The Reserve Bank of India has directed Kotak Mahindra Bank to cease issue of fresh credit cards, with immediate effect. The Apex Bank has restricted the onboarding of new customers via online and mobile banking channels. According to the RBI press release, these actions are necessitated based on significant concerns arising out of RBI's IT Examination for 2022 and 2023.
The continued failure on the part of the Bank to address these concerns in a comprehensive and timely manner. It added that for two consecutive years, the said bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines.
It said that during the subsequent assessments, the bank was found to be significantly non-compliant with the Corrective Action Plans issued by the Reserve Bank for the years 2022 and 2023, as the compliances submitted by the said Bank were found to be either inadequate, incorrect or not sustained.
Tennis great Novak Djokovic won the Laureus World Sportsman of the Year honour for a record-extending 5th time after 2012, 2015, 2016 and 2019, while Spain's World Cup-winning football star Aitana Bonmati won the World Sportswoman of the Year award at a star-studded ceremony in Madrid. Spain's FIFA World Cup-winning team were voted as the Laureus Team of the Year.
England's star footballer Jude Bellingham won the Laureus Breakthrough of the Year award for his early impact at Real Madrid. Meanwhile, legendary gymnast Simone Biles was recognised for her sensational comeback to the sport last year.
Laureus Sport for Good Award: Fundaci³n Rafa Nadal
Laureus World Sportsperson of the Year with a Disability Award: Diede de Groot
Laureus World Action Sportsperson of the Year Award: Arisa Trew
The 6th edition of International Conference on Disaster Resilient Infrastructure has begun in New Delhi on 24 April. The event, hosted by the Coalition for Disaster Resilient Infrastructure (CDRI), is themed ‘Investing today for a more resilient tomorrow’ and aims to bolster global infrastructure against disasters.
The CDRI, an initiative launched by the Prime Minister of India in 2019, now encompasses 46 member countries. The ICDRI serves as a critical platform for dialogue and collaboration among governments, the global infrastructure community, multilateral development banks, and the private sector.
Khanij Bidesh India Limited (KABIL) signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.
KABIL is a Joint Venture company of three public sector undertakings - National Aluminium Company Limited (NALCO), Hindustan Copper Limited (HCL) and Mineral Exploration and Consultancy Limited (MECL), under the aegis of Ministry of Mines, Government of India.
The Hinduja Group and King's College London announced a new partnership aimed at improving healthcare outcomes in India and the UK, through training and research capacity building as well as scholarships for Indian students. It is signed with the aim of driving forward the development of new technologies to address global healthcare challenges.
The government has extended the term of RBI Deputy Governor T Rabi Sankar for a period of one year, according to sources.
The Appointments Committee of the Cabinet has approved the re-appointment of T Rabi Sankar, Deputy Governor Reserve Bank of India, for a period of one year with effect from May 3, 2024, they said.
He was appointed as the RBI Deputy Governor in May, 2021 for a period of three years. RBI is served by 4 Deputy Governors at any point in time. Currently, the deputy governors are
1. Dr. M.D. Patra
2. M. Rajeshwar Rao
3. T. Rabi Sankar
4. Swaminathan J
Credit card spends surged 27 per cent year-on-year (Y-o-Y) to Rs 18.26 trillion in financial year 2023-24 (FY24) from nearly Rs 14 trillion in the year-ago period, according to the latest data released by the Reserve Bank of India (RBI).
In March 2024, credit card spends rose nearly 10.07 per cent to Rs 1.64 trillion from Rs 1.49 trillion in February.
Among the top card players, use of HDFC Bank’s credit card was at Rs 43,471.29 crore in March, 8.57 per cent higher than Rs 40,288.51 crore in February. Similarly, Axis Bank posted 8.05 per cent growth in transactions to Rs 18,941.31 crore in March from Rs 17,528.97 crore in February.
HDFC Bank is the leader in credit card issuances with the lender’s cards in circulation standing at 20.59 million. Other major players include SBI Card with 18.89 million cards, ICICI Bank (16.95 million) and Axis Bank with 14.21 million cards.
The Board of Axis Bank approved the re-appointment of Amitabh Chaudhry as Managing Director & CEO of the Bank, for a further period of three years with effect from January 1, 2025 up to December 31, 2027. Chaudhry, age 59 years, joined Axis Bank as MD & CEO with effect from January 1, 2019. This re-appointment is subject to approval of the Reserve Bank of India (RBI).
A recent study has revealed that the Indian passport ranks as the 2nd cheapest passport to obtain worldwide. It holds the distinction of being the most cost-effective in terms of "cost per year" of validity. An Indian passport holder can travel to 62 nations visa-free. Australian firm Compare the Market AU conducted comparison of passport acquisition costs across countries.
The UAE passport clinches the top spot as the most affordable passport globally, surpassing all others in terms of both acquisition cost and the number of countries offering visa-free access. According to the study, Mexico has the most expensive passport in the world followed by Australia.
RBI released a master direction for asset reconstruction companies, saying the guidelines will be effective from April 24, 2024.
ARCs are expected to have a minimum capital requirement of Rs 300 crore, compared to Rs 100 cr as on October 11, 2022. Existing ARCs have been provided a glide path to achieve the minimum required Net Owned Fund of Rs 300 cr as on March 31, 2026.
ARCs with a minimum NOF of Rs 1000 crore can act as resolution applicants. They are allowed to deploy funds in government securities and deposits with scheduled commercial banks, Small Industries Development Bank of India (SIDBI), National Bank for Agriculture and Rural Development (NABARD) or such other entities as may be specified by the central bank from time to time.
ARCs can also invest in short-term instruments like money market mutual funds, certificates of deposit and corporate bonds/ commercial papers which have a short-term rating equivalent to the long-term rating of AA- or above by an eligible credit rating agency. Investments will be subject to a cap of 10% of the NOF on maximum investment in such short-term instrument.
India's population is estimated to have reached 144 crore, with 24% in the 0-14 age bracket, according to a recent report by UNFPA. United Nations Population Fund's State of World Population - 2024 report -- "Interwoven Lives, Threads of Hope: Ending Inequalities in Sexual and Reproductive Health and Rights" -- revealed India's population is estimated to double in 77 years.
India leads globally with an estimated population of 144.17 crore, followed by China at 142.5 crore, according to the report.
India's population was recorded at 121 crore during the last census, conducted in 2011. The report further detailed that an estimated 24 per cent of India's population is aged 0-14 while 17 per cent is within the 10-19 age range.
International Girls in ICT Day is celebrated every year on the last day Thursday of April. This year, it falls on 25 April 2024. The main goal behind observing International Girls in ICT Day is to promote gender equality and women’s empowerment in the ICT sector. This year’s theme for the Girls in ICT day celebrations is “Leadership“.
Each year on April 25th, the world unites for World Malaria Day to raise awareness about this serious mosquito-borne illness. This year the theme is "Accelerating the fight against malaria for a more equitable world.". This theme, which is in sync with this year's World Health Day theme "My Health, My Right', underscores the urgent need to stark inequalities.
International Delegate’s Day marks the anniversary of first day of the San Francisco Conference, also known as the United Nations Conference on International Organization. On 25 April 1945, delegates from fifty countries came together for the first time in San Francisco. Day aims to raise awareness of the role of the representatives and delegates of the Member States to UN.
