UBI chairperson Bhargava quits citing health reasons
1.The United Bank of India saga took a dramatic turn today with its chairperson Archana Bhargava deciding to step down citing health reasons– almost a year before she was scheduled to superannuate -- by taking voluntary retirement.
2.The proposal was quickly accepted by the finance ministry which relieved Bhargava immediately.
3.Bankers said this was the first instance of a chief executive of a public sector bank taking voluntary retirement, a scheme that was launched about 15 years ago. But what surprised them most was the speed with which it was accepted.
4.Bhargava was appointed as the chairperson of the bank in April, 2013 and was given the charge till February, 2015.
5.The Kolkata-based lender was mired in controversy after its financials deteriorated, with losses mounting amid worsening asset quality which prompted the regulator to ask an independent agency to deep dig into the systems and processes of the bank via a forensic audit and put curbs on lending.
6.UBI reported a net loss of Rs 1,238 crore for October-December, 2014 as compared to Rs 42.2 crore profit during the same period of the previous year on the back of a 500 % increase in provisioning to Rs 1,783 crore. Bhargava presided over the board meeting which finalised the third quarter financial results.
IMF projected 5.4 percent economic growth for India in 2014-15
1.International Monetary Fund (IMF) on 20 February 2014 released its annual report on the state of the Indian economy and projected that India’s economic growth for 2014-15 will be 5.4 percent. In its release it said that India has restored macroeconomic and financial stability but structural impediments to growth and persistently high inflation is the major areas of concern. It has also suggested India to strengthen its inflation management policies and do away with supply bottlenecks for better GDP.
2.In its forecast, IMF (multilateral agency) said that inflation driven food prices seems to remain near double digits in 2014-15. It also said that the tight monetary policy would slow the growth recovery. In its forecast for the fiscal year 2013-14, it projected that India’s growth will be 4.6 percent and will pick up to 5.4 percent in 2014-15 at factor cost. These projections of India were a conclusion of its annual discussions with India.
3.India’s National Food Security Act has been described by IMF as landmark legislation which will ensure that a majority of population of the country will have access to adequate quantities of food at affordable prices. IMF also said that the Consumer Price Index (CPI) could push up due to weaker rupees and ongoing energy price increases.
Joint Liability Group to finance small farmers: Nabard
1.Rural development agency Nabard is to roll out a new concept called Joint Liability Group (JLG) to provide institutional credit to small farmers like share croppers, oral lessees and agricultural labourers.
2.Conceived on the pattern of Self Help Groups (SHG), Nabard will provide refinance facility to banks for providing lending to small and marginal farmers who are normally deprived of finance.
3."We are focusing on a new concept called Joint Liability Group on the concept of SHGs. Under this, credit needs of small and marginal farmers like share croppers, oral lessees will be taken care of. A concept note in this regard has been prepared and issued to banks," Nabard CMD H K Bhanwala told reporters here today.
4.JLG is aimed at meeting the credit needs of share croppers and farm labourers who would form a group by joining together, he said.
Mahatma Gandhi's grandson joins Aam Aadmi Party
1.The party is vehemently opposed to corruption and this is what I liked in it. There is a disparity between the rich and poor and this also reflects in poor."
2."If a common man joins and also becomes a part of politics then this is a welcoming step," Gandhi, son of Devidas Gandhi and maternal grandson of C Rajagopalchari said.
3.The 78-year-old Gandhi, who had contested against former prime minister Rajiv Gandhi from Amethi, has expressed his willingness to contest on a party ticket. The party, too has remained mum over the issue.
4."I would like to contest elections, but it is upon the party to decide on this," Gandhi said, but refused to comment on his preferred constituency.
5.He added that he was approached by the party, but declined to reveal who he was in touch with from AAP and when was he contacted to join the party.
Yaduvendra Mathur named CMD, Exim Bank
1.The Centre has appointed Yaduvendra Mathur as Chairman and Managing Director of Export-Import Bank of India (Exim Bank) on deputation for three years.
2.Prior to this appointment, Mathur, who is an Indian Administrative Service Officer of the 1986 batch, was Chairman and Managing Director, Rajasthan Financial Corporation.
FM to meet public sector bank chiefs on Mar 5
1.The Finance Minister P Chidambaram has called a meeting of chief executives of public sector banks on March 5.
2.This meeting, which will be held in New Delhi, is seen as his last meeting with public sector chiefs under the present UPA Government.
3.Besides deteriorating asset quality in the banking system, the interest subsidy scheme on certain education loans announced in the interim budget is also likely to be discussed, sources close to the development said.
4.The interim budget had also raised the agriculture credit target to ₹ 8 lakh crore for 2014-15.
5.This could also come up for discussion on March 5, sources added.
Veteran CPI leader Parvati Krishnan passes away
1.Senior CPI leader and four-time MP Parvati Krishnan, who was in the forefront of trade union movement in the country, died in Coimbatore on Thursday. She was 94 and is survived by daughter Indirani, a doctor, residing in the US.
2.She was a member of the central executive committee of CPI and vice-president of the All India Trade Union Congress.
3.She was elected from Coimbatore Lok Sabha constituency first in 1957. Later she won the by-election held in 1974 and again in 1977. She had also represented the party in the Rajya Sabha once.
4.Parvati was the daughter of Dr. P. Subbarayan, the premier of the then Madras Presidency, and sister of Mohan Kumaramangalam, a communist leader and barrister who later joined the Congress and became a Minister in Indira Gandhi’s cabinet.
5.Her eldest brother was late Gopal Kumaramangalam, who was the chairman of the Coal India Ltd., and another brother late Paramasivam Kumaramangalam was the Chief of Army.
'PNB interested in opening branches in Pak'
1.Government today said state-owned bank Punjab National Bank (PNB) has applied for opening branches in Pakistan and is awaiting approval from the competent authority.
2."PNB has applied for opening of two branches in Pakistan, one each in Lahore and Karachi, but these branches have not been approved by the competent authority," minister of state for finance Namo Narain Meena said in a written reply to the Lok Sabha.
3.No Indian bank has presence in Pakistan, he said.
4.The State Bank of Pakistan (SBP) had indicated to the Reserve Bank of India last month that, Muslim Commercial Bank was also interested in opening a branch in India apart from two other Pakistani banks, Meena said.
5.RBI has advised SBP this month that banks from Pakistan may apply as per the extant policy for the presence of foreign banks in India.
6.In reply to another question, Meena said, under the aegis of the World Trade Organisation, India is committed to allow foreign banks to open 12 branches in a year.
7."RBI may, however, go beyond the WTO commitments of 12 branch licenses, if the foreign banks open offices in unbanked or under-banked areas," he said
Sindhu reaches world number 9 in BWF ranking
1.Badminton teen sensation P V Sindhu improved one more place to close the gap with ace Indian shuttler Saina Nehwal in the latest world ranking released in Kuala Lumpur today.
2.Sindhu reached the ninth spot, to stay just one place behind Saina, who remained static at the seventh spot.
3.The 18-year-old, who reached the finals of Syed Modi International before winning the All India Open Senior Ranking in Kochi, currently has 55752 points, just 3928 points behind the Olympic bronze medallist.
4.Both Sindhu and Saina will be playing the All England Open Championships from March 4 to 9 next.
5.Among the men shuttlers, Sourabh Verma made a jump of nine points to reach the 41st spot in the world rankings with Parupalli Kashyap still the best Indian at the 18th place.
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