Famous Quote

I have a dream that my four children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.

Martin Lutrher King, Jr.

Current Affairs 2017

Rohan Bopanna and Pablo Cuevas win Monte Carlo Masters doubles crown

India’s Rohan Bopanna and his Uruguayan partner Pablo Cuevas lifted the men’s doubles crown at the Monte Carlo Masters after registering a hard- fought three-set win over Spain’s Feliciano Lopez and Marc Lopez in Monaco.

Employment News

Aeronautical Development Agency, Bangalore www.ada.gov.in invites applications for Project Assistant 01 post Refer website or Employment News dated 25-31 March 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

Pradhan Mantri Fasal Bima Yojana

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the ‘Pradhan Mantri Fasal Bima Yojana’ - a path breaking scheme for farmers’ welfare. The highlights of this scheme are as under: There will be a uniform premium of only 2% to be paid by farmers for all Kharif crops and 1.5% for all Rabi crops. In case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5%. The premium rates to be paid by farmers are very low and balance premium will be paid by the Government to provide full insured amount to the farmers against crop loss on account of natural calamities.There is no upper limit on Government subsidy. Even if balance premium is 90%, it will be borne by the Government.Earlier, there was a provision of capping the premium rate which resulted in low claims being paid to farmers. This capping was done to limit Government outgo on the premium subsidy. This capping has now been removed and farmers will get claim against ful ...

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Where is world largest solar telescope developed?

India's remotely controlled terrestrial solar telescope, which will be the largest of its kind in the world will be operational by 2013. A high-resolution two-metre class solar telescope be placed soon to help scientists study the sun. The solar telescope will developed by the Indian Institute of Astrophysics in Banglore in collaboration with the Inter-University Centre for Astronomy and Astrophysics Pune and the Aryabhatta Research Institute of Observational Sciences, Nainital. The remotely controlled terrestrial solar-telescope, which will have a 2-metre diameter aperture, is the biggest and the initial cost of developing the telescope will be about Rs.150 crore. The institute is evaluating the Indian Astronomical Observatory in Hanle (Ladakh), Leh (Ladakh) and Devasthal (near Nainital) as possible location for housing the telescope. A team of about 30 to 40 scientists are working for the Development of the project. The telescope has to be located in a place where the ...

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Human Genome

The human genome is the genome of Homo sapiens, which is stored on 23 chromosome pairs. Twenty-two of these are autosomal chromosome pairs, while the remaining pair is sex-determining. The haploid human genome occupies a total of just over 3 billion DNA base pairs. The haploid human genome contains ca. 23,000 protein-coding genes, far fewer than had been expected before its sequencing. In fact, only about 1.5% of the genome codes for proteins, while the rest consists of non-coding RNA genes, regulatory sequences, introns, and (controversially named) "junk" DNA The Human Genome Project (HGP) produced a reference sequence of the euchromatic human genome, which is used worldwide in biomedical sciences. Genes Surprisingly, the number of human genes seems to be less than a factor of two greater than that of many much simpler organisms, such as the roundworm and the fruit fly. However, human cells make extensive use of alternative splicing to produce several different proteins from a single ...

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Career Scope in Print Media

Print media are lightweight, portable, disposable publications printed on paper and circulated as physical copies in forms we call books, newspapers, magazines and newsletters. They hold informative and entertaining content that is of general or special interest. They are published either once or daily, weekly, biweekly, monthly, bimonthly or quarterly. Print Media is the oldest form of media. But even today it is growing from strength to strength. Around 4000 small, medium and large newspapers and magazines across the county are registered with the Registrar of Newspapers every year. This indicates that it is a growing sector where employment opportunities are increasing with each passing day. Most of the young aspirants who want to enter the print media prefer reporting, but newspapers and magazines also seek young talent as photographers, artists, editors, computer experts, librarians, and cartoonists. Students who have writing ability, graphics or photo skills, curiosity and deter ...

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