Cabinet Approves Establishing India’s 1st National Rail and Transportation University in Vadodara, Gujarat
- The Union Cabinet has given the Ministry of Railway’s startup for the first ever National Rail and Transport University (NRTU) in Vadodara to skill its human resources and build capability. This plan has been developed for the one of the union government, will be a catalyst for transformation of rail and transport sector towards New India.
- The National Rail and Transportation University has been decided for the Deemed to Be University under de novo category as per the UGC [Institutions Deemed to be Universities] Regulations, 2016, said the statement.
- “This university will set Indian Railways on the path of modernisation and help India become a global leader in transport sector by enhancing productivity and promoting ‘Make in India’,” the statement said.
- “It will support ‘Startup India’ and ‘Skill India’ by channeling technology and delivering knowhow, and foster entrepreneurship, generating large scale employment opportunities. This will lead to transformation of railway and transportation sector and enable faster movement of people and goods. Through global partnerships and accessing cutting edge technologies, India will emerge as a global centre of expertise,” added the statement.
Cabinet Approves “Scheme for Capacity Building in Textiles Sector”
- The Cabinet Committee on Economic Affairs, that is headed by the Prime Minister Shri Narendra Modi that has given the approval for the skill development scheme that include the onw of the chain of the textile sector excluding Spinning & Weaving in organized Sector, titled “Scheme for Capacity Building in Textile Sector (SCBTS)” from 2017-18 to 2019-20 with an outlay of Rs. 1300 crore.
- The scheme will have National Skill Qualification Framework (NSQF) compliant training courses with funding norms as per the Common Norms notified by Ministry of Skill Development and Entrepreneurship (MSDE).
The skilling programmes would be implemented through:
- Textile Industry /Units in order to meet the in-house requirement of manpower;
- Reputed training institutions relevant to textile sector having placement tie-ups with textile industry/ units; and
- Institutions of Ministry of Textiles /State Governments having placement tie-ups with textile industry/units.
DARPAN Project Launched For Financial Inclusion of Rural Population ‘Hamesha Vijayee’ Exercise Held in Rajasthan
- The Minister of Communications Shri Manoj Sinha has launched on Thursday the DARPAN – “Digital Advancement of Rural Post Office for A New India” Project to provide the service, add value to services and achieve “financial inclusion” of un-banked rural population.
- He said, “The goal of the IT modernization project with an outlay of Rs. 1400 Crore is to provide a low power technology solution to each Branch Postmaster (BPM) which will enable each of approximately 1.29 Lakhs Branch Post Offices (BOs) to improve the level of services being offered to rural customers across all the states.”
- Shri Sinha said that as on date, 43,171 Branch Post Offices have migrated under the “DARPAN”projectwith the aim of financial inclusion to rural population and it is targeted to complete the project by March, 2018.
UK Tops Forbes’ List of Best Countries for Business in 2018
- Britain has been crowned the world’s best country in the term of the business according to the Brexit. This is the first time in the taken the top spot in the Forbes annual survey after rising from fifth last year.
- Brexit supporter John Longworth, former head of the British Chambers of Commerce, said, “This week the CBI reported manufacturing order books at a 30-year high and now Forbes are saying we are the best country in which to do business. This confounds the naysayers at the IMF, Bank of England and Treasury and shows the future is bright for Brexit Britain.”
- “Yes, the pound plummeted 9 per cent versus the dollar the day after the surprise result and remains down, but the economy as a whole has held up relatively well. Gross domestic product grew 1.8 per cent in 2016, a tick behind only Germany’s 1.9 per cent in the Group of Seven industrialized nations. Economic growth has continued in 2017, home prices are up and unemployment has sunk to a 42-year low at 4.3 per cent.”
- The 12th annual survey went on, “Much uncertainty remains with the official exit from the EU scheduled for March 2019. Some UK companies are holding off on investments to see how Brexit affects trade relations and growth is forecasted to slow in 2018 but Britain’s business climate remains attractive.”
BANKING AND FINANCE
RBI Puts United Bank of India under PCA
- Bank of India (BoI) has become the number eighth lender that comes in the Reserve Bank of India’s (RBI) prompt corrective action (PCA) on Wednesday, as bad loans soared and return on assets turned negative at the state-owned lender. This has been comes in the term of the United Bank of India, which was the first to go under PCA three years ago.
- “This is to inform that the Reserve Bank of India vide their letter dated 19 December, has placed the Bank under Prompt Corrective Action Framework, consequent to the onsite inspection under the risk based supervision model carried out for year ended March 2017,” said the bank in its notification to the stock exchanges on Wednesday. “This is in view of high net NPA, insufficient CET1 capital (common equity tier 1) and negative RoA (Return on Assets) for two consecutive years,” it said.
- “After the inspection for the fiscal year 2016-17, RBI asked the bank to reclassify some of the accounts as NPA. These are loans, which were part of a consortium. In BoI’s case, majority of the accounts are backed by stand by letter of credit (SBLC) and will be recovered in the fourth quarter,” said Dinabandhu Mohapatra, managing director and chief executive of Bank of India.
- “RBI hasn’t put any strict restrictions on lending by the bank. However, the regulator has asked the bank not to lend below an entry level threshold limit,” said a senior BOI official aware of the matter.
- “Given that the government has announced a sizable recapitalisation, including Bank of India under PCA framework looks untimely. We expect some of these banks to come out of PCA at end March 2018 by creating additional provisions and reducing NPA,” said Anil Gupta, vice-president, financial sector ratings, ICRA.
SEBI Hikes FPI Investment Limit
- For the increment in the foreign funds into Indian capital markets, regulator Sebi on Wednesday has increased the investment limit for FPI in central government securities to over Rs 1.91 lakh crore from next month.
- In the recent the investment limit for foreign portfolio investors (FPIs) is Rs 1,89,700 crore. This event has been the part of the Securities and Exchange Board of India (Sebi) to push inflow from overseas investors in the country’s capital markets. The new limit that has been consider from the January 1, 2018.
- In that there has been the, limit for long-term FPIs (sovereign wealth funds multilateral agencies, insurance funds, pension funds and foreign central banks) in central government bonds would increase to Rs 65,100 crore from the existing Rs 60,300 crore.
- Except of this limit for investment by all FPIs in state development loans (SDL) will be Rs 31,500 crore, and that of long-term FPIs will be Rs 13,600 crore.
- The Securities and Exchange Board of India is the regulator for the securities market in India
- It was established in the year 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Founded: 12 April 1992
- Sector: Securities market
- Jurisdiction: India
- Headquarters: Mumbai
- Agency executive: Ajay Tyagi (Chairman)
- Type: Statutory corporation
The central English city of Birminghamwill host the Commonwealth Games in 2022
- The central English city of Birmingham has been going to host Commonwealth Games in 2022.
- This announcement has been done on Thursday in the city. Gold Coast, Australia, will host the next Commonwealth Games in 2018.
- The 2022 Commonwealth Games in the starting has been given in the Durban in 2015, but the South African city was stripped of the event this year because of financial difficulties.
- The multisport event, involving countries associated with the former British empire, was last in Britain in 2014 when it was held in Glasgow. Before that, Manchester hosted in 2002.
Hall of Fame broadcaster Dick Enberg dies at age 82
- Legendary sportscaster Dick Enberg has died on Thursday night, his wife told the San Diego Union Tribune at the age of 82 years.
- Enberg, has worked for NBC, CBS and ESPN, had a broadcast career that spanned 60 years, covering 10 Super Bowls, 28 Wimbledons and eight NCAA Tournament titles games. He was well known for his signature catchphrases such as “Touch ’em all” and “Oh my!”
- “He’s just a marvelous announcer,” famed Dodgers announcer Vin Scully told the LA Times in September 2016 with Enberg ending his second stint as the Padres’ television voice. “I have the utmost respect and admiration for his abilities.
- “With Dick, his brilliance spread over a number of sports. It didn’t make any difference whether he was doing the French Open or the Super Bowl. Whatever he did, I just thought he was outstanding.”
- Chaudhary Charan Singh was the 5th Prime Minister of the Republic of India, who has served from the 28 July in the year 1979 until 14 January in the yesr 1980. He has given the tag name as the ‘champion of India’s peasants’ by the historian and many of the famous people.
- He was born in the family of Jat in the year 1902 in village Noorpur of District Hapur(Erstwhile District Meerut) in Uttar Pradesh he has entered politics as part of the Independence Movement motivated by Mohandas Gandhi.
- He has served in the year 1931 at the Ghaziabad District Arya Samaj and also the the Meerut District Indian National Congress because of this he has jailed twice by the British.