Postal bank set to become a reality, says Rajan

Postal bank set to become a reality, says Rajan

The country will see many new banks in the coming years, including a postal bank promoted by the postal department, Reserve Bank of India (RBI) governor Raghuram Rajan said on Thursday.

Speaking on the occasion of commemorating 80 years of the central bank, the governor said, “In the coming year, we will have many new players in the banking eco-system, such as payments banks, small finance banks and possibly a postal bank competing with existing universal banks, regional rural banks, cooperative banks, and a variety of non-bank finance companies.”

The department of posts has already applied for a payments bank licence after RBI initiated the licensing process last year. Payments banks are niche banks which will be allowed to function with several restrictions; they will not be allowed to lend and will have a cap on the deposit it can take from an individual. A postal bank, if it gets a licence from RBI, will be a universal bank.

A task force under T S R Subramanian for suggesting ways to leverage the post office network has recommended that the government set up a holding company under the department of posts for immediate roll-out of banking, insurance and e-commerce services through India’s 155,000 post offices. The task force had submitted its recommendation last December.

Rajan also said the central bank has successfully developed a liquid government bond market, which gave the government the confidence to think of issuing 40-year bonds. “The rupee is truly becoming international, as foreign institutions queue up to issue rupee-denominated bonds. New products supported by RBI, such as the recently introduced interest rate futures contract, are doing roaring business on exchanges,” he said.

The former chief economist of the International Monetary Fund (IMF), however, also said the task of the central bank is far from over, particularly so far as infrastructure financing is concerned. He also reminded that banks already have too much exposure to infrastructure while big corporate infrastructure players have also taken too much debt.

“Going forward, we need to develop new sources of risk capital so that our infrastructure needs can be financed with a moderate amount of debt, even as we help the system deleverage,” he said.

In his speech as the chief guest at the function, Prime Minister Narendra Modi highlighted the need to extend finance to the poor.

Modi urged RBI to take the lead in encouraging financial institutions to set concrete targets for financial inclusion over the next 20 years, to help transform the quality of life of the poor.

“I come as a representative of the poor, underprivileged, marginalised and tribals; I am one among them; I seek on their behalf and trust you will not disappoint me,” Modi said.

The Prime Minister also downplayed any tension between the central bank and the government over several recent proposals, including shifting of the debt management function from RBI to an independent agency.

Modi said the governor meets him once in two months and he found Rajan’s presentations simple and easy to understand.

“What this means is that maybe government and RBI’s thoughts are similar and this is possible because of that. I believe that this is very necessary and I as a representative of the government express my satisfaction on this issue,” Modi said. Modi said along with economic and social parameters, there is a need to think of a geographical parameter as well for financial inclusion. He said eastern India had immense economic potential, and the banking sector should recognise and plan for this.

The Prime Minister said the success of the Pradhan Mantri Jan Dhan Yojana and the Direct Benefit Transfer of LPG subsidy, had shown the potential of the enormous role that the banking sector can play in ensuring financial inclusion.

Source : http://www.business-standard.com/article/finance/postal-bank-set-become-a-reality-says-rajan-115040200936_1.html

Airports Authority of India (AAI) Recruitment for Various Posts 2015 :

Airports Authority of India (AAI) Recruitment for Various Posts 2015 :

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Application Fees : Rs. 500/- for General / OBC Candidates and No Application fee for all other Candidates.

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Last Date : 10-06-2015

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Persons in News- March 2015 (PDF Download)

Friends.. Here is your favourite persons in News pdf for March 2015. A lot of them were in news during March 2015 for one reason or the other. He we have picked the top of that list from the competitive exam perspective. Even though this is titled persons in news as extra bonanza you will be getting New Appointments, Obituaries, latest Awards etc. You can download this article as PDF from the below link. Please comment your suggestions/comments on the article which we highly value for improvements.  

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* Mufti Mohammad Sayeed - Sworn in as the Chief Minister of Jammu and Kashmir.

* Martin Crowe - Former New Zealand cricket captain, inducted into the ICC Cricket Hall of Fame.

* Roger Federer - Won the ATP Tennis Championship Men’s single title held in Dubai.

* Jitan Ram Manjhi - Former Bihar chief minister, he launched Hindustani Awam Morcha.

* Jagmohan Dalmiya - He was unanimously elected the president of the BCCI.

* Bill Gates - He was named world's richest person again.

* Hifikepunye Pohamba - Namibian President, he won Mo Ibrahim prize for African leadership.

* Rafael Nadal - He won Argentina Open tennis title.

* Mary Kom - (i) She was appointed as the brand ambassador of the Northeast (ii) She has decided to quit boxing after the 2016 Rio Olympic Games.

* K.S. Lavkumar - Renowned ornithologist, he died.

* Rani Mukerji - She was was felicitated by Sreerupa Mitra Chaudhury who is the chairperson for the National Institute of Gender Justice for her contribution towards gender sensitization through her 2014 release Mardaani.

* Dadarao Danve - He resigned from the Union council of Ministers as he was made Maharasthra BJP president.

* Leslee Udwin - Director of the controversial BBC documentary film “India’s Daughter”.

* Narendra Modi - (i) Named among the 30 most influential people on the internet by Time magazine. (ii) He became first Indian PM to visit Sri Lanka in 28 years. (iii) He was named among the 50 greatest leaders in the world by Fortune magazine.

* Ram Sundar Das - Former Bihar Chief Minister, he passed away.

* G Karthikeyan - Kerala Assembly speaker, he passed away.

* Saina Nehwal - (i) She created history as she became the first Indian woman shuttler to attain the world number one ranking. (ii) Became the first Indian in 14 years to reach the final of the All England Open Badminton Championships (iii) She won Indian Open Super Series title.

* Ashwin Mittal - Walmart India has appointed him as chief operating officer.

* Vinod Mehta - Veteran journalist, he passed away.

* Kumar Sangakkara - (i) Heannounced retirement from Test cricket, (ii) He became the first player to score four successive one-day international centuries.

* Arun Singh - He was appointed as India’s ambassador to the U.S.

* Veerappa Moily - He was selected for Saraswati Samman 2014.

* MS Dhoni - (i) He registered most wins by an Indian captain in the history of the cricket World Cup. (ii) He Became first Indian captain to register 100 ODI wins.

* Dr. Manmohan Singh - He was accused of criminal conspiracy and breach of trust in the allocation of a coal mine by Special CBI Court.

* David Hale - He was nominated as next US ambassador to Pakistan.

* N. Sakthan - He was elected Kerala Assembly Speaker.

* Mohamed Nasheed - Former Maldives President,  he was sentenced to 13-year imprisonment.

Prepared by: www.currentaffairs4examz.com

* Dr. Alka Beotra - She was nominated to the Executive Board of WAADS (World Association of Anti Doping Scientists) from India.

* Bhaiyyaji Joshi - He was re-elected RSS general secretary.

* Sonakshi Sinha & Arjun Kapoor: They won Golden Kela awards (Worst offerings of Indian cinema).

* K. Srikanth - (i) He won Swiss Grand Prix Gold Badminton championship (ii) He won Indian Open Super Series title.

* Narayan Desai - Veteran Gandhian, he passed away.

* Lewis Hamilton - He won Australian Grand Prix 2015.

* Christine Lagarde - IMF chief, she visited India during March 2015.

* Paul van Ass - He took charge as chief coach of the Indian men’s hockey team.

* Bombay S Kamal - Veteran singer and music compose from Malayalam, he passed away.

* Ashu Suyash - Took charge as Crisil (Credit Rating Information Services of India Limited) CEO.

* Minoti Apate - Indian pancreatic cancer researcher in Australia and she has been named New South Wales Woman of the year 2015.

* Benjamin Netanyahu - His right-wing Likud party swept past its main rival in Israel's election.

* Kavinder Gupta - He was elected as the speaker of the Jammu and Kashmir legislative assembly.

* Air Marshal Sohail Aman - He was appointed as Chief of Pakistan Air Force.

* Smriti Irani - WEF named her as Young Global Leader from India.

* Ratan Tata - He was appointed as the head of an innovation council of Indian Railways called ‘Kayakalp’.

* Meira Kumar - Former Lok Sabha Meira Kumar’s book entitled “Indian Parliamentary Diplomacy – Speaker’s Perspective” was released.

* Sir Venkatraman Ramakrishnan - India-born Nobel laureate Sir Venkatraman Ramakrishnan has been confirmed as president elect of Britain's prestigious Royal Society.

* Justice Uma Nath Singh - Sworn in as new Chief Justice of Meghalaya High Court.

* Lata Mangeshkar - She won the 'Laadli Voice of the Century' award.

* Shahir Krishnarao - Bard and Marathi folk legend, he passed away.

* Martin Guptill - He hit the highest ever World Cup score of 237.

* Rajendra Singh - Activist Rajendra Singh won Stockholm Water Prize 2015.

* Katherine Viner - She will be the next editor-in-chief of The Guardian & will be the first woman to run the newspaper in its 194-year history.

* Yusufali Kechery - Renowned Malayalam poet,  he passed away.

* Sarath Fonseka - He became Sri Lanka's first field marshal.

* Sania Mirza & Martina Hingis - They won BNP Paribas Open tennis title.

* Lee Kuan Yew - The founding father and first prime minister of Singapore. He passed away.

* Novak Djokovic - He won BNP Paribas Open final.

* Shashi Kapoor - Selected for Dadasaheb Phalke award 2014.

* Madhav Gadgil - Renowned ecologist, he won prestigious Tyler Prize 2015 for Environmental Achievement.

* Dolly Shivani Cherukuri - She became the youngest Archer to enter India Book of Records.

* Bharti Kher - She was conferred with the Knight of the Order of Arts and Letters of France.

* KM Mani - Kerala Finance Minister, he was appointed chairman of the empowered committee of state finance ministers on Goods & Services Tax (GST).

* Akhil Sharma - Indian-American author, he won The Folio Prize 2015.

* Gopaldas Neeraj - Veteran poet, he was awarded inaugural National Kavi Pradeep Samman by Madhya Pradesh govt.

* Vikas Swarup - Noted novelist, he was appointed as the new official spokesperson of the Ministry of External Affairs.

* Ruth Porat - Google Inc appointed Ruth Porat as its Chief Financial Officer.

* Justice Ashok Bhushan - He sworn in as the Chief Justice of Kerala High Court.

* Michel Platini - He was re-elected as the UEFA President.

* John F. Nash, Jr. and Louis Nirenberg - They shared Abel Prize 2015.

* Atal Bihari Vajpayee - Former Prime Minister Atal Bihari Vajpayee was presented with the prestigious Bharat Ratna Award on 27 March 2015.

* Lieutenant Kiran Shekhawat - She became the first Indian woman officer to die in the line of duty.

* Poonam Mahajan - She became the first woman president of Basketball Federation of India.

* Aziz Qureshi - Mizoram Governor Aziz Qureshi sacked.

* Medha Patkar - Social activist Medha Patkar quits Aam Aadmi Party.

* Michael Clarke - Australia captain Michael Clarke announced retirement from ODIs.

* Aditi Arya - She was declared fbb Femina Miss India World 2015.

* Adoor Gopalakrishnan - He was honoured with Bishwaratna Dr Bhupen Hazarika International Solidarity Award.

* Mitchell Starc - He was named Player of the ICC Cricket World Cup 2015 tournament.

* Sebastian Vettel - He won Malaysian Grand Prix 2015.

* Pandit Madan Mohan Malviya - He was posthumously awarded Bharat Ratna Award & his family members received the award from President on 30 March 2015.

* Balbir Singh Senior - Renowned Hockey player, he was honoured with Major Dhyan Chand Lifetime Achievement Award.

* Daniel Vettori - New Zealand cricketer, he announced retirement from international cricket.

* Muhammadu Buhari - He was elected as President of Nigeria.

Source : http://www.currentaffairs4examz.com/

Massive Response for Modi's Sukanya Samriddhi Account

By Express News Service

Published: 01st April 2015

CHENNAI: Three months after the Union Government rolled out the Sukanya Samridhi Account for girl children, Tamil Nadu, Chennai postal region and Tambaram division have emerged among the top performers in adding accounts under the new scheme.

A whopping 40 per cent of new accounts opened under Prime Minister Narendra Modi's Sukanya Samridhi Account were from Tamil Nadu, said Post Master General of Chennai City Region Merwin Alexander, adding that the State is ranked top among all other States.

Alexander told Express that the State has opened 6.10 lakh accounts in the last two months, substantially higher than the other States. The scheme has caught the interest of every region across the State, with Chennai City Region that comprises seven northern districts and Union Territory of Puducherry accounting for 2.23 lakh new accounts.

Alexander added that Tambaram postal division alone had opened 52,000 accounts, the highest by any postal division in the country.

Senior Superintendent of Post, Tambaram division, Leela Krishnan, attributed the success to the campaign by the field staff. “We have 95 sub post offices and three head post offices besides 148 branch offices. Our field staff went around temples, marriage halls and distributed pamphlets and circulars to the people," said Leela Kishnan.

Assistant superintendent of Posts, Babu, said that camps were organised at six to eight places besides help was sought from ward members and councillors.

Maharajan, a temple priest in Anna Nagar said that he came to know about the scheme through campaigning being done by the postal department. "The scheme is very attractive. Nobody gives you 9.10 per cent interest (now 9.20 pc) on savings of Rs 1,000 to Rs 1 lakh. I have a seven-year-old daughter and I think this will secure her future," he said while hailing the scheme.

Raghunath, a resident of Avadi, said that he knew about the scheme through his relative. "The scheme has such wonderful returns. No other scheme gives you such returns," he said.

"Usually such schemes don't reach people. However, due to the reach of postal department, even a small rural post office was able to open 200 acounts," Alexander noted.

This has boosted the coffers of the Postal department in the most remote location. Currently, the postal department is giving 9.20 per cent interest on the deposits, said Alexander.

Launched in January, the Sukanya Samriddhi Scheme is a small savings scheme aimed at encouraging savings for a girl child's education and marriage.

Account under Sukanya Samriddhi can be opened and operated either by the minor girl child below 10 years or by guardian of the girl child. Only one account shall be opened in the name of a girl child under these rules after furnishing birth certificate of the girl child along with other documents relating to identity and residence proof of the depositor. 

Total No of SSA accounts opened in the FY 2014-2015 Tamil Nadu Circle  =  6,11,835
Chennai City Region	2,23,340
Central Region (Trichy)	1,72,054
Southern Region (Madurai)	1,22,540
Western Region (Coimbatore)	93,901