Person in News Nasim Zaidi Election CommissionerNasim Zaidiwas appointed as the nextChief Election Commissioner. PresidentPranab Mukherjeehas cleared his appointment, a Law Ministry statement said. Zaidi will have a tenure up to July, 2017 when he attains the age of 65. An EC or a CEC has a tenure of six years in office or 65 years of age, whichever is earlier. A 1976 batch IAS officer, Zaidi has worked in theCivil Aviation Ministryfor a long time. Hrushikesh Moolgaonkar Former Air Chief MarshalHrushikesh Moolgaonkar, who had the honour of leading the fly-past on Independence-day in 1947, passed away here after a prolonged illness. His competence as an ace pilot manifested as he flew 67 types of aircraft during his long span in the IAF. Moolgaonkar had led the fly-past onAugust 15, 1947, and also onJanuary 26, 1951, theRepublic Day, when he was a Squadron Leader, a Defence release said. Syedna Mufaddal Saifuddin Syedna Mufaddal Saifuddin, head of theBohra communityin India, was elected as theAligarh Muslim Universitysnew Chancellor. Syedna was elected to the post, which was vacant for over five years. Malala Yousafzai The youngestNobel Peace Prizewinner and girls education campaignerMalala Yousafzainow has an asteroid named after her. Amy Mainzer, astronomer atNASAs Jet Propulsion Laboratoryin California, namedAsteroid 316201after Malala. Mainzerdiscovered the asteroid in the Main Belt between Mars and Jupiter which gives her the right to name it. It orbits the Sun every 5.5 years. Mohan Kumar Senior diplomat Mohan Kumar, currently Indias top envoy to Bahrain, has been appointed the nextAmbassador to Franceto succeed Arun Kumar. A 1981-batch IFS officer, Mohan Kumar is expected to take up his assignment shortly, External Affairs Ministry said today. Arun Kumarhas been appointed the countrys Ambassador to theUS, replacingS Jaishankar. Vivek Priyadarshi The Supreme Court appointed CBI sleuthVivek Priyadarshito head a new investigating team to further probe theIPL-6spot-fixing and betting scandal. Priyadarshi, currently a superintendent of police in the anti-corruption cell of the agency, will replace 1983-batch Assam-Meghalaya cadre IPS officerB B Mishraas the head of the probe team following his retirement. Sitaram Yechury The Communist Party of India-Marxist unanimously elected Sitaram Yechury as the newGeneral secretaryof the party. Bhalchandra Nemade The Prime Minister ShriNarendra Modi emphasized the combination of wisdom (Saraswati) and prosperity (Lakshmi) as the key to Indias progress. Speaking after the presentation of the50th JnanpeethAward to Prof.Bhalchandra Nemade, the Prime Minister said creative writing has the capacity to touch lives of several generations. Mukesh Ambani IndustrialistMukesh Ambaniregained his position as theworlds richest Indianwith a networth of USD 19.6 billion, as pharma tycoonDilip Shanghvislipped to the second place after remaining on the top for about seven weeks. Raja Rajeswari Raja Rajeswari has been sworn-in as acriminal court judgehere by Mayor Bill de Blasio, becoming the firstIndia-born womanto be appointed a judge in theNew York City.National Affairs The much-hypedAaharcheap meal scheme was launched byOdishagovernment for providing subsidised food to urban poor. The populist programme aimed at providing meal atRs fiveto theurban poorwas launched by Chief ministerNaveen Patnaikat the Capital Hospital here amid criticism by opposition parties which slammed the state government for asking corporate houses to fund the scheme. Apart from Bhubaneswar, the scheme is also being launched simultaneously in Rourkela, Cuttack, Berhampur and Sambalpur in the first phase on the occasion ofUtkala Dibasa, the foundation day of the state. Prime MinisterNarendra Modi coined a new slogan give it up to exhort the better off sections of society to forego theirLPG subsidythat can be utilised in providing subsidised LPG connections to the poor. Kalvari, the first of theIndian NavyssixScorpeneclassstealth submarines, was undocked here, paving the way for sea trials and its eventual commissioning in September, 2016. The six Scorpenes are being built byMazagon DocksLtd in collaboration with French firmDCNS. P75(I)is the next project of theNavyunder which six submarines will be built in India. The first Scorpene submarine has been named after its predecessor, an erstwhile Russian Foxtrot class submarine,Kalvari. It was the first submarine operated by India. As for Project 75, the remaining five boats would be delivered by the yard by 2020. In a move that will benefit over one crore Central government employees and pensioners, theUnion Cabinet hikedDearness Allowance(DA) by6 per cent to 113 per centof their basic pay with effect from January. The decision will benefit48 lakh government employeesand55 lakh pensionerswould involve an outlay of Rs 7,889.34 crore in the current fiscal. Indiasuccessfully test-fired its nuclear-capableDhanush Ballistic Missilewith a strike range of350 kmfrom a naval ship off the Odisha coast. Thesurface-to-surface Dhanush, a naval variant of Indias indigenously-developedPrithvi missile, was test fired from a ship in the Bay of Bengal off Odisha coast by the Strategic Force Command (SFC) of the defence force. The single-stage, liquid-propelled Dhanush having 350 km range has already been inducted into the armed forces and is one of the five missiles developed byDefence Research and Development Organisation(DRDO) under theIntegrated Guided Missile Development Programme(IGMDP), defence sources said. Capable of carrying of 500 to 1000 kilogram conventional as well as nuclear payload. Indias firstInternational Financial Services Centre(IFSC) atGIFT CitynearAhmedabadbecame operational . Finance MinisterArun Jaitleyunveiled rules and regulations for this global financial hub. Canada agreed to supply3,000 metric tonnesofuraniumto energy-hungry India from this year under aUSD 254 million five-year dealto power Indian reactors as the two countries decided to set in motion a new strategic partnership. The agreement for uranium supply, which came two years after protracted negotiations following the2013 civil nuclear dealbetween India and Canada, was signed after comprehensive talks Prime MinisterNarendra Modihad with his Canadian counterpartStephen Harper. More than 2 decades after the thenJanata Daldisintegrated, 6 of its constituents merged to form a new party which will be headed bySPpresidentMulayam Singh Yadav. While the SP leader will head the committee, its members will be H.D. Deve Gowda (Janata Dal-S), Sharad Yadav (Janata Dal-United), Om Prakash Chautala (Indian National Lok Dal) , Kamal Morarka (Samajwadi Janata Party) and Ram Gopal Yadav (SP). A 900-yr-old piece of sculpture fromKhajuraho temple, which had somehow reachedCanada, was returned by PMStephen Harperwhen his Indian counterpartModimet him. Indian Navysnew stealth destroyer,Visakhapatnam, designed indigenously and fitted with advanced features, was launched in Mumbai, boosting the maritime forces firepower capability. It will be fitted with supersonic surface-to-surface missile system. The vessel is expected to be commissioned in theNavy in 2018. The vessel is follow-on ofP15-A Kolkata-classdestroyers with enhanced features. The first ofP15-B stealth destroyersVisakhapatnamhave been designed by the forces in-house unit Directorate ofNaval Design. It is the largest destroyer commissioned in India. With an aim of monitoring implementation of various ongoing projects includingRail Budget proposals, railways launchedE-Samiksha, an online monitoring mechanism. Designed byNIC, the software is currently being used by Cabinet Secretariat, PMO and other Ministries for monitoring progress implementation of various programmes and follow-up of meetings. Apart from budget-related projects, theE-Samikshacan also be used for monitoring the infrastructure target and board meeting follow-up. Moving ahead in line with digital India,Railwayslaunched mobile application forpaperless unreserved tickets. Developed byCentre for Railway Information Systems(CRIS) utsonmobile the paperless unreserved ticketing feature in mobile application aims to eliminate the need for printing of unreserved tickets. On a pilot basis, the paperless ticketing system in unreserved segment will cover 15 stations in the suburban section of Southern Railway, officials said. Payment for the ticket is done through therailway wallet feature in the App. After booking the ticket, the passenger will get ticket confirmation screen, which will contain limited information about the ticket. The passenger has to use the ticket within an hour of booking the ticket as per the policy of suburban sections. Also the ticket will have distinct colour scheme everyday and it cannot be forwarded to another mobile. In a major decision theUnion Cabinetapproved lowering of age ofjuvenilesfromeighteen to sixteen years. The proposal will empowerJuvenile Justice Boardto decide on whether a juvenile above16 yearsinvolved in heinous crimes such as rape is to be sent to a observation home or tried in a regular court. However, according to the bill, in no case the juvenile involved in a heinous crime will be sentenced to death or life imprisonment either when tried under the provisions of JJ Act or under the provisions of IPC. The Union Cabinet has approved the introduction of Amendment tothe Juvenile Justice (Care and Protection of Children) Bill 2014, which has special provisions to tackle heinous offences like murder and rape committed by juveniles in the age group of16-18 years. One of the accused in theNirbhaya rape case was 17 but was given a light sentence. TheUShas expressed concern overIndiascrackdown on theFord FoundationandGreenpeace, and said it is seeking clarification on the action. The ministry of home affairs has, in recent weeks, cancelledGreenpeacesregistration and frozen its accounts, accusing it of working against the economic interest of the country. The ministry putFord Foundationon a list of non-governmental organisations that must seek prior permission from the government for funding organisations and individuals in India. The Army conducted a major exercise,Akraman-II, in Rajasthan to test a new generation of weaponry and platforms employed in the desert region, with providing real time battle and situational awareness to its commanders. The exercise was conducted by the Bhatinda-basedChetak Corps, a part of South Western Command. More than 300 Combat Vehicles, Main Battle Tanks, Long Range Arty Guns and about 10,000 troops are participating in the exercise, an official release said here. Akraman-IIenvisages orchestration of an integrated battle field scenario in network centric environment with integration of reconnaissance, surveillance and electronic warfare and communication assets to provide real time battle and situational awareness to commanders, the release said. Govtdecided to continue its Rs1,000 per minimum monthly pension schemein perpetuity, a move which would benefit over20 lakh pensioners. The Union Cabinet today gave its approval for continuation of the minimum pension of Rs 1000 per month to the pensioners of Employees Pension Scheme, 1995 (EPS) beyond the financial year 2014-15 on perpetual basis, an official statement said. An Indian-American Harvard Professor has been named as one of the Top 25 Women in Healthcare in theUSbyModern Healthcare magazine. Tejal K Gandhi, president and chief executive officer of theNational Patient Safety Foundation(NPSF) has been named as one of the countrys Top 25 Women in Healthcare in the sixth biennial list of women leaders compiled by the magazine. Indiastands at the13th placeworld-wide in generating electricity from nuclear source and expects to increase the installed nuclear power capacity from5,780 MW to 10,080 MW by 2019,government said. There are thirty one countries including India in the world which generate electricity from nuclear source. According to the data published in 2014, byPower Reactor Information System (PRIS)of InternationalAtomic Energy Agency (IAEA), India ranked at 13th position in terms of generation.International PakistanandSri Lankasigned six agreements including one on nuclear cooperation, two months after Sri Lanka inked an atomic deal with India,as the two countries agreed to deepen ties in various fields. The two sides also decided to increase the current trade of USD 438 million toUSD 1 billionwithin the next few years. Bangladesh Cabinethas approved a revised trade deal withIndiaunder which the two nations would be able to use each others land and water routes for sending goods to a third country, removing a long standing barrier in regional trade. With thisBangladeshwill be able to use Indian railways, roads and waterways in transshipment of goods toBhutanandNepal. While,Indiawill be able to send goods toMyanmarthrough Bangladesh. A Pakistani court set freeZaki-ur Rehman Lakhvi, 2008 Mumbai attack mastermind and LeT operations commander, suspending the Punjab govt detention order against him. Franceannounced an investment of2 billion euros(about USD 1 billion) in India as Prime MinisterNarendra Modiinvited French companies to pump in money in technology in the fastest growing economy. Prime MinisterNarendra ModithankedFranceand wrapped up his first visit here that saw the two nations elevate their strategic ties to a new level as they agreed on a deal for36 Rafale fighterjets and decided to move ahead with the log-jammedJaitapur Nuclear Project. In a major boost toChinese military,Russiahas agreed to sell its sophisticated surface to air missile system to China in an overUSD 3 billiondeal which could strengthen the worlds largest armys air defence specially in high-altitude areas likeTibet. TheS-400is a new generation, anti-aircraft weapon system capable of engaging any aerial target as well as cruise and tactical ballistic missiles, with a maximum speed of8 km per second, according toRussianmedia reports. The sophisticated air defence system is capable of firing three types of missiles, creating a layered defence, and can simultaneously engage 36 targets. The system is able to shoot down aircraft and missiles ballistic and cruise within a range of400 km, a report in the Diplomat magazine said. PakistanandRussiahave agreed to hold first-ever joint military exercises as part of their enhanced defence cooperation, in a sign of increasing bonhomie between the Cold War-era adversaries. Pakistan and Russia last year signed a military cooperation agreement to deepen their defence ties and vowed to translate their relationship in tangible terms during the first-ever visit of a Russian defence minister in 45 years. Russiawill invest a whoppingUSD 2 billioninPakistanto build a 1,100-kilometre pipeline from southern port city ofKarachitoLahoreto transport liquefied natural gas. Germanys Parliament is set to use the termgenocidein a resolution marking the slaughter ofArmeniansbyOttoman Turks100 years ago, and the government said Monday that it stands behind the motion drawn up by the ruling parties. Finlands oppositionCentre Partywon general election, ousting Prime Minister Alexander Stubbs left-right coalition after a campaign dominated by the countrys economic woes. Centre Party leader Juha Sipila, a 53-year-old IT millionaire and newcomer to politics, is set to become Finlands next prime minister. Pakistanconferred its top civilian awardNishan-e-Pakistanon Chinese PresidentXi Jinpingfor his outstanding contribution in promotion of relationship between the two countries. TheNishan-e-Pakistanis Pakistans highest civil award given by the government for the highest degree of service to the country. The award was established inMarch 1957. Unlike other honours, it is a highly restricted and most prestigious award and is only conferred for meritorious and distinguished services to Pakistan, the international community and foreign relations. Nelson Mandela, Queen Elizabeth II, Morarji Desai and Dwight Eisenhower are among the recepients of the award. Thirty-seven-year-old Indian-AmericanVivek Murthywas sworn-in as the U.SSurgeon-Generalby Vice-PresidentJoe Bidenat a ceremony here, becoming the youngest-ever in-charge of the countrys public health. Murthy, who took the oath on theGita, is now the highest rankingIndian-Americanin theObama administration. Murthyis the countrys19th Surgeon General. As theUS Surgeon General, Murthycarries the rank ofVice Admiral. S. surgeon generaldoes not set any government policy but is an advocate for the peoples health.US Presidentnominates him and confirmed by a majority vote of the Senate and has term of four-years. TheCalbuco volcanoinsouthern Chilehas erupted twice in the space of a few hours having lain dormant for decades. The authorities have declared a red alert and evacuated more than4,000 peoplewithin a 20km (12 mile) radius. TheCalbuco volcanois one of the most active inChile, but its eruption took officials in the area by surprise. WithNepalbeing hit by a massive earthquake, Prime MinisterNarendra Modi promised all possible help to it in this tough time as he spoke to its PresidentRam Baran Yadavand Prime MinisterSushil Koirala. As many as four aircraft including aC-130 planecarrying three tonnes of relief supplies and a 40-member rescue team were today pressed into service to assistNepalafter it suffered a devastating earthquake in which hundreds of people have been killed. Pakistanwill acquire 110 latestJF-17 Thunder fighter jetsfromChinaas the two countries forge closer economic and defence cooperation following PresidentXi Jinpingsvisit here earlier this week, a media report said. Scaling up relief and rescue efforts in quake-hitNepalthat was namedOperation Maitri,Indiadeployed two dozen military aircraft and choppers and was also undertaking a big evacuation through the road route. SudansPresidentOmar al-Bashirwon re-election with94 percentof the vote, according to official results announced Monday, extending his 25-year rule despite international war crimes charges and multiple insurgencies. Saudi Arabias kinghas removed his half-brother as crown prince, replacing him with his nephew, and elevated his son to the position of deputy crown prince, in the most significant repositioning of power among the royal family sinceKing Salmanassumed the throne in January. As crown prince,Mohammed bin Nayef, 55, is the most likely successor to the king. The prince, who is also the interior minister, is known internationally as Saudi Arabias counter-terrorism tsar and was previously also deputy crown prince. A 19-year-long process forSeychellesto become a member of theWorld Trade Organisation(WTO) came to an end when the island nations Minister for Finance Trade and InvestmentPierre Laportesigned the accession protocol. This means the Indian Ocean archipelago of 115 islands, with a population of around 90,000 people, will officially become the161stmember of theWTO, 30 days after the ratification by the National Assembly of its accession protocol.Economy RuPay cardholders of all public sector banks are now eCommerce enabled. Card-holders can now conveniently purchase rail, road and air tickets by logging into the websites of travel companies or buy goods and services from online stores. TheRuPay cards, launched by theRBI-promotedNPCI, are alternative to foreign cards like Visa and MasterCard, which earn high revenue for facilitating transactions. There are 140 millionRuPay cardsin use at present. Snapdealhas acquired online mobile recharge platformFreeChargein the largest buyout so far in the Indian consumer Internet sector. According toSnapdeal, the acquisition, carried out through a combination of stock and cash, has made the Delhi-based company the largest mobile-commerce (m-commerce) company in the country, with 40 million users. M-commercerefers to commercial transactions conducted electronically, through mobile phones. Such transactions include purchasing goods or services, making payments and banking. Freechargeallows users to recharge their mobile phones or internet connections and get coupons as reward for using its services. Founded in 2010 byKunal ShahandSandeep Tandon. Earlier,Snapdealhad strengthened its presence in the m-commerce space by acquiring luxury fashion e-tailerExclusivelyand digital financial products platformRupeePower. Founded in 2007 by Kunal Bahl and Rohit Bansal, an alumnus of IIT Delhi. In the biggest oil and gas deal in a decade,Royal Dutch Shell announced acquisition of smaller British rivalBG GroupPlc for about$ 70 billionto create the worlds largest independent producer of LNG. The deal, the first major acquisition since oil prices began to slump last July, would be among the largest oil-and-gas deals of past two decades and the biggest in last 10 years. In buyingBG,Shellis concentrating on the fast-growing business of producing and sellingliquefied natural gas. Credit rating agencyMoodysrevised upwards the outlook to positive, from stable, for 12 state-owned banks and financial institutions including SBI, PNB, Canara Bank, REC and PFC. Moodysalso revised to positive the outlook on the long- term ratings of private sector lenders ICICI Bank, HDFC Bank and Axis Bank. Earlier in the day,MoodysraisedIndiascredit rating outlook topositiveand said an upgrade in its sovereign rating is also possible in the next 12-18 months. Indias Sovereign Ratingcurrently stands atBaa3, the lowest investment grade just a notch above junk status. Restaurant search applicationZomatohas acquired cloud-based point of sale (POS) product for restaurantsMaplePOS, a company statement said here on Tuesday. Zomatohas already renamed theMaplePOSproductZomato Base, and information on the product is now available. Zomatooffers restaurants features such as menu and inventory management, and has a built-in payment solution to accept debit and credit card payments. The online food services market is valued at over$14 billion(about Rs 86,600 crore) in India and$371 billionglobally and increasingly technology is becoming an integral part of servicing the palette. Finland-basedNokiaand French telecom gear makerAlcatel Lucent announced their merger in a 15.6 billion euro deal. Together, Alcatel-Lucent and Nokia intend to lead in next-generation network technology and services, with the scope to create seamless connectivity for people and things wherever they are. Governmenthas allowed retirement fund bodyEPFOto invest atleast5 per centof its corpus in exchange traded funds which will result into an inflow of around5,000 croreinto the stock markets during this fiscal. Worldwide, pension funds have 52% of their investment in equity with US at 57%, followed by Australia (54%), UK (50%), Canada (48%) and Japan (40%), as per the study by Towers Watson. TheEPFOhas more thanfive crore subscribersacross the country and has a corpus of overRs 6 lakh crore. The Paris-headquarteredCapgeminihas announced the acquisition of New Jersey-basedIGATE, which has operations inIndia, for$4 billionin cash. The markets gave a thumbs up to the acquisition: While the Capgemini stock was up 7.6 per cent, the IGATE stock opened 3.45 per cent higher. In India,Capgeminisheadcount will rise to 90,000, following the addition of IGATEs 30,000 employees. The company crossed the 100,000-employee mark at its global delivery centres this year. Online marketplaceFlipkarthas announced the acquisition ofAppiterate, a mobile engagement and marketing automation company based out of Delhi.Appiteratehelps ecommerce companies target consumers better and increase sales by using push notifications and inapp messages. The deal size was not disclosed. Appiteratesmobile marketing automation platform will be integrated intoFlipkartsmobile app for better targeting. Appiterate, which started out as a testing platform for mobile apps had raised more than $500,000 from SAIF Partners & angel investors.Banking & Finance Seeking to check fraud in banks,Reserve Bank prescribed a uniform provisioning norm for all cases of fraud. RBIhas finalised a structure of Central Fraud Registry and will soon come up with guidelines to enable quick sharing of information about unscrupulous borrowers and help banks fight bad loans. Presently, banks are advertising the list of willful defaulters on their website and newspapers individually. With setting up of this registry, list of all unscrupulous borrowers will be available on a single platform. Banks can take advantage of the registry at the time of sanctioning loan by checking the credentials of a borrower from the registry. Insurance sector regulator IRDAI has made passing an examination based on its syllabus a must for becoming an insurance agent. The guidelines ofInsurance Regulatory and Development Authority of India(IRDAI) have come into force from April 1, 2015. RBIGovernorRaghuram Rajankept the benchmark repo rate or the rate at which the central bank lends money to banks, unchanged at7.5 per cent, in the first bimonthly monetary policy review of 2015-16. Highlights of RBIs first bi-monthly monetary policy statement, 2015-16: Short-term lending rate (Repo) unchanged at7.5%. Cash Reserve Ratiounchanged at4%. RetainsStatutory Liquidity Ratioat21.5%. EstimatesGDP growthat7.8%in FY16, up from 7.5% in FY15. ForecastsCPI inflationat5.8 pcby March 2016. Hailstorms in March affected 17% of the rabi crop sown area. In a bid to boost infrastructure investment, theReserve Bank allowed banks to invest in long-term infrastructure bonds issued by other banks. In July 2014,RBIhad allowed banks to issueLong-term bonds(LTBs) for lending to long-term projects in infrastructure sub-sectors, and affordable housing. However, cross-holding of such bonds amongst banks was not permitted. Banks investment, it said, in these bonds will not be treated as assets with the banking system in India for the purpose of calculation of total deposits (NDTL). Prime MinisterNarendra Modilaunched theMicro Units Development Refinance Agency (MUDRA)Bank which will provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator forMicro-Finance Institutions (MFIs). The scheme, which has a corpus ofRs 20,000 crore, can lend betweenRs 50,000andRs 10 lakhto small entrepreneurs. The roles envisaged forMUDRAinclude laying down policy guidelines for micro-enterprise financing business and registration of MFI entities, as well as their accreditation and rating. The Bank will nurture small businesses through different stages of growth and development of businesses termed asShishu,KishorandTarun. Shishu: This is the first step when the business is starting up. The loan cover in this stage will be uptoRs 50,000. Kishor:In this stage, the entreprenuer will be eligible for a loan ranging fromRs 50,000 to Rs 5 lakh. Tarun: This last and final category will provide loans for uptoRs 10 lakh.The roles envisaged forMUDRAinclude: Formulating and running a Credit Guarantee scheme for providing guarantees to the loans/portfolios which are being extended to micro enterprises Support development & promotional activities in the sector Creating a good architecture of Last MileCredit Deliveryto micro businesses under the scheme of Pradhan MantriMUDRA. Indiaand many influential western nations are among the 57 founding members of theUSD 50 billionAsian Infrastructure Investment Bank(AIIB), while theUSandJapanstayed away from the China-backed multilateral lender, according to the final list of members released today. Backing theChineseinitiative,Indiawas one of the first countries to have signed up for the bank expected to offer stiff competition to other financial institutions such as theWorld Bank, theIMFand theAsian Development Bank (ADB). Countries that have been accepted as founding members of theAIIBinclude China, India, Nepal, Sri Lanka, Bangladesh, Pakistan, the Maldives, Britain, Australia, Austria, Brazil, Denmark, France, Germany, Italy, Netherlands and Spain. Reserve Bank of Indiahas allowed banks to offer higher rates of interest to those who agree not to prematurely withdraw their high-value fixed deposits. Banks can offer such rates to depositors who can keep a minimum ofRs 15 lakhfor the tenure of the deposit. At present, depositors are entitled to withdraw their deposits prematurely without giving any reason to the banker. Retail customers typically prefer to keep their money in deposits offering the highest rate. However, since depositors have the option of breaking their term deposits without any notice, banks are always concerned about the possibility of mismatches between assets and liability. Banks that offer such term deposits should give customers the option to choose between lock-in and premature withdrawal of the money,RBI Largest private sector lenderICICI Bankin collaboration withTech Mahindralaunched a payment serviceTap-n-Paybased on thenear-field communications (NFC)technology, enabling customers make over-the-counter payments without using cash. It can be used for merchant payments by merely tapping a NFC-enabled mobile phone or a tag on the counter. The service is a close-end one, only for a close group of customers. TheReserve Banksimplified procedure for lenders to openCurrency Chestsby doing away with multiple layers of approvals. For locations at or close to the international borders or insurgency affected areas, it said, banks may approachRegional Offices(ROs) of theRBIfor obtaining security clearance. For all other locations, it said banks may construct new chests at any place after informing the regional office concerned. TheRBIsaid approvals for opening of vaults by public sector banks and private banks will continue to be given by its regional offices. The approvals will normally be accorded within 30 days provided the construction conforms to the specifications. In a move aimed at helpingTransgender personsto open bank accounts and avail related services, theReserve Bank directed banks to include a separate columnthird genderin all their forms and applications. It has been brought to our notice that transgender persons face difficulties in opening accounts as there is no provision for them in the account opening and other forms, theRBI As per a judgment on April 14, 2014, theSupreme Courthad upheldtransgender personsright to decide their self- identified gender and directed the centre and state governments to grant legal recognition of their gender identity such as male, female or as third gender. A rise in banking frauds has forced theReserve Bank of Indiato ask banks to send employees working in treasury business, risk management and currency chests among others on mandatory 10 days leave. RBIsaid in a statement that The bank should identify such highly sensitive positions where the bank will, without any prior intimation, advise the employee to be away from his desk for a specified number of working days each year,. Banks in consultation with the board would have to put in place an exhaustive list of sensitive positions or areas of operations to be covered undermandatory leaveand underaway from desk TheReserve Bank of India(RBI) today revisedpriority sector lending(PSL) norms, adding new segments such as micro, small and medium enterprise (M SME), social infrastructure and renewable energy under the ambit of priority sectors. TheRBIrevised thePriority sector lending(PSL) norms which mandate banks to lend at least40%of the total loans to farmers, small businessmen, students, exporters and small ticket home loan buyers. Further, the Reserve Bank outlined targets of 8 percent and 7.5 percent (of a banks total loan book) for small and marginal farmers and micro enterprises, respectively, which shall be achieved in a phased manner by March 2017. The RBI also maintained the PSL target for the weaker section at 10 percent. The revised norms says thatforeign bankswith over20 brancheswill have to meet priority sector target by 2018 while those with less than 20 branches will have to meet the target by 2020 in a phased manner. Priority sectorrefers to those sectors of the economy which may not get timely and adequate credit in the absence of this special dispensation. Typically, these are small value loans to farmers for agriculture and allied activities, micro and small enterprises, poor people for housing, students for education and other low income groups and weaker sections. Governmentdetected a whopping overRs 7,800 croreof illegal monies within the country and abroad during2013-14as the eliteFinancial Intelligence Unit(FIU) found all-time high cases ofsuspicious transactionsin the countrys economic channels. STR(suspicious transactions report)is defined as a transaction which gives rise to a reasonable suspicion that it may involve proceeds of a crime or appears to be made in circumstances of unjustified complexity or gives reasonable grounds to suspect that it may be linked to terrorist activities. The agency also received a total of 87,79,082Cash Transaction Reports(CTRs), 3,01,804Counterfeit Currency Reports(CCRs) and 80,616Non-Profit Organisation Transaction Reports(NTRs), the latest updated report also submitted to theSpecial Investigation Team(SIT) on black money, said. CTRis fund movement of the value of more than Rs. 10 lakh in one tranche or a series of transactions internally connected to each other in either Indian currency or foreign in the countrys banking or any other channel. ACCRis amply clear from its name as it pertains to an instance of usage of fake currency in any bank by an entity. whileNTRspertain to filing of dossiers byNon-Governmentalandnon-profit organisationswith regard to their economic operations. All banking, financial intermediaries, insurance companies, payment system operators and capital market operatives are stipulated to submit the said reports to theFIUstatutorily under money laundering laws. A bill to amend theRegional Rural BanksAct was passed by Parliament, with government saying it was necessary to empower such financial institutions which are the jewel in the crown of the countrys financial system. TheRegional Rural Banks (Amendment) Bill, 2014, which got the assent of the Rajya Sabha by voice vote, seeks to helpRegional Rural Banks(RRBs) raise their authorised capital and will enable them to mop up funds from capital market to help strengthen them. Lok Sabha had earlier passed the Bill in December last. Moving the bill for passage, Minister of State for FinanceJayant Sinhasaid57 RRBshave been playing an important role in financial inclusion of villages, covering every district and having nearly80,000 employees. He said under the present system, theCentrehas a50 per cent share, the sponsorBank 35 per centandstate government 15 per centshareholding in the The proposed amendments will provide flexibility in this structure. Opening its first branch in India,Qatar-based Doha Banksaid it is open to acquisitions to scale up its operations and it will soon follow the wholly- owned subsidiary model to do business in the country, as prescribed by theReserve Bank. TheRBI, in November 2013, had released a framework for large foreign banks with over 20 branches to convert into wholly-owned subsidiaries. The foreign banks which move to a wholly-owned subsidiary route will be given near-national treatment apart from capital gains tax and stamp duty benefits TheReserve Bank of Indiahas imposed aRs 1.5 crorepenalty each onBank of Maharashtra,Dena BankandOriental Bank of Commercefor violation of know your customer and anti money laundering norms, it said in a statement. The central bank cautioned and directed eight other banks Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank to put in place appropriate KYC practices.SportsWinners of 2015 Miami Open Titles Mens Singles Title Novak Djokovicextended his winning streak against BritainsAndy Murrayto seven matches with victory in a gruelingMiami Open The world number one prevailed 7-6 (7-3) 4-6 6-0 in hot and humid conditions to win his fifth Miami title. Womens singles Title World number oneSerena Williamsthrashed SpainsCarla Suarez Navarroto win her eighthMiami Open The 33-year-old raced to a 6-2 6-0 victory in 56 minutes to secure her third straight title at Crandon Park. Mens doubles Title AmericanBob BryanandMike Bryanpair has won the 2015Miami OpenMens doubles Title. In the final match they defeatedVasek Pospisil(Canada) andJack Sock(US) pair by 63, 16, 108 score. Womens doubles Title Sania Mirzaachieved yet another career milestone by capturing her25th WTAdoubles title as the Indian continued her dream start withMartina Hingisto win theMiami Open The top-seeded Indo-Swiss pair overcame a sluggish start to take the title with a 7-5, 6-1 scoreline against second-seeded RussiansEkaterina MakarovaandElena Vesnina. They had beaten the same Russian duo at Indian Wells to win their first title together.Womens chess championship Indian GrandmasterDronavalli Harikawon theBronze medalalong with Swedish GrandmasterPia Cramlingby virtue of making it to the semifinals of WorldWomens chess championshipin Sochi,Russia. Harika lost to the eventual winnerMariya Muzychukof Ukraine in the semifinals. World Womens chess championships winners isMariya Muzychuk(Ukraine) who has WonGold medalalong with US $ 60,000 by 2.5 points. Sultan Azlan Shah Cup The tournament is named after 9th king of Malaysia and Father of Malaysian HockeySultan Azlan Shah. New Zealandmens hockey is celebrating a major international success with a penalty shoot-out win over Australia to claim the2015 Sultan Azlan Shah CupinMalaysia. IndiadefeatedSouth Korea4-1 (6-3) on penalties to win theBronze medalin the 24thSultan Azlan Shah Cuphockey tournament. IndiasY Pranjalaclinched theAsian Junior Tennis championshiptitle after a come-from-behind victory over top seed ChineseZheng Wushuanghere today. womens world team chess championship D HarikaandKoneru Humpycame up with fine individual performances to win asilverand abronze, respectively, even as theIndianeves finishedfourthin thewomens world team chess championshiphere in china. Chinawas beaten in the final round byGeorgia, who finished the event with an impressive 17 points to clinch thegold medal. Russiaclaimed the silver medal with 15 points after defeatingUnited Statesin the final round.Awards U.S.A PresidentBarack Obamaplans to honourMicrosofts Indian-origin CEOSatya Nadellawith theChampions of ChangeAward for bringing about a change within his company to support working families. The award is given to those who support working families and have helped to bring about a change within their companies, communities or organisations by advocating for paid sick and paid leave policies and equal pay.Florence Nightingale International Foundation An Indian-origin nurse here will receive an international achievement award for her work in the healthcare sector of women and refugees, becoming the first Singaporean to get the prestigious biennial prize. DrSubadhra Devi Rai, a nurse and a senior lecturer at the School of Health Sciences at Nanyang Polytechnic in Singapore, will be bestowed by this years International Achievement Award by the Florence Nightingale International Foundation. FNIF is theInternational Council of Nursespremier foundation. Its purpose is to support the advancement of nursing education, research and services. The award recognizes Rais work in the health of women and refugees, and is the first time a Singaporean will be awarded the biennial award since its introduction in1999.Richard Hadlee Medal 2014-15 New Zealand captainBrendon McCullumhas been named the winner of theSir Richard Hadlee Medalfor 2014-15, whileKane Williamsonswooped up the awards forTwenty20 international playerof the year, ODI player of the year, Test player of the year, as well as the Redpath Cup for First Class batting at the New Zealand Cricket Awards in Auckland.Laureus World Sports Academy Sachin Tendulkarbecame the latest member of the prestigiousLaureus World Sports Academyas he was inducted alongside Chinese basketball playerYao Ming, Kenyan long-distance runnerTegla Loroupe, Chinese gymnastLi Xiaopengand former Chinese short track speed skaterYang Yangin a ceremony held at Shanghais Grand Theatre on the night of April 15. Here are the major winners from this yearsWorld Sports Awards: Sportsman of the year:Novak Djokovic, Tennis Sportswoman of the year:Genzebe Dibaba, Athletics Sportsperson of the year with a Disability:Tatyana McFadden, Paralympian World Team of the year:German National Football Team World Breakthrough of the year:Daniel Ricciardo, F1 Sports For Good Award:Skateistan, NGOin Afghanistan, South Africa & Cambodia Spirit of Sport Award:Yao Ming, Former Basketball playerHevesy Medal Award 2015 ProfessorSusanta Lahiri, Chemical Sciences Division, Saha Institute of Nuclear Physics, Kolkata, received the Hevesy Medal Award 2015, on April 12. At the Tenth International Conference onMethods and Applications of Radio-analytical Chemistry,Susanta Lahiriawardedfor his outstanding contributions toHeavy ion induced radioisotope production, tracer packet technique, converter targets, and green chemistry. This premier international award named afterGeorge de HEVESY, the1943-Chemistry Nobel Laureate, for his work on the use of isotopes as tracers in the study of chemical processes. It is given to an individual in recognition of excellence through outstanding, sustained career achievements in the fields of pure as well as applied nuclear and radiochemistry, in particular applications to nuclear analytical chemistry.2015 Pulitzer Prize Winners ThePulitzer Prizeis an award for achievements in newspaper and online journalism, literature, and musical composition in theUnited States. It was established in1917by provisions in the will of American (Hungarian-born) publisher Joseph Pulitzer, and is administered byColumbia Universityin New York City. Prizes are awarded yearly in twenty-one categories. The winner in thepublic service categoryof the journalism competition is awarded a gold medal. Winners -2015Pulitzer Prize Letters, Drama, and Music Fiction-All the Light We Cannot SeebyAnthony Doerr(Scribner) (All the Light We Cannot See, a novel based on Second World War) Drama-Between Riverside and Crazy by Stephen Adly Guirgis History-Encounters at the Heart of the World: A History of the Mandan People by Elizabeth A. Fenn (Hill and Wang) Biography or Autobiography-The Pope and Mussolini: The Secret History of Pius XI and the Rise of Fascism in Europe by David I. Kertzer (Random House) Poetry-Digest by Gregory Pardlo (Four Way Books) General Nonfiction-The Sixth Extinction: An Unnatural History by Elizabeth Kolbert (Henry Holt) Music-Anthracite Fields by Julia Wolfe (Red Poppy Music/G. Schirmer, Inc.) Journalism Public Service-The Post and Courier, Charleston, SC Breaking News Reporting-The Seattle Times Staff Investigative Reporting-Eric Lipton of The New York Times,The Wall Street Journal Staff Explanatory Reporting-Zachary R. Mider of Bloomberg News Local Reporting-Rob Kuznia, Rebecca Kimitch and Frank Suraci of the Daily Breeze, Torrance, CA National Reporting-Carol D. Leonnig of The Washington Post International Reporting-The New York Times Staff Feature Writing-Diana Marcum of the Los Angeles Times Commentary-Lisa Falkenberg of the Houston Chronicle Criticism-Mary McNamara of the Los Angeles Times Editorial Writing-Kathleen Kingsbury of The Boston Globe Editorial Cartooning-Adam Zyglis of The Buffalo News Breaking News Photography-St. Louis Post-Dispatch Photography Staff Feature Photography-Daniel Berehulak, freelance photographer, The New York TimesOutstanding Service Award Indian-origin diplomatGopinath Pillaihas been bestowed withOutstanding Service Awardfor his services to the city-state by theNational University of Singapore (NUS). 78-year-oldGopinath Pillai,who is currently the ambassador-at-Large ofSingaporeand special envoy toAndhra Pradeshrecieved the award on Friday. Pillaihas contributed significantly toSingaporethrough his distinguished service as a diplomat for more than 25 years. Additionally, his past and current involvement in a number of agencies, ranging fromNTUC FairPrice Co-operative Limitedand Ang Mo Kio-Thye Hua Kwan Hospital to Hindu Advisory Board, has had substantial impact on the social fabric of Singapore.Officier de la Lgion dHonneur The French Government has appointed former Finance Minister and BJP leaderYashwant Sinha,Officier de la Lgion dHonneur(Officer of the Legion of Honour), the highest French civilian distinction, in recognition of his international action as Union Minister of Finance (1998-2002), then External Affairs (2002-2004), and his invaluable contribution to thought on international issues. Created in 1802 byNapoleon Bonaparte, theLegion of Honouris the highest civilian award given by theFrench Republicfor outstanding service toFrance, regardless of the nationality of the recipients. French Ambassador to IndiaFranois Richiersaid as Minister of External Affairs, and Chair of the Indo-French Parliamentary Friendship Group since its very inception (2009-2014),Sinhacontributed to the deepening of the Indo-French strategic partnership, launched during the visit ofAtal Bihari Vajpayeein Paris (September 1998) and the development of ties betweenFrance and India.Asian Banker Achievement Award 2015 Bharatiya Mahila Bank Ltdhas won TheAsian Banker Achievement Award 2015for Technology Implementation in thecategory of Best Outsourcing Project(New Bank). The award was received by Smt.Usha Ananthasubramanian, Chairman and Managing Director,Bharatiya Mahila Bankat a function held recently inHongkongas a part of TheAsian Banker Summit 2015.2015 Heinz Award Sangeeta Bhatia, an Indian-origin scientist at theMassachusetts Institute of Technologyhas been named the recipient of the2015 Heinz Awardfor Technology, the Economy, and Employment. Bhatiawho has developed artificial human microlivers for drug testing, won a prestigious$2,50,000 Heinz awardfor her work in tissue engineering and disease detection. TheHeinz Awardsannually recognise individuals for their extraordinary contributions to arts and humanities; environment; human condition; public policy; and technology, the economy, and employment.Fellowship of the Royal Institute of Navigation SeniorDRDOscientistG Satheesh Reddy, who played a critical role in the Agni 5 programme, has been conferred the prestigiousFellowship of the Royal Institute of Navigation, a first for anIndian. Reddy, Director,Research Centre Imarat of DRDO, has been recognised for his work in the field of inertial and satellite-based navigation and avionics technologies. He is the first Indian to get the fellowship. Established in 1947,Royal Institute of Navigation(RIN) is one of the worlds leading professional bodies dedicated to advancement of navigation around the world. The Institute has elected nearly450highly distinguished navigation professionals as Fellows from all over the world and as on date Reddy becomes the first and the only one to be elected from India.Whitley Awards Two Indians have been awarded with the prestigiousWhitley Awardsfor their contribution to wildlife conservation. Dr Ananda Kumar, a conservationist from India, was awarded the prize, in honour of his work using innovative communication systems to enablehuman-elephantcoexistence in southern India. Another winner of the Whitley Award, dubbed Green Oscar isDr Pramod Patil. He has been awarded for his work to protect theiconic great Indian bustardin theThar Desert. TheWhitley Awardsis an annual award given by theWhitley Fund for Nature(WFN). The award recognises and celebrates effective national and regional conservation leaders across the globe.ReportsTop 10 Most Dangerous Countries TheIntelCentersTop 10 Most Dangerous Countries list as of March 2015 is topped by theMiddle East, withIraqandSyriaranked No 1 and 2 respectively. Pakistanhas emerged as the worlds eighth most dangerous country in a latest analysis of the top 10 danger zones based on terrorist and rebel activity. Intel Centeris a Washington-based company established in 1989. It works globally for intelligence agencies a by providing them counterterrorism intelligence services. IntelCenters Country Threat Index(CTI) examines the volume of terrorist and rebel alerts, messaging traffic, videos, photos, incidents and the number killed and injured in a country and runs it through an algorithm to assign the country its CTI.FM Global Resilience Index 2015 The 2015 FM Global Resilience Index offers powerful insights to help business executives target their investments towards more reliable returns and to protect their customers from unforeseen disruption. Indiahas been ranked a low119 out of 130countries on an index that measures business resilience of nations based on economic, risk quality and supply chain factors, dropping seven ranks from 2014. On the economic parameter, which takes into account gross domestic product, political risk and oil intensity, the country is ranked 115, the same as in 2014. In the risk quality factor, India is ranked 109 for its quality of natural hazard and fire risk management, a slight improvement from its 113th rank in 2014. In the third category of supply chain, which looks at corruption control, infrastructure and local supplier quality, the country is ranked 89th, falling 11 notches from the previous year. Venezuelais ranked last on the 2015 FM Global Resilience Index and the list has been topped byNorwayfor being the best country for companies seeking to avoid disruptions in their global supply chain operations. Among the top 10 countries that are most resilient,Norwayis followed by Switzerland (2), Netherlands (3), Ireland (4), Luxembourg (5), Germany (6), Qatar (7), Canada (8), Finland (9) and the US (10).Time -100 Readers Poll Russian PresidentVladimir Putinemerged the winner of this yearsTime 100 readers poll. He edged out rapper-singer 24-year-old rapperLee Chae-rinCL(of the South Korean girl-group 2NE1)to claim the number one spot with95 per centof the votes in the final tally. Pop starsLady Gaga (2.6 per cent),Rihanna (1.9 per cent)andTaylor Swift (1.8 per cent)rounded out the top five. Prime MinisterNarendra Modiand Delhi Chief MinisterArvind Kejriwalhave been voted among the100 most influential peoplein the world in an online poll by readers ofTime magazine. The only non-celebrities to appear in the top 10 were theDalai Lama(1.7 percent), Pakistani female activistMalala Yousafzai(1.6 percent) andPope Francis(1.5 percent). TheTIME 100is an annual list of the100 most influential peoplein the world, spanning politics, entertainment, business, technology, science, religion and other fields. Chosen by the editors of TIME, this years list will be unveiled April 16. Voting for the readers poll closed April 10.Global E-Waste Monitor 2014 Indiais the fifth biggest producer of e-waste in the world, discarding1.7 million tonnes(Mt) of electronic and electrical equipment in 2014, aUN reporthas said warning that the volume of global e-waste is likely to rise sharply by 21 per cent in next three years. TheGlobal E-Waste Monitor 2014, compiled by UNs think tankUnited Nations University (UNU), said at 32 per cent, theUSandChinaproduced the most e-waste overall in 2014. Indiacame in fifth, behind theUS,China,JapanandGermany, the report said. Most e-waste in the world in 2014 was generated inAsiaat 16 Mt or 3.7 kg per inhabitant. The top three Asian nations with the highest e-waste generation in absolute quantities areChina(6.0 Mt),Japan(2.2 Mt) andIndia(1.7 Mt).2015 World Happiness Report Indiacomes in at the117th spot out of 158 countriesin the2015 World Happiness Report, published by theSustainable Development Solutions Network (SDSN), which is a global initiative for theUnited Nations The report takes into accountGDPper capita, life expectancy, social support and freedom to make life choices as indicators of happiness. Indiansare less happy than their counterparts in Pakistan and Bangladesh, according to the report. Indiasrank dropped six notches from the 2013 report, when it was on the 111th spot. Pakistan is ranked 81 and Bangladesh, 109. Places like Ukraine (111), Palestine (108) and Iraq (112) too come up higher than India on the index. Switzerlandhas been named the happiest country in the world. The other countries in the top five areIceland,Denmark,NorwayandCanada. The US is ranked 15, followed by UK (21), Singapore (24), Saudi Arabia (35), Japan (46) and China (84).PolicyForeign Trade Policy 2015-20 The much awaited Foreign Trade Policy 2015-20 was unveiled by Minister of Commerce & Industry Mrs.Nirmala Sitharaman. The new five yearForeign Trade Policy, 2015-20provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the Make in Indiavision of Prime Minister. The focus of the new policy is to support both the manufacturing and services sectors, with a special emphasis on improving theease of doing business.Key features of the newForeign Trade Policy: Introduces two new schemes, namelyMerchandise Exports from India Scheme (MEIS)for export of specified goods to specified markets andServices Exports from India Scheme (SEIS)for increasing exports of notified services. These schemes (MEIS and SEIS) replace multiple schemes earlier in place, each with different conditions for eligibility and usage. Incentives (MEIS & SEIS) to be available for SEZs also. e-Commerce of handicrafts, handlooms, books etc., eligible for benefits of MEIS. Measures have been adopted to nudge procurement of capital goods from indigenous manufacturers under theEPCGscheme by reducing specific export obligation to75%of the normal export obligation. This will promote the domestic capital goods manufacturing industry. Measures have been taken to give a boost to exports of defense and hi-tech items. At the same time e-Commerce exports of handloom products, books/periodicals, leather footwear, toys and customized fashion garments through courier or foreign post office would also be able to get benefit ofMEIS(for values upto 25,000 INR). Trade facilitation and enhancing the ease of doing business are the other major focus areas in this new FTP. One of the major objective of new FTP is to move towards paperless working in 247 environment. Attention has also been paid to simplify various Aayat Niryat Forms, bringing in clarity in different provisions, removing ambiguities and enhancing electronic governance. Considering the strategic significance of small and medium scale enterprise in the manufacturing sector and in employment generation,MSME clusters108 have been identified for focused interventions to boost exports. Accordingly,Niryat Bandhu Schemehas been galvanized and repositioned to achieve the objectives ofSkill India.Real Estate (Regulation and Development Bill)TheUnion Cabineton Tuesday approved theReal Estate (Regulation and Development Bill)which will address a long-standing demand to bring in a regulator for the real estate sector. TheReal Estate (Regulation & Development) Billseeks to protect the interests of consumers and establish regulatory bodies at the Centre and States for ethical and transparent business practices in the real estate sector. The Bill provides for mandatory registration of all projects and real estate agents who intend to sell any plot, apartment or building with theReal Estate Regulatory Authority. It makes mandatory the disclosure of all information for registered projects like details of promoters, layout plan, land status, schedule of execution and status of various approvals. The Bill also seeks to enforce the contract between the developer and buyer and a fast track mechanism to settle disputes. The government said the Bill is expected ensure greater accountability towards consumers, and to significantly reduce frauds and delays.