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Current Affairs 2017

Edappadi Palaniswami sworn in as Tamil Nadu Chief Minister

Tamil Nadu, Governor Ch. Vidyasagar Rao on 16th February evening administered the oath of office to Edappadi K. Palaniswami as the 13th Chief Minister along with a Council of 30 Ministers.

Employment News

192 Pet PI ASC Pin-905192 C/o 56, Jhansi invites applications for Fireman 09 posts (UR-07, OBC-01, SC-01) Refer website or Employment News dated 18-24 Feb 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

National Agriculture Market (NAM)

National Agriculture Market (NAM) is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. The NAM Portal provides a single window service for all APMC related information and services. This includes commodity arrivals & prices, buy & sell trade offers, provision to respond to trade offers, among other services. While material flow (agriculture produce) continue to happen through mandis, an online market reduces transaction costs and information asymmetry. Agriculture marketing is administered by the States as per their agri-marketing regulations, under which, the State is divided into several market areas, each of which is administered by a separate Agricultural Produce Marketing Committee (APMC) which imposes its own marketing regulation (including fees). This fragmentation of markets, even within the State, hinders free flow of agri commodities from one market area to another and multip ...

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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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History of Indian Cinema

India's first film "Raja Harischandra", a silent movie was first screened at Bombay's (Mumbai) Coronation Theater on May 3, 1913. It was made by Dadasaheb Phalke, the father of Indian Cinema. It was Phalke who introduced India to world cinema at a time when working in films was restricted by social customs. After the success of his film 'Raja Harishchandra', several filmmakers in Bombay and Madras began making silent films. By the mid 1920s, Madras had become the epicenter for all film related activities. Raghupathi Venkaiah Naidu, S S Vasan, A V Meiyappan set up production houses in Madras to shoot Telugu and Tamil films. The silent era came to an end when Ardeshir Irani produced his first talkie, 'Alam Ara' in 1931. If Phalke was the father of Indian cinema, Irani was the father of the talkie. The talkies changed the face of Indian cinema. Apart from looks, the actors not only needed a commanding voice but also singing skills, as music became a defining element in Indian cinema. The ...

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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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