-Charge: Nirmala Sitharaman
APPOINTMENTS & RESIGNS
Romila Thapar elected to the member of American Philosophical Society
On June 6, 2019, The oldest learned society in the United States, American Philosophical Society (APS) has elected Eminent historian and writer Romila Thapar as an international member at its Annual Spring Meeting. Her APS citation regarded her as the “greatest living historian of India”.
Key points:
i. She was among the 1,013 members elected to the society.
ii. She is Professor Emerita of history at Jawaharlal Nehru University (JNU) in Delhi.
iii. She is famous for her careful scholarship on the emperor Asoka, the epigraphy of the Mauryan period, and the multiple historiographies surrounding the contested Hindu and Muslim history of Somnath.
Manpreet Vohra concurrently authorized as India’s next high commissioner to Belize
On June 8, 2019, The present Additional secretary in the Ministry of External Affairs (MEA) and Indian Ambassador-designate to Mexico, has been concurrently authorized as the next High commissioner of India to Belize with the house in Mexico City. He succeeds Muktesh Kumar Pardeshi.
Key points:
i. He is a 1988-batch IFS(Indian Foreign Service) officer.
ii. He has previously served as India’s Ambassador to Afghanistan, Peru, and Bolivia.
iii. He previously served as Deputy high commissioner of India in Islamabad and Nairobi.
iv. He did a post-graduate diploma in international alternate and a certificate in diplomatic research from Oxford.
v. He had served as Joint Secretary within the improvement Partnership department of the MEA in New Delhi.
About Belize
Capital: Belmopan
Currency: Belize dollar
Parvez Ahmed removed as chairman of J&K bank; R K Chibber appointed as interim chief
On June 8, 2019, The government of Jammu and Kashmir (J&K) has removed Parvez Ahmed as chairman cum managing director of the Jammu and Kashmir Bank. The government also appointed executive president R K Chibber as interim chief.
The decision has come after the state vigilance department raided J&K Bank’s headquarters in Srinagar.
Key points:
i. In November 2018 State Accountability Commission headed by J&K Governor Satyapal Malik took a decision that the J&K Bank will be treated as a Public Sector Undertaking (PSU) after the disagreement with the bank, which was accused of appointing employees on political recommendations.
ii. Parvez Ahmad was appointed in 2016 as the chairman of the bank.
iii. R K Chibber, who has served as chairman Grameen Bank and will be the first non-Kashmiri to get the position of chairman in the Bank.
iv. J&K government having 59.3 percent shareholdings in the bank. It is the only state government promoted bank in the country.
About J&K Bank:
Founded: 1 October 1938
Headquarters: Srinagar
Tagline: Serving to Empower
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ACQUISITIONS & MERGERS
CCI approved Schneider Electric India, MacRitchie’s acquisition of L&T arm
On June 6, 2019, Statutory body of the Government of India, Competition Commission of India (CCI) approved the acquisition of Larsen & Toubro Limited (L&T)’s Electrical and Automation (EA) business by Schneider Electric India Private Limited and MacRitchie Investments Pte. Ltd.
Key points:
i. In order to eliminate the competition concerns, the Commission has ordered the acquirers to reserve a part of L&T’s installed capacity to offer white labeling services to third-party competitors.
ii. The facility will be available in respect of five high market share LV (Low Voltage) switchgear, which is generally used together in LV panels.
iii. Under the white labelling services, the competitiors can take L&T products for selling under their own brand for five years term.
About L&T
Founded on: 7 February 1946
Headquarters: Mumbai
Founders: Henning Holck-Larsen, Soren Kristian Toubro
STATE NEWS
Andhra Pradesh CM appoints 5 Deputy CMs in Cabinet
Andhra Pradesh Chief Minister(CM) Jagan Mohan Reddy appointed 5 Deputy CMs in a full 25-member Cabinet,one each from Scheduled Caste (SC), Scheduled Tribe (ST), Backward Classes (BC), Minority and Kapu communities.
- The 5 Deputy CMs- Pamula Pushpa Sreevani, Pilli Subhash Chandra Bose, Alla Kali Krishna Srinivas, L Narayana Swamy and AmzathBashatook oath at a ceremony held near the State Secretariat in Velagapudi, Amravati on June 8, 2019.
- Andhra Pradesh Chief Minister (CM) Y S Jaganmohan Reddy permitted the Central Bureau of Investigation (CBI) to enter the state without seeking general consent from the state government………………………..Click here to Read more
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