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RBI
sets 70 years as upper age limit for MD, CEO of pvt banks
Bank
Specific >
RBI Guidelines > September 10
The Reserve Bank of India
has decided to fix the maximum age for Managing Directors and Chief
Executive Officers in private sector banks at 70.
RBI, in the light of the provisions of the
Companies Act, 2013, said that the upper age limit for Managing
Director & Chief Executive Officer (MD & CEO) and other Whole
Time Directors (WTDs) of banks in the private sector should be 70
years. Within the overall limit of 70 years, individual bank’s
boards are free to prescribe a lower retirement age for WTDs,
including MD & CEO, as an internal policy.
SC
clears 3% reservation for disabled in jobs, promotions
Politics
and Government >
Reservations in
Govt Jobs > September 12
The Supreme Court has ruled in favour of three per
cent reservation for differently-abled candidates in civil services,
not only at the stage of their appointments but also for departmental
promotions. Giving a level-playing field to more than four crore
people with disabilities in India, the apex court held that the
Centre, states and Union Territories were obligated to implement the
rules of reservation for this class in the matters of appointment,
selection, direct recruitment, deputation and also for promotions. It
asked the Centre to show a big heart and give the differently-abled
people their due in all central and state government jobs.
A bench led by Chief Justice of India R M Lodha
reiterated its earlier verdict that the principle of not exceeding 50
per cent reservation would not be applicable while granting quota for
differently-abled people.
The three per cent reservation, as clarified by
the apex court in its last year’s judgment, is to the extent of one
per cent each for the blind, hearing and speech impaired, and persons
suffering from locomotor disability or cerebral palsy.
India
inks seven agreements with Vietnam, including one in oil cooperation
World
> India
- Vietnam > September 15
India and Vietnam inked seven pacts, including one
to enhance cooperation in the strategic oil sector, as they called
for freedom of navigation in the South China Sea, a remark which
could irk China which has been claiming territorial sovereignty over
the high seas.
• Oil and Gas
A Letter of Intent (LoI) was signed between ONGC
Videsh Limited, India and Vietnam Oil and Gas Group, in which
PetroVietnam offered new blocks to OVL for oil and gas exploration
and production. OVL is keen to expand its presence in Vietnam and is
evaluating the blocks on offer.
• Defence Equipment
India and Vietnam also signed an MoU on extension
of USD 100 million Line of Credit to Hanoi for defence procurement,
which provides concessional line of credit for procurement of defence
equipment from India.
• Custom Matters
Both the countries also signed an agreement on
cooperation and mutual assistance in customs matters. The agreement
aims to strengthen, promote and develop cooperation and mutual
assistance on matters pertaining to customs between India and
Vietnam.
• Agriculture
An MoU was also signed between the Ministry of
Agriculture of India and the Ministry of Agriculture and Rural
Development of Vietnam in the field of animal health, which
establishes cooperation between India and Vietnam in the field of
animal health, including protecting territory of each other from
introduction of animal diseases and infection caused by the trade of
animals, products of animal origin and materials of animal
reproduction.
• Fisheries
The fifth MoU was signed between National
Fisheries Development Board, Hyderabad, Department of Animal
Husbandry, Dairying and Fisheries, Ministry of Agriculture of India
and the Directorate of Fisheries, Ministry of Agriculture and Rural
Development of Vietnam on cooperation in the field of setting up of
pangasius breeding and farming in India.
• Youth Affairs
India and Vietnam also signed an MoU between the
Ministry of Skill Development, Entrepreneurship, Youth Affairs and
Sports of India and the Central Committee of the Ho Chi Minh
Communist Youth Union of Vietnam on cooperation in youth affairs.
• Airlines
An MoU between Jet Airways (India) and Vietnam
Airlines Company Limited has also been signed, which will enhance
their presence in each other's markets. The scope of the MoU involves
code sharing on services of each other.
Others
Arunachal
Pradesh has highest proportion of hired workers amongst all states
India
> Arunachal
Pradesh> September 09
According to the 6th
Economic Census Report 2013, Arunachal Pradesh has the highest
proportion of hired workers among all states including in sectors
like education and health. The percentage of female hired workers
there is 30.3 per cent. The growth rate of establishments at all
India level was 41.73 percent while the growth rate of total number
of persons employed over 5th Economic Census 2005 at all India level
has been recorded at 34.73 percent.
ISRO
scientist becomes first Indian to visit stratosphere
Others
> First
Indian to Visit Stratosphere > September 10
TN Suresh Kumar, a senior
ISRO scientist has become the first Indian to visit the stratosphere,
the second layer of the Earth’s atmosphere. Kumar, who is working
with ISRO’s Master Control Facility in Hassan, on August 15, 2014
travelled to an altitude of 17,100 metres in a MIG-29 from Sokol
Airbase near Nizhny Novgorod in Russia. To achieve this feat, he paid
a hefty fee of around Rs 15 lakh.
Subhash
Chandra Garg appointed as World Bank Executive Director
Corporate
> World
Bank > September 10
Senior IAS officer Subhash
Chandra Garg has been appointed as Executive Director in World Bank.
Garg, a 1983-batch IAS officer of Rajasthan cadre, will have a tenure
of three years from the date of assuming charge of the post.
The Executive Directors are
responsible for the conduct of the general operations of the World
Bank and exercise all the powers delegated to them by the Boards of
Governors. They also select a President who serves as Chairman of the
Boards. They are responsible for International Bank for
Reconstruction and Development's loans, guarantees and policies that
impact the World Bank's general operations among others.
Garg is presently serving in
Rajasthan. The ACC had last month approved the proposal for extension
of tenure of M N Prasad, a 1972 batch IAS officer of Bihar cadre
(retired), as Executive Director, World Bank till October 31.
Centre
to set up Swachh Bharat Kosh to fund Swachh Bharat campaign
Politics
and Government >
Swachh Bharat
Campaign > September 11
The central government has
said it will set up a Swachh Bharat Kosh to fund the Swachh Bharat
(Clean India) campaign announced by PM Narendra Modi on August 15th.
As part of this campaign, the Human Resource Development (HRD)
Ministry will anchor a Swachh Vidyalaya (Clean Schools) campaign. The
HRD Ministry said public sector units under 25 Ministries have
pledged Rs. 400 crore for the campaign and private and public sector
companies would be encouraged to build toilet blocks in schools. Tata
Consultancy Services (TCS) and Bharti have already pledged Rs. 100
crore each towards this campaign. The government has prepared an
action plan to set up toilets in all government schools by 15th
August, 2015. The Swachh Bharat Campaign is part of a mission to make
India a clean country by 2019, Mahatma Gandhi’s 150th birth
anniversary.
Banks
plan to sell Electrotherm debt to ARCs to recover money
Corporate
>
Electrotherm > September 13
Bankers are looking to sell
their exposures in Electrotherm Ltd., a steel, power and renewable
energy company headquartered in Gandhinagar, Gujarat, to Asset
Reconstruction Companies (ARCs) in order to recover their debt after
failing to implement a corporate debt-restructuring package earlier
this year. A 17-bank consortium led by Bank of India and including
State Bank of India (SBI), Bank of Baroda, UCO Bank, Vijaya Bank and
State Bank of Travancore (SBT) among others have an exposure of Rs.
3442 crore in the company. According to Electromtherm’s FY14 annual
report, Bank of Baroda has already sold its exposure to Edelweiss
Asset Reconstruction Company (EARC) on March 26. Electrotherm’s
total debt stood at R3, 108 crore in FY14 and for the three months to
June, the company reported a R129.7 crore net loss on the back of
R378.4 crore revenue. A number of banks including UCO Bank, SBT and
the Central Bank of India have declared the company and its
guarantors as willful defaulter.
Hindi
Diwas - President Pranab Mukherjee appeals for popularization of
Hindi
India
> Hindi
Diwas > September 14
National Hindi Diwas is
annually observed on September 14 in India to promote the 'Matra
Bhasha'- the mother tongue.
President Pranab Mukherjee
appealed for the popularization of Hindi, saying it has a special
place among all the languages in India. Addressing a Hindi Diwas
function, he said efforts should be made to use simple words while
transacting official business in the language.
Mukherjee said he was
pleased to know that the official language department, which
organized the event, will soon come out with a Hindi website for each
central ministry and department. He said the websites must use simple
words and parlance while providing information on government
programmes and projects. Mukherjee said that through this initiative
of using Hindi, the government can expand its reach among the people
and help them avail development programmes.
The President further said
that the use of Hindi in Internet and mobile services has increased
manifolds and this would be helpful in providing efficient
administration to the public.
Government
to modify IT act to simplify e-transactions and boost e-commerce
Economy
> E-commerce > September 14
In order to further boost
the ever-expanding over USD 2 billion online shopping market in the
country, the government plans to modify the IT Act 2000 under the
proposed Communications Convergence Bill to provide legal recognition
for transactions carried out using electronic data interchange and
other means of electronic communication. Besides, the government also
aims to draft a set of globally acceptable guidelines to increase the
legal predictability for electronic commerce (e-commerce) and adopt
the United Nations General Assembly's (UNGA) recommended Model Law on
Electronic Commerce (MLFC).
TCS
opens Saudi Arabia's first all-woman BPO centre
Corporate
> TCS > September 14
India's largest software
exporter TCS has opened Saudi Arabia's first all-female business
process centre, which will provide employment to up to 3,000 women in
three years.
TCS, in a statement, said
that Saudi Aramco and GE are the centre's first customers. The
all-female employee business process service centre, that was
announced in September of 2013, will offer customers specialised
Finance & Accounting, HR, Materials Supply and Office services to
improve their operational efficiency.
USA
wins 2014 Basketball World Cup
Sports
> Basketball > September 14
The US retained their title
as world basketball champions with a crushing 129-92 victory over
Serbia in the final held in Madrid's Palacio de Deportes. Kyrie
Irving scored 26 points. He was named MVP for the tournament. The
All-Tournament Team was MVP Irving, Spain's Pau Gasol, Nicolas Batum
of France, Serbia's Milos Teodosic and American Kenneth Faried.
Indian
HS Prannoy wins Indonesian Masters Grand Prix Gold title
Sports
> Badminton > September 15
Kerala badminton player HS
Prannoy defeated Indonesian Firman Abdul Kholik in Palembang,
Indonesia on Sunday to win the Indonesian Masters Grand Prix Gold
title. This is his first senior ranks title. Prannoy dedicated the
title to his coach Pullela Gopichand and his parents.
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