RBI Caps Tenure of Private Banks MD & CEO at 15 Years
The Reserve Bank of India (RBI) has capped the tenure of Managing Director and Chief Executive of commercial banks to 15 years. The same limit will also be applicable to whole-time directors (WTD). This means that the same incumbent cannot hold the post for more than 15 years.
The revised instructions will be applicable to all the Private Sector Banks including Small Finance Banks (SFBs) and wholly owned subsidiaries of Foreign Banks. However, it will not be applicable to foreign banks operating as branches in India.
According to the new rules:
- The MD & CEO or WTD who is also a promoter/ major shareholder, cannot hold these posts for more than 12 years.
- The upper age limit for MD & CEO and WTDs in private banks has been retained at 70 years.
- The instructions shall come into effect from the date of issue of this circular, that is April 26, 2021, however, in order to enable a smooth transition to the revised requirements, banks are permitted to comply with these instructions latest by October 01, 2021.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
Goldman Sachs Downgrade India’s GDP Growth Forecast to 10.5% for FY22
Wall Street brokerage, Goldman Sachs revised downward the GDP growth forecast of India for the fiscal year 2021-22 (FY22) to 10.5 per cent from the earlier estimate of 10.9 per cent. The downward revision is due to the increasing number of pandemic cases and a host of key states announcing stricter lockdowns, thus affecting economic activities.
Doyen of Indian Classical Music Pandit Rajan Mishra Passes Away
Renowned Hindustani classical singer, from ‘Banaras Gharana’ of India, Pandit Rajan Mishra, has passed away. He was a vocalist in the khyal style of Indian classical singing.
Mishra was awarded Padma Bhushan in the field of art in 2007. Pandit Rajan Mishra was also a recipient of the Sangeet Natak Akademi Award, the Gandharwa National Award and the National Tansen Samman.
Veteran Indian Nuclear Scientist Krishnamurthy Santhanam Passes away
Indian nuclear scientist Krishnamurthy Santhanam, who played a noteworthy role in the 1998 nuclear tests at Pokhran, has passed away. He was deeply associated with Defence Research and Development Organization(DRDO), Department of Atomic Energy (DAE) and Institute for Defence Studies and Analyses (IDSA).
Santhanam was the field director of Defence Research and Development Organization during the tests of Pokhran-II. He was awarded with the Padma Bhushan, the third-highest civilian award, in 1999 by the Government of India.
India Joins Rescue Ops For Missing Indonesian Submarine “KRI Nanggala-402”
The Indian Navy has joined the rescue operation for an Indonesian submarine and its 53-person crew that went missing more than 4 days ago. Indonesia had sought assistance from India after its 44-year-old submarine, KRI Nanggala-402, went missing while conducting a torpedo drill north of the island of Bali. The Navy’s Deep-Submergence Rescue Vessel (DSVR) left from Visakhapatnam.
Important takeaways for all competitive exams:
- Indonesia President: Joko Widodo;
- Indonesia Capital: Jakarta;
- Indonesia Currency: Indonesian rupiah.
UNICEF Goodwill Ambassador David Beckham leads global vaccination drive
UNICEF Goodwill Ambassador, David Beckham, is fronting a global initiative to inspire confidence in vaccines and encourage parents around the world to vaccinate their children against deadly diseases.
In a powerful video released ahead of World Immunization Week, Beckham talks about the loss of everyday activities due to COVID-19, such as hugs with family, spending time with friends, and being with the people we love, and encourages parents to vaccinate themselves so that they can be safe.
Important takeaways for all competitive exams:
- UNICEF Headquarters: New York, United States of America.
- UNICEF Executive Director: Henrietta H. Fore.
Manchester City won League Cup football tournament
Manchester City won the League Cup for a record-equalling fourth time in succession with a deserved victory over a disappointing Tottenham Hotspur side at Wembley. City’s victory equalled Liverpool’s achievement in the early 1980s of winning the competition four years in a row.
A new book title “Living Mountain” by Amitav Ghosh
“The Living Mountain” is a new story by Jnanpith winner and internationally renowned author Amitav Ghosh, written during the course of the pandemic. It is a fable for the current times: a cautionary tale of how humans have systematically exploited nature, leading to an environmental collapse.
HarperCollins Publishers India will publish The Living Mountain as a special standalone edition in January 2022 under its prestigious Fourth Estate imprint. The book will also be published simultaneously in Hindi, and as an ebook and an audiobook.
Former Maruti Suzuki MD Jagdish Khattar Passes Away
Jagdish Khattar, the former Managing Director of Maruti Suzuki, has passed away. He had served at Maruti Suzuki India Limited from 1993 to 2007. He is credited for establishing Maruti as India’s largest car company.
Khattar joined Maruti in July 1993 as Director, and was eventually elevated as Managing Director in 1999, first as government nominee, and then in May 2002, as Suzuki Motor Corporation nominee. After his retirement from Maruti in October 2007, Khattar launched an entrepreneurial venture named Carnation Auto.
Rafael Nadal clinches 12th Barcelona Open title
Rafael Nadal beat Stefanos Tsitsipas 6-4, 6-7, 7-5 to win his 12th Barcelona Open title. It was Nadal’s 87th career title, and his 61st title on clay. This is the second tournament where Nadal has captured 12 or more titles. The 13-time Roland Garros champion will return to No. 2 in the FedEx ATP Rankings.
China names its first-ever Mars rover “Zhurong”
China has named its first-ever Mars rover “Zhurong” after an ancient fire god ahead of a landing attempt on the Red Planet in May. The China National Space Administration (CNSA) revealed the name at the sixth China Space Day held in Nanjing. The Chinese name for Mars, “Huoxing,” literally means “fire star.”
Zhurong was the most popular of 10 shortlisted names for a public vote that opened in January, and that choice was backed by an expert panel and the CNSA itself. The rover carries panoramic and multispectral cameras and instruments to analyze the composition of rocks. Zhurong will also investigate subsurface characteristics with ground-penetrating radar if all goes according to plan.
Important takeaways for all competitive exams:
- China Capital: Beijing.
- China Currency: Renminbi.
- China President: Xi Jinping.
