1.Moving ahead with reforms in the public sector banking space, the government has constituted a ministerial panel headed by Finance Minister Arun Jaitley that will oversee merger proposals of state-owned banks.The other members of the panel include Railway and Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman.
2.The Monetary Policy Committee of India is a committee of the Reserve Bank of India that is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.
The committee comprises six members - three officials of the Reserve Bank of India and three external members nominated by the Government of India. They need to observe a "silent period" seven days before and after the rate decision for "utmost confidentiality". The Governor of Reserve Bank of India is the chairperson ex officio of the committee. Decisions are taken by majority with the Governor having the casting vote in case of a tie. The current mandate of the committee is to maintain 4% annual inflation until March 31, 2021 with an upper tolerance of 6% and a lower tolerance of 2%.
3.The composition of the current and first monetary policy committee is as follows: ( Members from the Govt. Side will hold office for a period of four years from the date of appointment while the other three members are official.)
- Governor of the Reserve Bank of India – Chairperson, ex officio - Urjit Patel
- Deputy Governor of the Bank, in charge of Monetary Policy—Member, ex officio - Viral A Acharya
- One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio; - Michael Patra
- Shri Chetan Ghate, Professor, Indian Statistical Institute (ISI) – Member;
- Professor Pami Dua, Director, Delhi School of Economics – Member;
- Dr. Ravindra H. Dholakia, Professor, Indian Institute of Management, Ahmedabad - Member
4.The SEBI has Formed a Committee on Fair Market Conduct , Which wil be headed by T K Viswanathan.The committee will suggest measures for improving surveillance of the markets and strengthen rules for algorithm trades, among other norms.The securities market environment is dynamic, so there is need for periodic review of regulations and surveillance mechanisms in order to effectively discharge the objectives of SEBI.
Terms and Reference of Committee: 1.The committee will suggest measures for improvement in PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, PIT (Prohibition of Insider Trading) norms and norms mainly related to ‘trading plans’ and handling of ‘unpublished price sensitive information’ during takeovers. 2.It will suggest short term and medium term measures for improved surveillance of the markets as well as issues of high frequency trades, harnessing of technology and analytics in surveillance. It will suggest evidentiary issues in anti-fraud enforcement. It will be also responsible for recommending steps to align insider trading regulations with Companies Act provisions.
5. The world's largest solar-thermal power plant has been given development approval by the South Australian government.Construction on the 150-megawatt Aurora plant, to be built by utility-scale solar power company Solar Reserve, will begin in 2018 at an estimated cost of $509 M.It will have the capacity to power 90,000 homes with eight hours of full load storage.
6.The President of India, Shri Ram Nath Kovind, will visit Bihar tomorrow (January 11, 2018) to inaugurate the 4thInternational Conference on Dharma-Dhamma at Rajgir.
The Conference is being organised by Nalanda University in collaboration with the Centre for Study of Religion and Society, India Foundation, and the Ministry of External Affairs, Government of India, with an aim to provide an opportunity to academics and policy makers from India and abroad to share ideas and build collaboration for a better world.
7.India has emerged as a top borrower from the China-sponsored Asian Infrastructure Investment Bank (AIIB) with USD 1.5 billion worth of loans last year and USD three billion more in the pipeline.Next to India, Indonesia has emerged as the second largest borrower with about USD 600 million loans.
8.In the recent reshuffle of ministers and secretaries, British Prime Minister Theresa May inducted Indian-origin lawmaker Rishi Sunak into her government. He is being appointed as an under secretary of state in Britain’s Ministry of Housing, Communities and Local Government.
9.Actress Kajol, an active supporter of eradicating preventable deaths from hygiene-related issues, has become an advocacy ambassador for a Swachh Aadat Swachh Bharat initiative.
Kajol on Thurday took to Twitter to urge people to become "swachhta doot" and contribute to Prime Minister Narendra Modi's Swachh Bharat Abhiyan."It's a great honour to be chosen as the Advocacy Ambassador for the Swachh Aadat Swachh Bharat 'haath muh bum' initiative Hindustan Unilever. I urge people to become a Swachhta Doot and contribute to a better tomorrow.
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