07 November 2016 Current Affairs

Ratnesh Kumar appointed MD and CEO of BoB Capital Markets

Bank of Baroda has appointed Ratnesh Kumar as Managing Director and Chief Executive Officer of its wholly-owned investment banking subsidiary, BoB Capital Markets Ltd. The public sector bank stated that Kumar started his career in the Indian capital markets and financial services sector in 1993.


RBI issues clarifications on hedging for ECBs

The Reserve Bank of India (RBI) has issued the Clarifications on hedging for External Commercial Borrowings (ECB). The Clarifications were issued under section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.The financial hedge for all exposures on account of ECB should start from the time of each such exposure (the day liability is created in the books of the borrower),” the central bank said in a clarification on hedging in the case of external commercial borrowings (ECBs).


China to block India’s bid for NSG membership

China has decided to once again block India’s bid for Nuclear Suppliers Group (NSG) membership ahead of plenary meet of NSG in Vienna, Austria. Earlier, China along with few other member countries of NSG had blocked India’s membership proposal in the plenary meet of NSG in Seoul, South Korea in June 2016.NSG membership will be a significant boost for India which is seeking to expand its atomic energy sector. It will pave the way for India to access to the advance technology for a range of uses from medicine to building nuclear power plants. With this advance technology, India can commercialize the production of nuclear power equipment . It will give big boost to Make in India programme and exports as India will have ability to offer its own nuclear power plants to the world.


India and Britain sign two agreements

India and the United Kingdom have signed two pacts to boost cordial relations between the two nations. The pacts were inked during the 3 days visit of Theresa May, the Prime Minister of the United Kingdom to India. PM Theresa May was on a three Day visit to India. one on intellectual property (IP) and another for bilateral cooperation on raising ease of doing business.


Vinod Rai to head advisory commission

Vinod Rai has been appointed as the Chairman of Fund Trustee and Advisory Commission of Kerala. He will be entrusted with the responsibility to ensure that the funds of the Kerala Infrastructure Investment Fund Board (KIIFB) are properly utilised and the interest of investors is protected. Moreover, the board of the reconstituted KIIFB under Chairman Pinarayi Vijayan also decided to appoint Usha Thorat, former Deputy Governor of RBI and Prakash Bakshi, former Chairman of NABARD, as the other members of the FTAC.


Uttarakhand High Court bans construction near glaciers in Uttarakhand

The Uttarakhand High Court has banned near glaciers in Uttarakhand and directed the state government to preserve the rapidly melting glaciers, a source of major rivers. The High Court issued an order, taking notice of the degradation in the Himalayan ecology and environment based on a Public Interest Litigation (PIL) petition filed on encroachment and illegal construction around various water bodies including the Nainital lake.


Tunisian leader among four conferred Jamnalal Bajaj Awards

Well-known Gandhian and President of Tunisia’s Ennahdha Party, Sheikh Rached Ghannouchi was among four prominent personalities conferred with the prestigious 39th Jamnalal Bajaj Foundation Awards for 2016. Mohan Hirabai Hiralal, founder and convenor of Vrikshamitra was honoured for outstanding contribution in the field of Constructive Work. BonBehari Vishnu Nimbkar, founder of Nimbkar Agricultural Research Institute was presented the award for application of science and technology for rural development. Dr. Nannapaneni Manga Devi, founder secretary of Sri Venkateswara Bala Kuteer and Chetana Charitable Trust was honoured with the award for development and welfare of women and children.


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