The Reserve Bank of India (RBI) set up a new standing external advisory committee, which will evaluate applications for universal banks and small finance banks (SFBs). The committee headed by former RBI deputy governor M K Jain as the chairperson, has five members.
Other members include Revathy Iyer, director, central board, RBI; Parvathy V Sundaram, former executive director, RBI; Hemant G Contractor, former MD, State Bank of India, and former Chairman, Pension Fund Regulatory and Development Authority; and N. S. Kannan, former MD & CEO, ICICI Prudential Life Insurance. The committee’s tenure will be for three years.
The first committee was formed in March 2021 and was headed by former Deputy Governor Shyamala Gopinath for three years.
According to the licensing guidelines, applications for Universal Banks and Small Finance Banks will be initially screened by the Reserve Bank to ensure prima facie eligibility of the applicants which will thereafter be evaluated by the committee,
composed of eminent people with experience in banking, financial sector and other relevant areas.
The committee may not vet the applications of Small finance banks that have applied, or will apply for universal bank license, as their fit and proper criteria was already vetted while granting the SFB license.
Currently, Annapurna Finance and AU Small Finance Bank (AU SFB) application for universal bank license and Fino Payments Bank and VFS Capital have application for Small Finance Bank license are pending with the regulator.
US President Donald Trump has signed an executive order beginning the process of withdrawing America from the World Health Organisation, the second time in less than five years that the US has ordered to withdraw from the world body.
It was among dozens of executive actions he signed after being sworn in for a second term,
on issues ranging from immigration to foreign policy to climate change.
The World Health Organisation (WHO) came under intense criticism from Trump in 2020 for its response to the COVID-19 pandemic, which grew into a worldwide health crisis during the final year of his first term.
This is Trump's second attempt to withdraw the US from the WHO.
In July 2020, he sent a letter to WHO Director-General Tedros Adhanom Ghebreyesus notifying him of the US intention to withdraw within a year. Trump accused the WHO at the time of helping China mislead the world about the spread of Covid-19.
But Trump was defeated in that year's election.
Russian President Vladimir Putin and his Iranian counterpart, Masoud Pezeshkian, signed a broad cooperation pact as their countries deepened their partnership in the face of stinging Western sanctions.
Russian and Iranian officials say the “comprehensive strategic partnership treaty” covers all areas -– from trade and military cooperation to science, education and culture.
The signing of the treaty with Iran follows last year's pact with North Korea -- countries once identified by former President George W. Bush, along with Iraq, as “the Axis of Evil.”
Russia built Iran’s first nuclear plant that was launched in 2013 and is building two more nuclear reactors there.
On Jan 21, 2025 Meghalaya, Tripura and Manipur separately celebrated their 53rd Statehood Day by holding a variety of colourful cultural programmes and other functions.
The three states have taken a series of programmes to celebrate the day and announced a slew of welfare programmes and various plans to develop these states in future.
Known as the "Jewel of India," Manipur has a long and illustrious history, steeped in traditional art, dance, and literature. The statehood granted in 1972 allowed Manipur to flourish while preserving its unique identity.
Often called the "Abode of Clouds," Meghalaya became a full-fledged state to honour its distinct cultural and linguistic identity.
With a blend of tribal and non-tribal cultures, Tripura's journey to statehood underscored the importance of political autonomy for socio-economic development. Its rich historical and cultural heritage continues to shine brightly. Tripura was a princely state till the merger with India on November 15, 1949.
Building on the success of DigiLocker, the government has introduced ‘Entity Locker,’ a new digital platform aimed at streamlining the management and verification of business and organizational documents.
Developed by the National eGovernance Division (NeGD) under the Ministry of Electronics and Information Technology (MeitY),
this secure, cloud-based platform caters to a diverse range of entities, including corporations, micro, small, and medium enterprises (MSMEs), trusts, startups, and societies.
Entity Locker leverages advanced technology to seamlessly integrate with various government and regulatory systems.
Key features include real-time access to government databases, consent-based mechanisms for secure information sharing, Aadhaar-authenticated role-based access, and legally valid digital signatures. Users are also provided with 10 GB of encrypted cloud storage for secure document handling.
Entity Locker connects seamlessly with systems like the Ministry of Corporate Affairs (MCA), the Goods and Services Tax Network (GSTN), and Directorate General of Foreign Trade (DGFT), offering instant access to essential documents. It also ensures transparency and accountability by tracking document-related activities, enhancing document security, and eliminating delays.
Zurich Kotak General Insurance has confirmed the appointment of Alok Kumar Agarwal as Managing Director and Chief Executive Officer of the company. Following the board’s approval, Agarwal assumed charge on 1 January 2025, succeeding Suresh Agarwal, the company said.
Agarwal brings over two decades of experience from ICICI Lombard General Insurance Company, where he held multiple leadership roles across corporate, SME, crop, and retail business segments during his 22-year tenure.
The development follows Zurich Insurance Group's strategic acquisition of a majority stake in Kotak Mahindra General Insurance Company in June 2024.
The Reserve Bank of India (RBl) has, by an order dated January 08, 2025, imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five Lakh only) on Parbhani District Central Co-operative Bank Ltd., Parbhani, Maharashtra (the bank) for contravention of provisions of Section 20 and Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 1.75 lakh on Mukkuperi Co-operative Urban Bank Limited, Tamil Nadu (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’, certain directions issued on ‘Loans and advance to directors, their relatives, and firms in which they are interested’, and ‘KYC'.
Donald Trump hailed the dawn of a “golden age” for the United States as he was sworn in as the country’s 47th President (January 20, 2025).
Mr. Trump was sworn in as the 47th president, promising a “revolution of common sense” and taking charge as Republicans assume unified control of Washington and set out to reshape the country’s institutions.
Mr. Trump, who overcame impeachments, criminal indictments and a pair of assassination attempts to win another term in the White House, will act swiftly after the ceremony, with executive orders already prepared for his signature to clamp down on border crossings, increase fossil fuel development and end diversity and inclusion programs across the federal government.
Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya inaugurated a two-day international seminar on “Formalization and Social Security Coverage for Workers in the Informal Sector: Challenges and Innovations” in New Delhi.
He also launched the coffee table book “Social protection in India” which highlights India’s journey in ensuring social protection for its citizens through various social welfare schemes.
Dr. Mohammed Azman, President of the International Social Security Association (ISSA), also addressed the gathering by expressing gratitude.
This international dialogue was organized by the Ministry of Labour and Employment of India, in collaboration with the Employees' State Insurance Corporation (ESIC) and International Social Security Association (ISSA) at the Yashobhoomi - India International Convention and Expo Center.
