Daily News

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RBI Financial Stability Report: Banking Sector NPAs May Rise To 9.8% By March 2022

Gross NPA ratio for banking sector could rise to 9.8% by Mar 2022 under a baseline, as compared with 7.48% in Mar 2021. The baseline scenario used in the current stress tests in one where GDP growth for FY22 is at 9.5%.While the two stress scenarios could push it to 10.4% & 11.2%, respectively. On sectoral basis, borrowers in agriculture & industry segments saw drop in NPA.

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Borrowers with outstanding loans of ₹5cr & above, constituted 77.9% of banking sector NPA

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Pushkar Singh Dhami take oath as the new Chief Minister of Uttarakhand

BJP leader Pushkar Singh Dhami take oath as the Chief Minister of Uttarakhand at Raj Bhavan in Dehradun. He is the 11th Chief Minister of the state. The change of guard came a day after Tirat Singh Rawat resigned from the post.

He is a two-time BJP MLA from Khatima Constituency in the Kumaon region of the hill state.

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Satish Agnihotri joins as new Managing Director of National High Speed Rail Corporation

Satish Agnihotri has taken charge as MD, National High-Speed Rail Corp. Ltd. He has worked as Chairman & MD, RVNL a schedule ‘A’ CPSE under the Ministry of Railways for close to 9yrs. He also held the position of Chairman, HSRC, a fully owned subsidiary of RVNL since its inception in July 2012 till August 2018.

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PVSLN Murty appointed as new chairman and MD of NEDFi

PVSLN Murty has joined as the new Chairman & Managing Director of North Eastern Development Finance Corporation Ltd. Prior to joining NEDFi, Murty was posted as Chief Strategy Officer at SBI. He was instrumental in bringing up APONGHAR a popular Housing loan scheme for the Govt. of Assam employees, in collaboration with Assam Government.

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Axis Bank inks multi-year deal with Amazon Web Services (AWS) for powering digital banking services

AWS inked a multi-year deal with Axis Bank to power the digital transformation prog. of the country's 3rd-largest private sector bank. As part of the agreement, Axis Bank with help of AWS will build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in 6 min & instant digital payment

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This will help the bank increase customer satisfaction by 35% and lower costs by 24%.

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Reserve Bank of India imposes Rs 25 lakh penalty on Punjab & Sind Bank

The Reserve Bank of India imposed a penalty of Rs 25 lakh on Punjab and Sind Bank for non-compliance with certain provisions of directions on ‘Cyber Security Framework in Banks'. The state-owned bank had reported a few cyber incidents to the RBI on May 16 and 20, 2020, the central bank said while giving details. The RBI issued a show-cause notice to the bank.

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Indian Overseas Bank surpasses PNB, BoB to become the second most-valued listed PSB

IOB became the second most-valued listed public sector bank with a market capitalization of over ₹50,000crore. As Street discounts privatization of the state-owned lender, its shares have appreciated over 50% on the BSE. The privatization plan was announced in the Union budget for 2021-22 as a part of the government’s broader divestment goals for FY22.

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Amazon Web Services acquires Signal-rival, encrypted messaging app Wickr

Amazon Web Services has acquired a messaging application Wickr. The messaging application Wickr which was founded in 2012, rivals the likes of Signal for providing encryption. The application has even been used by journalists and whistleblowers.

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KN Bhattacharjee appointed new Lokayukta in Tripura

Veteran advocate Kalyan Narayan Bhattacharjee has been appointed as the new Lokayukta in Tripura. He has been appointed to the post for three years w.e.f. July 1.

The Lokayukta Act has been in force in Tripura since 2008 and in 2012, the first Lokayukta was appointed in Tripura. Bhattacharjee is the third Lokayukta in the state and the first to hold the post as a lawyer.

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Former Gujarat & Guwahati HC judge Pradeep Kumar Sarkar was 1st Lokayukta in Tripura.

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Jammu and Kashmir ends 149-year-old darbar move tradition

The LG Manoj Sinha formally put an end to a 149-year-old biannual tradition of shifting offices between summer capital Srinagar and winter capital Jammu. Administration cancelled the residential accommodation of “darbar move” employees in Jammu and Srinagar, implying the employees will remain stationed in either Jammu or Kashmir.

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The practice was started by erstwhile Dogra rulers in 1872.

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Former India footballer Prasannan passes away

Former international footballer M Prasannan passed away. He played for Kerala, Maharashtra, and Goa in Santosh Trophy National Football Championship.

He was part of the Indian team coached by PK Banerjee and captained by Inder Singh in the Merdeka Cup in 1973.

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Govt extends superannuation age of LIC chairman to up to 62 years

The government has extended the superannuation age of IPO-bound LIC Chairman, M R Kumar, to up to 62 years by making amendments to the Life Insurance Corporation of India (Staff) Regulations, 1960.

It is to be noted that the retirement age for the top executives of the majority of PSUs is 60 years, barring a few exceptions, including the State Bank of India (SBI).

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Indian Space Research Organisation gives nod to parliamentary panel to implement satellite TV classrooms

ISRO has given its nod to the Parliamentary Standing Committee on Education to provide technical assistance for satellite TV classrooms in the country to bridge the learning gap due to COVID-induced lockdown.

ISRO scientists appeared before the Parliamentary Standing Committee for Education & made a detailed presentation about proposed satellite TV classroom for students.

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ISRO HQs: Bengaluru;
Director: Kailasavadivoo Sivan.

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Invest India won the most innovative Investment Promotion Agency 2021 award

Invest India has been awarded the world’s most innovative Investment Promotion Agency 2021 by OCO Global.

OCO Global is a leading authority on foreign investment and offers a range of economic development services, products, and unique company assessment tools.

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Indian wrestler Sumit Malik gets two-year ban

Indian wrestler Sumit Malik has been banned for two years by the United World Wrestling (UWW) after his B sample also returned positive for a prohibited stimulant.

As per World Anti-Doping Agency's (WADA) list of prohibited substances, methylhexaneamine is prohibited in-competition only as a specified stimulant.

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WADA HQs: Montreal, Canada

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Mariyappan Thangavelu named India's flag-bearer for Tokyo Paralympics

Top para high-jumper Mariyappan Thangavelu was named the flag-bearer of the Indian contingent in the Tokyo Paralympics, which begins on August 24.

T. Mariyappan will defend the men's high jump (T-42) gold at the Tokyo Paralympics Games.

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Thangavelu was conferred with Khel Ratna the country’s highest sporting award in 2020.