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Current Affairs 2017

Delhi Police chief Alok Verma appointed new CBI Director

The Appointments Committee of the Cabinet has approved the appointment of Shri Alok Kumar Verma as the new CBI Director. His appointment will be for a period of two years from the date of assumption of charge of his office. Shri Alok Kumar Verma, currently Delhi Police commissioner, is a 1979 batch Indian Police Service officer of the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre.

Employment News

181 Pet PI ASC, C/o 56 APO, www.persmin.nic/dopt.asp invites applications for Tradesman Mate 02 psots (UR-01 post, SC/ST-01) Fireman 06 posts (UR-04, SC/ST-01post, OBC-01) Refer website or Employment News dated 7-13 Jan 2017...

History of Indian Banking

The first bank of limited liability managed by Indians was Oudh Commercial Bank founded in 1881. Subsequently, Punjab National Bank was established in 1894. Swadeshi movement, which began in 1906, encouraged the formation of a number of commercial banks. Banking crisis during 1913-1917 and failure of 588 banks in various parts of the country during the decade ended 1949 underlined the need for regulating and controlling commercial banks. The Banking Companies Act was passed in February 1949, which was subsequently amended to read as Banking Regulation Act, 1949. This Act provided the legal framework for regulation of the banking system in India.
The largest bank - Imperial Bank of India - was nationalised in 1955 and renamed as State Bank of India, followed by formation of its 7 Associate Banks in 1959. With a view to bringing commercial banks into the mainstream of economic development with definite social obligations and objectives, the Government of India issued an ordinance on 19 July 1969 acquiring ownership and control of major banks in the country. Six more commercial banks were nationalised from April 1980.

As certain rigidities and weaknesses were found to have developed in the banking system during the late eighties, the Government of India felt that these had to be addressed to enable the financial system to play its role in ushering in a more efficient and competitive economy Accordingly, a high-level Committee on the Financial System (CFS) was set up on 14 August 1991 to examine all aspects relating to the structure, organization, functions and procedures of the financial systems. Based on the recommendations of the Committee (Chairman: Shri M.Narasimham), a comprehensive reform of the banking system was introduced in 1992-93.

To review the record of implementation of financial system reforms recommended in 1991 by the Committee on Financial System and chart the path of reforms in the years ahead, a high-level Committee on Banking Sector Reforms, under the Chairmanship of Shri M.Narasimham was constituted by the Government of India in December 1997. The Committee submitted its report in April 1998. Some of the recommendations of the Committee, on prudential norms, Capital Adequacy Ratio, classification of Government guaranteed advances, provisioning requirements on standard advances and more disclosures in the Balance Sheets of banks were accepted and implemented. Recent major initiatives undertaken for strengthening the financial sector in pursuance to the recommendations of the above Committee relate to guidelines to banks on Asset-Liability Management and integrated risk management systems, compliance with Accounting Standards, consolidated accounting and supervision, fine-tuning of prudential norms for income recognition, asset classification and provisioning for NPAs, etc. The guidelines on setting-up of Off-shore Banking Units in Special Economic Zones, Fair Practices Code for Lenders, Corporate Governance, Anti-Money Laundering measures, Know Your Customer (KYC) norms, Corporate Debt Restructuring (CDR) derivatives, guidance notes on Credit Risk, Market Risk, Operational Risk, etc., are other important developments introduced in the banking sector in recent years. RBI has also issued revised guidelines on migration to Basel II Framework on Capital Adequency. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has facilitated NPA management by banks more effectively.

In 1993, in recognition of the need to introduce greater competition, new private sector banks were allowed to be set up. Licenses were issued to 10 banks which had satisfied the necessary regulatory requirements. Subsequently in 2001, fresh guidelines for setting up new private sector were issued and two banks were issued license under those guidelines. A draft comprehensive policy framework for ownership and governance in private sector banks was put in the public domain on 2 July 2004 for discussion and feedback. After taking into consideration the feedback received from all concerned and in consultation with Government of India, RBI issued detailed Guidelines on ownership and governance in private sector banks on 28 February 2005. The underlying principles of the guidelines inter alia are to ensure that the all banks in the private sector have a networth of 300 crore, ultimate ownership and control of private sector banks is well diversified, important shareholders (i.e., shareholding of 5 per cent and above) conform to the 'fit and proper' criteria. The directors and the CEO who manage the affairs of the bank should also satisfy the 'fit and proper' criteria. The guidelines also provide for restrictions on cross holding above 5 per cent by one bank/Financial Institution (FI) in another bank/FI and observance of sound corporate governance principles.

On a review of corporate governance practices in Banks in 2007, RBI advised banks in private sector to ensure that their Memorandum and Articles of Association conform to the above mentioned stipulations. Banks in private sector were also advised to split the posts of Chairman/MD/CEO and have a part time Chairman of the Board of Directors and a separate Chief Executive Officer /Managing Director who would be responsible for day-to-day management/activities of the bank.

Reserve Bank of India issued guidelines on May 11, 2005 for merger/ amalgamation of private sector banks for consolidation in the banking sector. The guidelines are applicable where the merger takes place between two banking companies or between a banking company and a non-banking financial company

88th annual Academy Awards 2016

Oscars 2016The Academy Awards popularly known as Oscars Best Picture Spotlight Best Actor Leonardo DiCaprio for The Revenant Best Actress Brie Larson for Room Best Director Alejandro Iñárritu for The Revenant Best Supporting Actress Alicia Vikander for The Danish Girl Best Supporting Actor Mark Rylance, Bridge of Spies Best Original Score Ennio Morricone for The Hateful Eight Best Foreign Language Film Son of Saul Best Live Action Short Film Stutterer Best Documentary Feature Film Amy Best Documentary Short Film A Girl in the River: The Price of Forgiveness Best Animated Feature Film Inside Out Best Animated Short Film Bear Story Best Visual Effects Ex Machina, Andrew Whitehurst, Paul Norris, Mark Ardington and Sara Bennett Best Sound Mixing Mad Max: Fury Road, Chris Jenkins, Gregg Rudloff and Ben Osmo Best Sound Editing Mad Max: Fury Road, Mark Mangini and David White Best Film Editing Mad Max: Fury Road, Margaret Sixel Best Cinematography The Revenant, Emmanuel Lube ...

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What is Kyoto Protocol?

The Kyoto Protocol is an international agreement linked to the United Nations Framework Convention on Climate Change. The major feature of the Kyoto Protocol is that it sets binding targets for 37 industrialized countries and the European community for reducing greenhouse gas (GHG) emissions .These amount to an average of five per cent against 1990 levels over the five-year period 2008-2012. The major distinction between the Protocol and the Convention is that while the Convention encouraged industrialized countries to stabilize GHG emissions, the Protocol commits them to do so. Recognizing that developed countries are principally responsible for the current high levels of GHG emissions in the atmosphere as a result of more than 150 years of industrial activity, the Protocol places a heavier burden on developed nations under the principle of "common but differentiated responsibilities." The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 ...

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Genetically Modified Food or Crops

Genetic Modification Genetic modification refers to techniques used to manipulate the genetic composition of an organism by adding specific useful genes. A gene is a sequence of DNA that contains information that determines a particular characteristic/trait. All organisms have DNA (genes). Genes are located in chromosomes. Genes are units of inheritance that are passed from one generation to the next and provide instructions for development and function of the organism. Crops that are developed through genetic modification are referred to as genetically modified (GM) crops, transgenic crops or genetically engineered (GE) crops. Over the last 30 years, the field of genetic engineering has developed rapidly due to the greater understanding of deoxyribonucleic acid (DNA) as the chemical double helix code from which genes are made. The term genetic engineering is used to describe the process by which the genetic makeup of an organism can be altered using “recombinant DNA technology.” This ...

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Career Scope in Advertising Industry

Advertising world has led to the emergence of many new roles within the advertising profession. In the new edge of ad world, advertising goes beyond its conventional approach. For the non-conventional and conventional advertising approach, Industry requires well groomed people who can develop innovative and creative new idea. Flexibility and competence is must for the industry as the Ad World is highly creative as well as dynamic. Advertising careers are diverse and can run across a variety of departments, offering positions in the fields of creative departments, production, media, and research. The ultimate goal is to meet the client’s goals of increasing sales as much as possible. Public relations services are often involved with businesses, governments, and institutions and can help them make effective decisions. Students of an advertising school may choose to pursue a career as a: Advertising Media PlannerMedia ResearcherCreative DepartmentCopywriter/IllustratorAccount PlanningPr ...

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