Payments banks: With India Post getting RBI nod, India’s biggest bank for poor is in the making
i. The Reserve Bank of India (RBI) has chosen just 11 out of 41
applicants to set up payments banks in the country. Payments banks are
institutions that will offer most of the banking services except loans
and credit card products to retail customers. Customers can deposit
money up to Rs 1 lakh in these banks, transfer money, make payments and
buy financial products such as insurance and mutual funds.
ii. The 11 names include India’s postal department, two telecom players
(Airtel and Vodafone), three large corporate houses (Reliance Industries
Ltd (RIL), Aditya Birla Nuvo and Tech Mahindra), two financial services
firms (Fino Paytech and Cholamandalam), two individual entrepreneurs
(Dilip Sahnghvi and Vijay Sharma) and National Securities Depository
Ltd, a surprise winner.
iii. The names that are absent in the list are equally notable. These
include Kishore Biyani of Big Bazaar, George Muthoot of Muthoot
Financial Services, prepaid payment instrument issuers (PPIs) such as
Oxigen and Itz cash and few other mobile payment services such as My
mobile payments, Pay Point and One MobiKwik Systems.
iv. The postal department, which failed to get into the list of full
service banks when the RBI gave permits to IDFC and Bandhan in April
2014, has been trying for long to get into the banking business. The
department has begun to set up ATMs and connect its offices through core
banking solution network. The post expects to connect about 25,000
branches under CBS in next one year.
v. Since payments banks do not require huge amount of capital (the
initial capital requirement set by the RBI for these banks is Rs 100
crore as against Rs 500 crore for full-service banks), India Post will
not have to struggle much to seek the capital assistance from the
finance ministry, which, in the past, had opposed India Post’s plan to
become a full-service banks citing higher capital requirement and lack
of experience in offering credit. But, this time, capital shouldn’t be
an issue.
Ashwani Lohani, a tourism veteran, to steer Air India as CMD
i. Ashwani Lohani has been featured in the Limca Book of Records in 2007
for holding four different engineering degrees. With his appointment as
the chairman and managing director of Air India succeeding Rohit
Nandan, he may well get to create some new records in the aviation
industry.
ii.
The Appointments Committee of the Cabinet on Thursday announced
Lohani's name and is it widely expected that outgoing CMD Nandan will
remain for another month till he gets a posting as a secretary to the
government of India. So Lohani will perhaps join only next month.
iii. With the appointment of Lohani, the government has made it clear
that it still cannot come around to tasking an aviation professional
with the job of turning around an ailing airline. Lohani has enough
experience in the tourism industry and in the railways but remains a
career bureaucrat, much like the outgoing Nandan.
iv. Nandan was at the helm for three-and-a-half years and is credited
with getting Air India to post an operational profit for the first time
after the erstwhile Air India and Indian Airlines merged in 2007. Also,
Air India finally entered prestigious airline grouping Star Alliance
during Nandan's tenure after several botched attempts earlier.
v. Ashwani Lohani belongs to the Indian Railways Services Mechanical
Engineering 1980 batch and is presently working as the chief
administrative officer of the Indian Railway Organization for Alternate
Fuels, a subordinate organization of the Railway Board.
Government approves pact between India and Seychelles to curb black money
i. With an intention of curbing black money generation the government
approved signing and ratification of the Tax information exchange
agreements between India and Seychelles. According to the agreement both
the nations will exchange information with each other regarding taxes
so as to curb tax evasion and avoidance by its citizens.
ii. As per the agreement the information provided by each nation will be
treated as confidential and may be disclosed only to persons or concern
authorities (Judiciary) who in relation to taxes covered under the
agreement.
iii. Due to this agreement the competent authorities of both the
countries will get relevant information for administration and
enforcement of the domestic laws of two countries concerning taxes.
iv. The Black Money (Undisclosed Foreign Income and Asset) and
Imposition of Tax Act, 2015 was passed by the parliament in May 2015. It
makes people mandatory to disclose their foreign income and assets and
pay 30 per cent of it as tax and if fail to pay in given time limit then
extra 90 per cent is levied.
v. India and United States have signed inter-governmental agreement to
implement the Foreign Account Tax Compliance Act (FATCA) under which
both the nations exchange a wide range of financial information among
themselves automatically and periodically. In June 2015, India has
joined the Multilateral Competent Authority Agreement (MCAA) on
Automatic Exchange of Financial Account Information (AEOI) which
includes Australia, Canada, Costa Rica, Indonesia and New Zealand.
Bharat Stage IV (BS-IV) compliant vehicles though out the country from 1 April 2017: Ministry of Road Transport & Highways
i. In order to reduce air pollution due to vehicles the Ministry of Road
Transport & Highways issued a notification to introduce Bharat
Stage IV (BS-IV) compliant four wheeler vehicles though out the country
from 1 April 2017. As per the notification from 1 April 2017 all newly
manufactured four-wheeled vehicle that are complaint with the BS-IV
standards will be allowed to registered and move on roads.
ii.
From 1 April, 2010 vehicles in few cities of NCR, Mumbai, Kolkatta,
Chennai, Ahmadabad, Bangalore, Hyderabad including Secunderabad, Kanpur,
Pune, Surat, Agra, Lucknow and Sholapur were already running with BS IV
complaint engine. More 50 cities were added till 1 April 2015.
iii. Bharat stage emission standards also known as “Bharat Stage” are
emission standards instituted by the Government of India in accordance
with European regulation standard ‘Euro norms’ to regulate the output of
air pollutants that vehicles emits.
iv. India adopted “Barat stage” in accordance with ‘Euro norms’ from
year 2000 and stage wise introduced Bharat Stage compatible fuel and
ungraded and modified vehicles throughout the country. Each stage
specifies a certain limit on the pollutants released, Higher the Bharat
Stage goes lesser it emits pollutants.
v. The BS-IV complaint vehicles release less pollutants {Carbon
Mono-oxide (CO), Hydrocarbon (HC), Oxides of Nitrogen (NOx) and Sulphur
(SOx)} i.e. 0.025 Respirable suspended particulate matter (RSPM) as
compared to its preceding Bharat Stage complaint vehicles.
Hindustan
Unilever Sun Pharma Industries and Tata Consultancy Services (TCS) among
the world’s top 100 innovative Companies: Forbes
i. Three Indian companies Hindustan Unilever Sun Pharma Industries and
Tata Consultancy Services (TCS) and have been named among the world’s
100 most innovative companies by Forbes.
ii. Hindustan Unilever the FMCG has been ranked 41 on the list whereas
TCS stood at number 64 and Sun Pharma at 71 in the Forbes list of ‘The
World’s Most Innovative Companies’. Key findings
iii. California-Based Tesla Motors has topped the list whose market
capitalization is of $25.5 billion. Tesla Motors has also won the
Apple’s creative crown. Salesforce.com, Alexion Pharmaceuticals,
Regeneron Pharmaceuticals and ARM Holdings and among the top five
companies on the list.
iv. TCS, India’s largest IT Company with a market cap of $80.3 billion
has appeared on the list for the eighth time. Sun Pharma, India’s
largest drug company with a market cap $39 billion appears on the list
for the fourth straight time.
v. Forbes has ranked these companies based on their innovation premium
this is the difference between their market capitalisation and a net
present value of cash flows from existing businesses. Forbes included
only those industries that are known to invest in innovation and has
seven years of public financial data and $10 billion in market cap.
Historian Babasaheb Purandare conferred with Maharashtra Bhushan Award 2015
i. Eminent Historian writer Babasaheb Purandare has been conferred with
Maharashtra Bhushan Award 2015. He was bestowed this award in literature
category by Governor C. Vidyasagar Rao in presence of Chief Minister
Devendra Fadnavis at a function held in Raj Bhava, Mumbai.
ii.
Babasaheb Purandare was born as Balwant Moreshwar Purandare on 29 July,
1922. He is famously entitled as Shiv Shahir i.e. ‘Shivaji’s poet’. He
is being credited with writing the first historical work on 16th century
Great Maratha king Chattrapati Shivaji. He is best known for his book
Raja Shiv Chhatrapati and popular play Janata Raja.
iii. His book Raja Shiv Chhatrapati has more than 16 editions and widely
read across the state. It is estimated that over 5 lakh copies of this
book have been sold. Janata Raja play has been performed more than 850
times in last three decades after it was first staged in 1985. It has
been staged in all over Maharashtra, Delhi, Bhopal, Agra and United
States.
iv. Maharashtra Bhushan Award is a highest civilian award of Maharashtra state presented annually by the state government.
US launches biggest NATO airborne drills since Cold War in Europe
i. The US military has launched the largest NATO airborne drills dubbed
as Swift Response 15 since the end of the Cold War to enhance security
and stability in the European region. Swift Response 15 will be month
long simultaneous multinational airborne operations drill in which
around 5,000 soldiers from 11 NATO member states will participate.
ii. 11 NATO member courtiers participating are: Bulgaria, Germany,
France, Greece, Portugal, Netherlands, Italy, Poland, Britain Spain, and
United States. These airborne drills aim to help high-readiness NATO
forces in order to act as one single force and to demonstrate its
alliance’s capacity to operate and rapidly deploy forces in support to
maintaining a strong and secure Europe.
iii. In these drills allied warplanes led by US will drop more than one
thousand paratroopers and warfare equipment to Hohenfels training area
in Germany. Similar air drop drill will also take place the same day at
the Novo Selo training area in Bulgaria.
Anupam Kher Unlocks Another Achievement, Named Advocate For UN's Gender Equality Campaign
i. Critically acclaimed Bollywood actor Anupam Kher has another
achievement to his credit now. Kher has been named an advocate for the
United Nations’ campaign on gender equality, and is collaboration with
the UN will call on men and boys to stand up against inequalities
against women and girls, further helping in ending the discrimination
and violence against them.
ii.
N Women Deputy Executive Director Lakshmi Puri declared and honored
Anupam Kher as an advocate for the “HeForShe” Champion at a ceremony
that was held last evening. Kher was honored to be named the HeForShe
advocate and he has promised full support for the UN's effort.
iii. Lakhsmi Puri revealed that UN Women were highly keen on working
with Kher because of his past records and achievements. Apart from being
a renowned actor, filmmaker, motivational speaker and philanthropist,
there wouldn't have been any person more apt to play a role challenging
gender stereotypes, harmful practices, discriminatory social norms and
traditions that further enhance gender inequality and violence against
women.
iv. Kher has worked in over 100 plays and nearly 450 films, clearly
proving how huge his contribution has been. Apart from being an actor,
Kher was also involved in philanthropy and established The Anupam Kher
Foundation to spread education among less privileged children and to
provide palliative care to people with life-limiting diseases. He was
also awarded the Dalai Lama Award for his work with underprivileged
children.
Australian government appoints Adam Gilchrist ambassador to India - for education
i. In a move set to further strengthen education ties with India, the
Australian government on Thursday appointed former cricketer Adam
Gilchrist as nation's inaugural ambassador to the region on education.
ii. The announcment was made by the Minister for Education and Training
Christopher Pyne prior to attending the Annual Ministerial Dialogue and
third Australia-India Education Council meeting in New Delhi on August
24.
iii. Adam will play an important part in supporting the growth in the
strong bilateral education relationship between Australia and India, to
help ensure that Australia continues to be seen as a high quality
provider of education.
iv. The Indian people recognise Adam as one of cricket's greats, and the
values he espouses both on and off the field excellence and integrity
are precisely those with which Australia aligns its reputation for
high-quality education, training and research, Pyne added.
