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Friday, April 18, 2014

Current Affairs 2014 Study Material for PA/SA Examination 2014 ...............

Simon Santoso of Indonesia won Malaysia Grand Prix Gold
Super Hercules aircraft of IAF C-130 J crashed in Rajasthan
Hindi writer Mr. Govind Mishra selected for Saraswati Samman 2013
G D Birla Award 2013 bagged by Physicist Rajesh Gopakumar
Indian Journalist Shubhranshu Choudhary bagged 'Digital activism award'
Czech Catholic priest Tomas Halik wins $1.83 million Templeton Prize
First elected Prime Minister of Spain Adolfo Suarez passed away
Deputy Governor of RBI KC Chakrabarty resigns
Book "Rationalised Roman for Kashmiri" released
Smartphone Virus Dendroid detected
Stamp on Noor Inayat Khan released by Britain's Royal Mail
Government of India divested its 9 percent stake in Axis Bank
Senior women hockey National Title clinched by RSPB
Indian first ever truck racing championship won by Stuart Oliver
All elections booths will be smoking free in J&K, became first state to do so
New Molecule HSP90 discovered
Astronomers discovered largest ever yellow hypergiant star - HR 5171 A
UNSC extended mandate of UNAMA till March 2015
Aditi Khanna became first women President of IJA
R. Neelakantan appointed as CFO by SpiceJet
Myanmar hosted third BIMSTEC summit 2014
ICC under 19 World Cup 2014 won by South Africa
Union Government of India on 28 February 2014 raised the number of workdays under MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act 2005) from 100 days to 150 days. 
Union Cabinet cleared reservation for Jats community under OBC category
Marshal Mohammad Qasim Fahim, Vice President of Afghanistan died
Arvind Mayaram appointed as new Finance Secretary
Book "Crusader or Conspirator? Coalgate and Other Truths" written by PC Parakh released
Pulitzer Prize 2014 in poetry category bagged by Vijay Seshadri
Next Chief Justice of India will be Justice R.M.Lodha
Dadasaheb Phalke Award 2013 goes to Legendary Poet Gulzar
London Marathon won by Wilson Kipsang
Justice G Rohini appointed as the first women Chief Justice of Delhi High Court

Wednesday, April 2, 2014

RBI grants bank licenses to IDFC, Bandhan Financial; Green Signal also for India Post...............

The decade-long wait is finally over, with the Reserve Bank of India (RBI) on Wednesday deciding to grant fresh banking licences to two entities out of the 25 applicants. But industrial houses will be disappointed as the central bank has chosen to ignore them.

After the Election Commission have its go ahead on Tuesday, RBI’s committee of central board met on Wednesday morning to deliberate on the two names that were placed before it for approval.

The two entities which made the cut are 
IDFC, a diversified financial services firm with a special focus on infrastructure financing, and Bandhan, the country’s largest micro lender based in Kolkata.

The two entities will get one and a half years to commence operations, failing which their licences could be cancelled by the central bank. The central bank will also consider the application of India Post, but under a separate process to be carried out in consultation with the government.

The RBI statement said some of those entities who did not qualify in this round for a full-fledged banking  licence   could well apply in future rounds or could apply for differentiated licences under the proposed framework.

“The “in-principle” approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by the RBI,” the banking regulator said, adding that after being satisfied with the entities of compliance with the norms, licence will be given for commencement for banking operations.

“Until a regular licence is issued, the applicants would be barred from doing banking business,” the RBI said.

The bank licence process was started with the objective of promoting financial inclusion in February 2010 following a Budget announcement by former Finance Minister and now President Pranab Mukherjee. Three years later, the RBI released the final guidelines on licensing norms in February 2013. The deadline for submission of applications was July 1, 2013.

A total of 25 applicants, ranging from business conglomerates like the Birlas, the Anil Ambani group, Larsen & Toubro and Bajaj to non-banking financial companies like LIC Housing Finance and Edelweiss applied for the coveted licence. Another micro lenders, Janalakhsmi, also applied.

The move comes despite stiff opposition from the country’s main opposition, the Bharatiya Janata Party, which wanted the RBI to wait till the new government is formed after the election results next month.

The RBI had set up a high-level advisory committee under the chairmanship of former central bank governor Bimal Jalan to scrutinise the 25 applications. As suggested by the panel, the RBI has also ignored candidates which are under the glare of investigative agencies in scams like airwave spectrum auction and coal block allocation.

Interestingly, the Tata group withdrew its application citing stringent norms that stipulates a non-operative financial holding company structure.

In the last round of licensing, two new entities, Kotak and Yes Bank, were allowed to enter the banking sector in 2003-04.
The central bank has already said that from now on, issuance of banking licence will not be a once-in-a-decade affair. The RBI will fine-tune the guidelines and licences will be given on tap. There will also be differentiated licensing for entities such as payments banks, which are very different from universal banks.
 Source   Business-standard.


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