Current Affairs of 6 November 2015

1. RBI issued Uniform Guidelines on Internet Banking for Cooperative Banks
Reserve Bank of India (RBI) on 5 November 2015 issued revised and uniform guidelines on Internet Banking for all licensed cooperative banks including Urban Cooperative Banks (UCBs), Cooperative Banks (StCBs) and Districts Co-operative Banks (DCBs).
These guidelines relate to Internet Banking (View Only) facility and Internet Banking with Transaction facility.

Revised guidelines for Internet Banking (View Only) facility
• All licensed StCBs, DCCBs and UCBs which have implemented Core Banking Solution (CBS) and migrated to Internet Protocol Version 6 (IPv6) may offer Internet Banking (View only) facility to their customers, without prior approval of RBI.
• In case, any service offered under ‘view only’ facility requires two-factor authentication or One Time Password (OTP), banks may adopt the security features related to internet banking as prescribed by RBI, as appropriate to such services.
• The cooperative banks offering this facility to their customers should ensure that the facility is strictly for non-transactional services such as balance enquiry and balance viewing among others.
• The cooperative banks have to report commencement of the service to the concerned Regional Office of RBI (and also NABARD in case of StCBs/DCCBs) within one month of operationalisation of this facility.
Earlier in 2014, only Urban Cooperative Banks (UCBs) were permitted to offer this facility to their customers.
Revised guidelines for Internet Banking with Transaction facility
Only those licensed StCBs, DCCBs and UCBs, which have implemented CBS and have also migrated to IPv6 can offer this facility to their customers with prior approval of RBI if they fulfill the following criteria:
• Credit to Risk Adequacy Ratio (CRAR) of not less than 10 per cent
• Net worth is 50 crore rupees or more as on 31 March of the immediate preceding financial year
• Gross Non-Performing Assets (NPAs) less than 7 % and Net NPAs not more than 3%
• The bank should have made a net profit in the immediate preceding financial year and overall, should have made net profit at least in three out of the preceding four financial years.
• It should not have defaulted in maintenance of Cash Reserve Ratio (CRR)/Statutory Liquidity Ratio (SLR) during the immediate preceding financial year.
• It has sound internal control system with at least two professional directors on the Board.
• The bank has a track record of regulatory compliance and no monetary penalty has been imposed on the bank for violation of RBI directives/guidelines during the two financial years, preceding the year in which the application is made.

2. Bosnian and Serbian Governments held first joint session post-Bosnian War in Saravejo
Bosnian and Serbian governments  held their joint session in Saravejo. The joint session was the first since the end of the Bosnian War in 1995.
The aim of the session was to improve their relations and contribute to the stabilization of the Western Balkans.
During the joint session, the two governments signed cooperation agreements on finding missing persons, telecommunications, protection of cultural heritage and sustainable development.
After the session, Bosnia's Prime Minister Denis Zvizdic said there will be more sessions like this. This is a good pattern.

3. V Sivaramakrishnan appointed as Managing Director of Oxford University Press India
V Sivaramakrishnan (Siva) was  appointed as the Managing Director of the Oxford University Press India (OUPI) with regional responsibilities including Bangladesh, Sri Lanka, and Nepal. He will also join the Asia Education Divisional Board of OUP.
He succeeds Ranjan Kaul, who will retire in November 2015 end after working with OUP for 14 years.
Prior to this appointment, Sivaramakrishnan was working in Manipal Global Education Services where he has overseen seven years of strong business development, improved quality assurance, and the effective delivery of supporting technology platforms.

4. Maldives Parliament voted to Impeach Vice President Ahmed Adeeb
Maldives Parliament  overwhelmingly voted to impeach the country’s Vice President Ahmed Adeeb. He is accused of plotting to kill the President Yameen Abdul Gayoom.
All 61 parliamentarians present voted in favour of the impeachment and none opposed in the 85-member house. The opposition Maldivian Democratic Party stayed away from voting.
The decision of impeachment came a day after the President declared a state of emergency saying that recent explosion and subsequent discovery of arms posed a threat to national security.
A clause of the emergency regulation reduces the number of days given to a president or vice president to respond to an impeachment motion from 14 days down to seven days.

5. FIFA World Rankings 2015: Belgium topped for first time
Belgium  moved to the top of the FIFA world ranking list in football for the first time. The team rose from third to first after overtaking Argentina and world champions Germany. This follows their victories in October’s European qualifiers.
The former No. 1 ranked side, Argentina, dropped to third, while Copa America champions Chile rose four places to fifth, their highest ranking. Austria improved one place to a best ever tenth place. Iran continued to top the rankings among AFC countries followed by Korea and Japan.

6. Civil communications satellite ChinaSat 2C launched by China
China  launched a civil communication satellite ChinaSat - 2C from the Xichang space center in Sichuan province.
The satellite was launched aboard the launch vehicle Long March 3B rocket which placed the satellite in its orbit successfully. This launch was 216th mission of Long March carrier rocket series.
The telecommunication satellite will serve customers in a swath of the Asia-Pacific with television broadcasting, broadband multimedia and data transmission services.
The satellite has been developed by China Academy of Space Technology and is owned by China Satellite Communications Co., which is China's primary operator of civil communications satellites. The firm is a state-owned subsidiary of China Aerospace Science and Technology Corp.

7. Union Cabinet gives nod to UDAY Scheme for financial restructuring package for power DISCOMs
Union Cabinet chaired by Prime Minister Narendra Modi has given its nod Ujwal DISCOM Assurance Yojna (UDAY) for financial restructuring of debt of power distribution companies. The Scheme aims for financial turnaround and revival of Power Distribution companies (DISCOMs) and also ensures a sustainable permanent solution to the problem.
Thus with nod to UDAY Scheme, Union Government seeks to accelerate the process of reform across the entire power sector in order to ensure affordable and accessible 24×7 Power for All. The scheme has been framed by Union Power Ministry as power DISCOMs in several states have been severely mismanaged, resulting in a debt burden upward of 4 lakh crore rupees. This has taken a toll on the power as well as bank sectors.



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