Government To Soon Appoint Managing – Latest news headlines


Government will soon appoint head of the National Bank for Financing Infrastructure and Development

Finance Ministry will soon start the process for appointing a managing director (MD) and deputy managing directors (DMDs) of the newly set up Rs 20,000 crore development finance institution, namely National Bank for Financing Infrastructure and Development (NaBFID).

Government has envisioned the institution for expediting investment in the fund-starved infrastructure sector.

Last month, the government had appointed veteran banker K V Kamath as the chairperson of NaBFID for three years.

According to sources, the finance ministry will soon intimate the Banks Board Bureau (BBB) about the appointment of MD and DMDs of NaBFID.

The bureau will issue advertisements and undertake a selection process, sources said.

The BBB is the headhunter for state-owned banks and financial institutions.

The MD, DMDs and whole-time directors would not hold office after attaining the age of 65 years and 62 years respectively.

As per the NaBFID Act 2021, the institution would have one managing director and not more than three DMDs.

The government has committed Rs 5,000 crore grant over and above Rs 20,000 crore equity capital.

The central government will provide grants by the end of the first financial year. The government will also provide guarantee at a concessional rate of up to 0.1 per cent for borrowing from multilateral institutions, sovereign wealth funds, and other foreign funds.

The development finance institution (DFI) has been established as a statutory body to address market failures that stem from long-term, low margin and risky nature of infrastructure financing.



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Latest News Today – UP Police Sends Legal Notice To Twitter India Managing


UP Police say there was nothing communal about the Ghaziabad assault incident

Highlights

  • Notice to Twitter India head for “provoking communal unrest”
  • Asked to report to a police station near Delhi to record statement
  • Earlier, questioned by Delhi police in “Congress toolkit” row

New Delhi:

The Uttar Pradesh Police has sent a legal notice to Twitter’s India head for “provoking communal unrest” in the case involving an assault on a Muslim man in Ghaziabad earlier this month.

Manish Maheshwari, Managing Director of Twitter in India, has been asked to report to a police station at Loni Border near Delhi and record his statement within seven days, news agency ANI reported on Friday.

“Some people used their Twitter handle as a tool to spread hatred in the society and Twitter Communication India and Twitter Inc did not take any action against it. They let the anti-social messages go viral,” the notice sent to Mr Maheshwari read.

A Parliamentary panel has called on Twitter to appear before it in Parliament Complex today at 4 pm and give representation on how to prevent misuse of social media and online news.

Mr Maheshwari was earlier questioned by a Delhi Police team in connection with the “Congress toolkit” controversy. The police travelled to Bengaluru to question him after serving notices and visiting Twitter’s offices in Delhi and Gurgaon.

The legal notice comes just days after Twitter, several journalists and Congress leaders were named in an FIR (first information report) in Ghaziabad over tweets sharing a video of the assault that took place on June 5.

The man, Sufi Abdul Samad, had alleged that his beard was cut off and he was forced to chant “Vande Mataram” and “Jai Shri Ram” by a group that assaulted him. UP Police say there was nothing communal about the incident; the man was attacked by six people — Hindus and Muslims – who were angry with him for allegedly selling fake good luck charms.

Abdul Samad’s family has denied police’s claims. “The police is wrong in saying that my father used to sell ‘tabeez’. No one in our family does this business. We are carpenters. The police are not saying the right thing – let them investigate and prove it,” said Babloo Saifi, Abdul Samad’s son.

The FIR against Twitter and eight others lists charges like provocation for rioting, promoting enmity between different groups,  acts intended to outrage religious feelings, mischief and criminal conspiracy.

This is the first case against the social media giant after the government’s new rules for online news publishing platforms came into effect on May 26. The microblogging site “has lost the legal shield”, sources in the government said, “as it failed to comply with the new IT rules” that require it to appoint key India-based officers. But on record, the government has not clarified whether Twitter has lost its intermediary status, which gives it immunity from third party content.

Yesterday, a second complaint was filed in Delhi, naming Twitter and actor Swara Bhasker among others, over “inflammatory tweets” on the assault on the Muslim man in Ghaziabad.





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Latest News Today – RBI Limits Single Term Of Bank CEOs, Managing Directors


RBI limits single tenure of private banks’ chiefs

The Reserve Bank of India (RBI) said on Monday that chief executive officers (CEOs) and managing directors (MDs) at Indian private-sector banks will be eligible to hold these posts for up to 15 years, as it unveiled a series of rules on term limits.

Analysts welcomed the new rules and said they may be extended to the shadow banking sector as well. “These are some learnings from the banking crisis that unfolded last year from the Yes bank case, so the RBI is putting these steps in place to ensure that such kind of issues don’t arise in future,” said Asutosh K Mishra, analyst at a domestic brokerage house, Ashika Stock Broking.

In March 2020 the central bank rescued Yes Bank, then the country’s fifth-largest private lender, as it reeled under a mountain of bad loans due to its exposure to shadow lenders and real estate companies. The central bank also said on Monday that a CEO, MD or whole-time director (WTD) who is a promoter or major shareholder of a bank as well will not be eligible to hold these posts for more than 12 years, with an extension of up to 15 years permitted at its sole discretion.

Bank chiefs who are not promoters will be eligible for a second-term, even after the 15-year period. “Thereafter, the individual will be eligible for re-appointment as MD and CEO or WTD in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years,” it added.

During this three-year gap, the individual shall not be appointed or associated with the bank or its group entities in any capacity, directly or indirectly, it added. RBI also said the chairman of the board must be an independent director

It also listed some other guidelines on the pay of non-executive directors, age limits and setting up of audits, remuneration and risk-management committees

The RBI has given banks until October 1 to comply with the rules.



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