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Amended Banking Regulation Bill gets elders’ nod :-
The Rajya Sabha has passed the Banking Regulation (Amendment) Bill, which empowers the Reserve Bank of India to issue instructions to the banks to act against major defaulters. The Bill, earlier passed by the Lok Sabha, will replace the Banking Regulation (Amendment) Ordinance, 2017.
The Banking Regulation (Amendment) Bill, 2017:
It seeks to amend the Banking Regulation Act, 1949 to insert provisions for handling cases related to stressed assets. Stressed assets are loans where the borrower has defaulted in repayment or where the loan has been restructured (such as by changing the repayment schedule). It will replace the Banking Regulation (Amendment) Ordinance, 2017.
Initiating insolvency proceedings: The central government may authorise the Reserve Bank of India (RBI) to issue directions to banks for initiating proceedings in case of a default in loan repayment. These proceedings would be under the Insolvency and Bankruptcy Code, 2016.
Issuing directions on stressed assets: The RBI may, from time to time, issue directions to banks for resolution of stressed assets.
Committee to advise banks: The RBI may specify authorities or committees to advise banks on resolution of stressed assets. The members on such committees will be appointed or approved by the RBI.
Applicability to State Bank of India: The Bill inserts a provision to state that it will also be applicable to the State Bank of India, its subsidiaries, and Regional Rural Banks.
Sebi launches online registration for custodians of securities
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- Markets regulator Sebi thas introduced an online registration mechanism for custodians of securities to make it convenient for them to do business.
- The new system would help custodian of securities to complete registration and other regulatory filings with Sebi much faster and in a cost-effective manner.
- All applicants desirous of seeking registration as a custodian of securities are now required to submit their applications online only, through Sebi intermediary portalCustodian of securities holds shares and other assets in electronic or physical form.
ISRO to develop full-fledged hyperspectral imaging satellite
- A new set of future satellites called hyperspectral imaging satellites is set to add teeth to the way India is gleaned from about 600 km in space.
- The Indian Space Research Organisation (ISRO) says it plans to launch a full-fledged niche Earth observation (EO) satellite — called the Hyperspectral Imaging Satellite or HySIS — using a critical chip it has developed.
- There is no specific time-frame yet for its launch, an ISRO spokesman said, adding that meanwhile, the new chip, technically called an “optical imaging detector array,” that they have created for it would be tested and perfected.
- Hyperspectral or hyspex imaging is said to be an EO trend that is being experimented globally. Adding a new dimension to plain-vanilla optical images, it can be used for a range of activities from monitoring the environment, crops, looking for oil and minerals all the way up to military surveillance
NGT bans use of non-biodegradable plastic bags in Delhi
- The National Green Tribunal (NGT) on Thursday imposed an interim ban on use of non-biodegradable plastic bags which are less than 50 microns in the entire national capital.
- A bench headed by NGT chairperson Justice Swatanter Kumar also announced an environment compensation of Rs5,000 on anyone found in possession of such banned plastic.
- The tribunal has also directed the Delhi government to seize the entire stock of plastic within one week from today.
- The bench asked the AAP-ruled city government and the Delhi Pollution Control Committee to file an affidavit by a senior most officer and inform it how directions with regard to waste management in the city were being implemented particularly in respect to plastics.
- The green panel had last year banned the use of disposable plastic in Delhi and NCR with effect from 1 January 2017 and directed the city government to take steps to reduce dumped waste.
Lok Sabha passes bill approving merger of associate banks with SBI
- The government said the merger of the five associate banks with the SBI will lead to increased capital base and availability of loan, as the Lok Sabha passed the bill approving the amalgamation.
- The Lok Sabha passed the bill to repeal the SBI (Subsidiary Banks) Act 1959, State Bank of Hyderabad Act 1956 and to further amend the State Bank of India Act, 1955, following the merger of five associates with the parent SBI.
- SBI has come in the list of top 50 banks globally and is ranked at the 45th position.
- The merger will bring about increased capital base and increased ability to give loans. Also, small banks will get access to products like mutual funds
- According to the statement of object and reasons of the State Banks (Repeal and Amendment) Bill 2017, after the acquisition of the subsidiary banks by SBI, the subsidiary banks have ceased to exist and, therefore, it is necessary to repeal the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956.
- Five associates and the Bharatiya Mahila Bank became part of State Bank of India (SBI) beginning April 1, catapulting the countrys largest lender to among the top 50 banks in the world. The five associates that were merged are State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT).
Harmanpreet’s six named World Cup’s Play of the Tournament
- The ICC has named Indian women’s batsman Harmanpreet Kaur’s six against England in the final of the ICC Women’s World Cup at Lord’s as the Play of the Tournament.
- Kaur’s six edged out Indian pacer Jhulan Goswami’s swinging delivery which bowled Australian captain Meg Lanning in the semifinal of the tournament.
- Notably, India finished the tournament as the runner ups.
Nitish Kumar launches mobile therapy van for elderly people
- Bihar Chief Minister Nitish Kumar flagged off mobile therapy vans which would provide basic medical assistance to elderly people, widows and other section who requires social security. The CM flagged off mobile therapy vans to launch “Buniyadi Sanjivani Sewa”
- A total of 11 vans were send on the occasion to as many districts including Nalanda, Patna, Bhagalpur, Begusarai, Buxar, Muzaffarpur, Nawada, Purnea, Rohtas, Darbhanga and Samastipur.
- The vans equipped with basic medical apparatus and accompanied by technical team would provide basic medical care to elderly people, widows and disabled in the districts.
Vinay Dube joins Jet Airways as CEO
- Jet Airways said Vinay Dube has joined as its chief executive officer after receipt of all requisite government and regulatory approvals.
- An Indian American, Dube’s appointment was approved by the airline’s board of directors on May 30. Jet Airways has been without a full-time CEO since Cramer Ball quit in February 2016.
- His appointment also comes at a time when the airline is facing challenging business conditions.
- Dube has served in various roles at Delta Airlines, Sabre Inc and American Airlines in the USA, Europe and Asia.
Govt launches video of National Anthem in sign language
- Union minister Mahendra Nath Pandey launched a video of the National Anthem in sign language and said the government addressed the physically challenged as “divyang” and not “viklang” to ensure there was no distinction.
- The 3.35-minute video, directed by Govind Nihalani, stars Bollywood star Amitabh Bachchan, along with physically challenged children performing the anthem in sign language, with the Red Fort in the background.
Davinder Singh Becomes 1st Indian To Qualify For Javelin Finals
- Davinder Singh Kang became the first Indian to qualify for the final round of the javelin throw at the World Athletics Championships while his more fancied compatriot Neeraj Chopra crashed out in the qualification round.
- The 26-year-old athlete from Punjab was under pressure to touch the 83m in his final attempt and he was the last man to take the throw. He did it in style by sending the spear beyond the qualification mark to the huge relief of the Indian camp.
- Thirteen throwers — five from Group A and seven from Group B crossed the automatic qualification mark of 83m and all of them will compete in the final round on August 12.
Dr. Debraj Shome awarded Indian of the Year at India Leadership Conclave
- World Renowned facial plastic surgeon Dr. Debraj Shome has been awarded with the prestigious ‘Indian of the Year’ award at the 8th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2017, held in Mumbai on 4th August 2017.
- India Leadership Conclave & Indian Affairs Business Leadership awards which are also known as the ‘ILC Power Brand’ were instituted by the Network 7 media group in the year 2009 to felicitate individuals as well as organizations for their relentless hard work and unequalled contributions in six different categories.
- The awards are given to individuals and companies who have achieved stellar heights of success in their chosen fields while having the courage to tread on the unknown path of innovation.
- Dr. Debraj Shome has been awarded with the ‘Indian of the Year’ for 2017, for reaching remarkable heights of success in facial plastic and cosmetic surgery and research.
- Dr. Debraj Shome is the top facial plastic and cosmetic surgeon in India and his talent and hard work have been recognized by many other agencies and organizations over the years. Four distinct prestigious fellowships make him an illustrious figure in the field of facial plastic surgery.
Sravanth Malla Clinches Title of National Champion at 2017 South Asian Spelling Bee
- Sravanth Malla correctly spelled the word “Chytridiales,” defined as an order of simple, aquatic fungi of the phylum Chytridiomycota, during the 2017 South Asian Spelling Bee finals to clinch the title of national champion and take home a cash prize of $3,000.
- Sreeniketh Vogoti of St. Johns, Fla., was the first runner-up at the Touchdown Media initiative