Madhu Kapur drags Rabobank, into Yes bank row
MUMBAI: Madhu Kapur, widow of YES Bank co-founder Ashok Kapur, has dragged the Dutch bank, Rabobank, into the family controversy which has now reached the Bombay High Court.
Rabobank International Holding had granted a loan of Rs 17 crore each to Mags and Morgan (investment arms of YES Bank promoters), to be utilised for subscribing to the 17 million equity shares of YES bank after Harkirat Singh, the third partner, left the venture abruptly.
Rabobank had partnered YES Bank in 1998, and held 20% stake in the initial years. In 2012, the Dutch lender diluted its holding since it wanted to enter the country through the direct branch banking route, as the banking regulator stipulated that it would be allowed to open a branch only if it sold its stake in YES Bank.
Govt releases National Cyber Security Policy 2013
With an aim to protect information and build
capabilities to prevent cyber attacks, the govt released the National Cyber
Security Policy 2013 to safeguard both physical and business assets of the country.
The Policy has outlined the roadmap for creation of
a framework for comprehensive, collaborative and collective responsibility to
deal with cyber security of the country.
The policy has ambitious plans for rapid social
transformation and inclusive growth and India's prominent role in the IT global
market. It will cater to the cyber security requirements of government and
non-government entities at the national and international levels.
The Minister said there will be multiple places from
where cyber war could take place, it will involve individuals, sections of
society, businesses, terrorists, drug dealers and those who want to generate
violence.
The policy will help in safeguarding the critical
infrastructure like Air Defence system, nuclear plants, banking system, power
infrastructure, telecommunication system and many more to secure country's
economic stability.
CERT-In will function as an umbrella
organisation in enabling creation and operationalisation of sectoral CERTs as
well as facilitating communication and coordination actions in dealing with
cyber crisis situations
The policy will also establish a mechanism for
sharing information as well as identifying and responding to cyber security
incidents and for cooperation in restoration efforts.
Earlier, the Government of India on 8 May 2013
approved the National Cyber Security Policy with an aim to create a secured
computing environment across the country.
World within reach of halving hunger by 2015: UN report
according to the Millennium Development Goals Report 2013 released on Monday.
one in eight people around the globe still does not have enough to eat, the goal of halving hunger by 2015 is close to being realised.
While the numbers remain "disturbingly high" with 870 million not consuming enough each day, the proportion of undernourished people in the total population has decreased from 23.2% in 1990-1992 to 14.9% in 2010-2012.
No discrimination between home
& non-home branch customers: RBI to banks
The Reserve Bank has directed lenders not to
discriminate against their customers and follow a uniform, fair and transparent
pricing policy.
RBI said in a directive yesterday that banks should
not discriminate between their customers at the home branch and non-home
branches under the Core Banking Solutions (CBS) platform.
Accordingly, if a particular service is provided
free at a home branch the same should be available free at non-home
branches also.
There should be no discrimination as regards intresol
charges-charges levied by banks on customers for products and services-between
similar transactions done by customers at the home branch and those at non-home
branches.
RBI said Intersol charges were not uniform across home and non-home branches and this practice by some banks was contrary to the spirit of its guidelines on reasonableness of bank charges.
The directive also clarified that cash handling
charges may not be included under intersol charges.
14 coal blocks awarded to PSUs like NTPC and Neyveli Lignite Corp, 40 marked for cement and steel companies
The government has allocated 14 coal blocks to state-run companies, including NTPC and Neyveli Lignite Corp, to cater to 31,800 MW power generation capacity envisaged to be set up at an investment of Rs 1,60,000 crore.
Allotments in such large numbers have been made for the first time since 2008 when the government planned to allocate coal blocks through auction.
The 14 blocks have geological reserves of 8,311 million tonnes, capable of yielding about 159 million tonnes coal production per annum, the coal ministry said.
The ministry has allocated blocks to three central government undertakings and state power corporations of 15 states.
The ministry is expected to soon announce auction guidelines for awarding coal blocks to private companies.
The ministry has identified another 40 coal blocks for allocation under for commercial mining to sectors such as steel and cement and private power firms.
Govt aims to bring over half of
India under e-district scheme
In a major push to e-governance at grass root level
for transparency, govt has decided to cover 339 of around 620 districts by
March next year by a system under which government services can be accessed through
instruments like mobile phones.
The decision was taken at a meeting chaired by
Prime Minister Manmohan Singh in New Delhi on Monday to discuss provision of
government services at district and sub-district levels to citizens in electronic
mode across the country.
The programme is planned to be achieved through
measurable outcomes in terms of number of transactions, improved service
levels, reduced service time and costs for the government and citizens.
Under the e-district programme, internet and mobile
phones would be used for delivery of government services like ration card,
birth certificate and driving licences in 339 of around 620 districts of the
country by March next year.
The initiative is a part of e-Bharat programme for
which government has received a financial support of around Rs 700 crore from
World Bank.
Department of Electronics and IT (DEITY) has
already set up mobile application stores which people can use to access
government services in e-Districts and also mission mode project run by central
government like services related to passports.
At present, government has live 144 mobile
applications which people can use for checking status of postal services,
aadhar enrolment, rain information etc.
Telecom Commission endorses 100% FDI in telecom sector
Telecom Comm approves 100% FDI in telecom sector
TC has approved raising of FDI limit to 100 per cent from 74 per cent at present where 49 per cent of investment in an entity can be done through automatic route and FIPB approval will be required for raising further stake.
The decision will come in force only after cabinet approves it," a senior government official said.
The official said that Department of Telecom will send a detailed note to the Department of Industrial Policy and Promotion which would take it forward for inter-ministerial consultations before moving it to the Cabinet.
At present, FDI limit in the sector is at 74 per cent where 49 per cent is done through automatic route and rest requiring nod from Foreign Investment Promotion Board.
The idea behind the proposal to increase FDI limit in telecom sector is to help the industry get fresh funds to lower financial burden.
Indian telecom firm Reliance Communications said "100 per cent FDI in telecom will enhance value for all stakeholders.
The Telecom Commission has allowed up to 49% FDI through the automatic route, with further investments subject to approval by the Foreign Investment Promotion Board, a senior government official said. The decision will come into force once the Cabinet approves it.
At present, FDI in the sector is permissible only up to 74%, of which 49% is under automatic route while the remaining is subject to an approval from the FIPB.
While doing away with FDI curbs will help all telcos in raising money, the news will bring cheer especially to foreign operators, who have minority partners in India.
Sujata Singh to be India's next
Foreign Secy
Sujata Singh, currently envoy to Germany, will be
India's next Foreign Secretary following an approval of her appointment by PM
Manmohan Singh, ending months of speculation on who will head the foreign
services.
Singh, who will be the third woman to head the
services after Chokila Iyer and Nirupama Rao, is the daughter of T V Rajeshwar,
the former Intelligence Bureau Chief.
Singh is the wife of former Secretary (East)
Sanjay Singh, who retired in April this year.
59-year-old Singh, a 1976 batch IFS officer, was a
close contender for the top job along with India's Ambassador to China S
Jaishankar, who is a batch junior to her
Due to retire in July next year, Singh will now have
a two year extension and will succeed Ranjan Mathai who is set to
retire on 31st July.
Though Sujata Singh has not done any diplomatic
stint in India's neighbourhood, she was undersecretary looking after Nepal from
1982-1985 before her postings in Europe including Italy and France.
India lags South Asian peers in protecting poor
Large numbers of poor and vulnerable are exposed to risks and unexpected difficulties like unemployment, ill health, and natural disasters, an Asian Development Bank ( ADB) study says, because of lack of adequate social protection systems in many fast-growing middle-income countries in Asia and the Pacific.
The Social Protection Index: Assessing Results for Asia and the Pacific-released on Wednesday gives India a score of 0.051, below most of its South-Asia's peers.
Japan leads the index with a score of 0.416.
There are many vulnerable groups, including women and informal sector workers, who can't access unemployment, health or other social insurance but are also not poor enough to be eligible for social assistance such as cash transfers," said Bart Edes, director in ADB's regional and sustainable development department, in a release.
According to Edes, government social protection programmes need to be expanded to cover this unprotected 'missing middle,' who are at risk of falling into poverty in the case of an economic, environmental, or health shock of some kind.
The study is based on an analysis of government programmes providing social insurance, social assistance, and labour market support in 35 countries across Asia Pacific.
Japan spent most on social protection, 19.2% of GDP, followed by Uzbekistan and Mongolia.
India spent 1.7% of its GDP on protecting the vulnerable. According to the report, despite steep GDP gains in recent decades, the majority of countries in Asia and the Pacific, particularly those that have graduated to middle-income status, have not correspondingly strengthened their systems of social protection.
India spent 1.7% of its GDP on protecting the vulnerable. According to the report, despite steep GDP gains in recent decades, the majority of countries in Asia and the Pacific, particularly those that have graduated to middle-income status, have not correspondingly strengthened their systems of social protection.
Indian Air Force may have just pulled off the largest chopper evacuation
Former Delhi Police commissioner K
K Paul was appointed Meghalaya governor
Former Delhi Police commissioner K K Paul was appointed
Meghalaya governor replacing Ranjit Shekhar Mooshahary.
Paul takes over as Meghalaya Governor from R S
Moosahary. A 1970 batch IPS officer, Paul was also Member of Union Public
Service Commission from 26th July 2007.
His wife, Amita Paul, is Secretary to President
Pranab Mukherjee.
Former Southern Army Commander Lt Gen (retd) A
K Singh takes over as the new Lt Governor of Andaman and Nicobar Island from
Lt. General Bhopinder Singh (Retd.) who completed his five-year tenure in March
this year.
Former Punjab Pradesh Congress Committee President
and former Rajya Sabha member Virendra Kataria has been appointed as the new Lt
Governor of Puducherry succeeding Iqbal Singh.
Ajay Piramal to buy 10% in Shriram Capital for Rs 700 crore
Billionaire Ajay Piramal will purchase a 10% stake in Shriram Capital, the holding company of Shriram Group's financial services business and an aspirant for a banking licence, for a consideration expected to be between Rs 650 crore and Rs 700 crore.
We have reached in-principle agreement to sell a 10% stake in Shriram Capital to Ajay Piramal," said R Thyagarajan, founder of the Shriram Group.
Shriram Capital was valued at Rs 5,000 crore when TPG Capital purchased a 11% stake in 2009, implying an almost 20% rise in valuation if the deal is struck in the range of Rs 650-700 per share.]
In May, Piramal purchased a 9.9% stake in Shriram Group's truck finance company, India's largest by assets and number of trucks financed, for Rs 1,652 crore from PE fund TPG Capital.
The stake was bought via block trades on the stock market.
Najeeb Jung new Delhi Lt. Governor
Jamia Millia Islamia vice-chancellor Najeeb Jung
was on Monday appointed Delhi lieutenant-governor replacing Tejendra
Khanna.
An IAS officer of 1973 batch from Madhya Pradesh
cadre, Jung has served in various capacities for 22 years in different
capacities besides working as Senior Advisor for seven years at the Asian
Development Bank (ADB).
Jung was appointed Vice-Chancellor of Jamia Millia
Islamia in 2009.
Khanna, who was Lt Governor from 1996 to 1998 and 2007
to 2013, had an eventful tenure during which Commonwealth games were held in
the national capital.
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