Current Affairs Assam – June 2018
( Covers all important Assam Current Affairs & GK topics for the month of June 2018 )
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June 17
Banks have recovered Rs 34,267.23 crore worth of bad loans through the Debt Recovery Tribunals (DRT)
Banks have recovered Rs 34,267.23 crore worth of bad loans through the Debt Recovery Tribunals (DRT) in 2017-18, which is more than double of the loans sold to Asset Reconstruction Companies (ARCs), which is of Rs 15,920 crore.
The losses on account of frauds almost equal the recoveries through the DRTs, as in the financial year 2017-18, a total number of 5,904 fraud cases were reported involving Rs 32,361.27 crore.
RBI in a submission to the parliamentary panel also said the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI ACT) continues to be an important tool of recovery outside the Insolvency and Bankruptcy Code (IBC) 2016 as it enables the banks to enforce the security interest.
FACTFILE – Debt Recovery Tribunals (DRTs)
- RDTs were established to facilitate the debt recovery involving banks and other financial institutions with their customers.
- DRTs were set up after the passing of Recovery of Debts due to Banks and Financial Institutions Act (RDBBFI), 1993.
- Appeals against orders passed by DRTs lie before Debts Recovery Appellate Tribunal (DRAT).
- DRTs can take cases from banks for disputed loans above Rs 10 Lakhs.
- At present, there are 33 DRTs and 5 DRATs functioning at various parts of the country.
NITI Aayog fourth meeting of the Governing Council
Prime Minister Narendra Modi addressing the fourth meeting of the governing council of NITI Aayog, attended by chief ministers of almost all states, called for widespread debate and consultations on simultaneous elections for LokSabha and Vidhan Sabhas, keeping in view various aspects such as the resulting financial savings and consequent better utilisation of resources.
Niti Aayog had last year suggested synchronised, two-phase Lok Sabha and assembly elections from 2024 so as to ensure minimum “campaign-mode” disruption to governance.
Modi also said that corporate investment in agriculture is very low in India and urged the state governments to formulate policies to promote industry participation in the farm sector. He also epxressed that the world expects India to become a $5 trillion economy soon.
He encouraged states to give the finance commission fresh ideas for incentivising outcome-based allocations and expenditure correction.
FACTFILE – The NITI Aayog (National Institution for Transforming India)
- It is a policy think tank of the Government of India, established with the aim to achieve Sustainable Development Goals and to enhance cooperative federalism by fostering the involvement of State Governments of India in the economic policy-making process using a bottom-up approach.
- It was formed on 1st January 2015 by replacing Planning Commission
- Headquarters in New Delhi
- Narendra Modi is the Chairman (Ex-officio), Rajiv Kumar is Vice Chairman and Amitabh Kant is the CEO.
- The permanent members of the governing council are all the state Chief Ministers, along with the Chief Ministers of Delhi and Puducherry, the Lieutenant Governor of Andaman and Nicobar, and a vice chairman nominated by the Prime Minister.
- Other members are Bibek Debroy, V. K. Saraswat, Ramesh Chand, Vinod Paul
- Its initiatives include “15 year road map”, “7-year vision, strategy and action plan”, AMRUT, Digital India, Atal Innovation Mission, Medical Education Reform, Agriculture reforms (Model Land Leasing Law, Reforms of the Agricultural Produce Marketing Committee Act, Agricultural Marketing and Farmer Friendly Reforms Index for ranking states), Indices Measuring States’ Performance in Health, Education and Water Management, Sub-Group of Chief Ministers on Rationalization of Centrally Sponsored Schemes, Sub-Group of Chief Ministers on Swachh Bharat Abhiyan, Sub-Group of Chief Ministers on Skill Development, Task Forces on Agriculture and Elimination of Poverty, and Transforming India Lecture Series.
Father’s Day celebrated on 17th June
Father’s Day is celebrated worldwide to recognize the contribution that fathers and father figures make to the lives of their children. It celebrates fatherhood and male parenting.
It is celebrated on various dates worldwide, many countries observe this day on the third Sunday in June and this is 17th June this year.
Origin of Father’s Day
- The idea of Father’s Day may originate in pagan sun worship. Some branches of paganism see the Sun as the father of the universe. The June solstice occurs around the same time of year as Father’s Day so some people see a link between the two.
- The idea of a special day to honor fathers and celebrate fatherhood was introduced from the United States. A woman called Sonora Smart Dodd was inspired by the American Mother’s Day celebrations to plan a day to honor fathers.
RBI eases norms for FPIs to invest in debt
The Reserve Bank of India (RBI) has eased investment norms for foreign portfolio investors (FPIs) in debt, particularly into individual large corporate. This move can help attract more overseas flows and thus strengthen rupee hand and also increase demand for corporate bonds.
FPIs are permitted to invest in Government securities (G-secs), including treasury bills, and SDLs without any minimum residual maturity requirement, subject to the condition that short-term investments by an FPI under either category shall not exceed 20 per cent of the total investment of that FPI in that category. Now RBI increased the cap to 30%.
FPIs were allowed to invest in government bonds with a minimum residual maturity of three years. In the corporate bond segment, FPIs are permitted to invest with a minimum maturity of three years. The central bank has now allowed FPIs to invest in corporate bonds with minimum residual maturity of above one year.
Following the RBI notification, market regulator, Sebi, withdrew the minimum three-year residual maturity restriction on investments made by them in government securities, corporate bonds and SDLs.
FACTFILE – Foreign Portfolio Investment
- FPI is a Portfolio Investment grouping of assets such as stocks, bonds, and cash equivalents. Portfolio investments are held directly by an investor or managed by financial professionals.
- Foreign Portfolio Investment is the entry of funds into a country where foreigners deposit money in a country’s bank or make purchases in the country’s stock and bond markets, sometimes for speculation.
- Most foreign portfolio investments consist of securities and other foreign financial assets that are passively held by the foreign investor.
- This does not provide the foreign investor with direct ownership of the financial assets and can be relatively liquid depending on the volatility of the market that the investment takes place in.
- Foreign portfolio investments can be made by individuals, companies, or even governments in international countries.
June 18
UK-India Week 2018
UK-India Week 2018 and the 2nd Edition of 100 Most Influential in UK India Relations was formally launched on 18th June. The five-day international event where ‘Global Britain Meets Global India’ will be held in London and Buckinghamshire.
Liam Fox, Member of Parliament for North Somerset and Matt Hancock, Secretary of State for Digital, Culture, Media, and Sport, Delivered the special inaugural address.
Emily Thornberry Labour MP for Islington S &Finsbury, His Excellency YK Sinha, Indian High Commissioner, Ajay Vij Senior Vice President, Infosys were present.
ICICI Bank appoints Sandeep Bakhshi as COO
ICICI Bank named Sandeep Bakhshi as its Chief Operating Officer(COO) for five years. He will report to the board of directors.
In recent development, ICICI Bank Ltd’s Managing Director and Chief Executive Officer Chanda Kochhar will go on leave till an independent probe against allegations of impropriety against her is complete, but she will continue in her role.
Mr Bakhshi joined the institution in 1996 and has held various positions within the group. Earlier he was deputy managing director and head of retail operations.
In August 2010, Bakhshi was appointed the head of ICICI Prudential Life Insurance.
AU Small Finance Bank to raise Rs 1,000 crore
AU Small Finance Bank to raise Rs1,000crore from Singapore-based investment firm Temasek. For this largest primary capital infusion in the bank and its first ever since its last raise in 2011-12, the bank has received shareholders approval also.
AU Bank’s shareholders include IFC, Warburg Pincus, Chrys Capital and Kedaara Capital. It said the bank clocked a strong disbursement growth of more than 60%, AUM growth of about 50% and mobilized Rs8,000 crore of deposits, in 2017-18.
By the end of financial year 2018, AU Bank had broaden its branch network to 306 bank branches, 97 asset centers, 89 BC outlets, 23 offices and 292 ATMs.
FACTFILE – AU Small Finance Bank
- It is an Indian commercial bank that was founded as vehicle finance company Au Financiers (India) Ltd in 1996
- It was converted to a small finance bank on 19 April 2017.
- It ranked 469 in the Fortune India 500 (2017) companies, with annual revenue of ₹2,041.82 crores (US$314 million) and assets of ₹9,186.28 crores (US$1.41 billion).
- Its full market capitalization at FY18 was ₹17,655 crores (US$2.71 billion).
- It’s headquarters is in Jaipur, Rajasthan
- Mannil Venugopalan is Chairman & Mr. Sanjay Agarwal is MD & CEO.
India towards becoming USD 5 trillion economy by 2025
Indian President Ram Nath Kovind, on visit to Greece, said that India striving to become a US$ 5 trillion economy and the world’s third largest consumer market by 2025. And there is a huge potential for India and Greece to collaborate in areas like infrastructure, supply chain, energy and services, President has said as he highlighted investment opportunities in India.
He asked the Indian community members to visit the Pravasi Bhartiya Kendra in New Delhi to know more about India and invited them to participate in the Pravasi Bhartiya Divas to be held in Varanasi next year.
India-Greece bilateral trade stands at USD 530 million only and some Indian companies are present in the infrastructure, pharmaceutical and steel sectors. Greece is home to a 12,000 Indian diaspora.
President Kovind is the first Indian president to travel to Greece in 11 years. He will also travel to Surinam and Cuba during his trip.
FACTFILE – Greece
- Greece is located in southeastern Europe with thousands of islands throughout the Aegean and Ionian seas.
- It’s often called the cradle of Western civilization.
- Capital Athens retains landmarks including the 5th-century B.C. Acropolis citadel with the Parthenon temple.
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