1.The government of India appointed Atul Sahai as the Chairman and Managing Director (CMD) of the New India Assurance on 4 December 2018.He has been appointed for a period of five years.At present, he is the General Manager at Oriental Insurance.New India Assurance Company is a public sector insurance company and its headquarters is in Mumbai.
2.The RBI will reduce the Statutory Liquidity Ratio (SLR) by 0.25% every quarter beginning January 2019.The reduction in SLR will continue till it reaches 18%.The current SLR is 19.5%.The move is likely to release funds locked in government securities.SLR is the portion of funds which banks are required to maintain in the form of gold reserves and the government approved securities.
3.The Reserve Bank of India (RBI) came out with guidelines for enhancing credit discipline among large borrowers.Borrowers having aggregate fund based working capital limit of Rs 150 crore and above, a minimum level of ‘loan component’ of 40% will be applicable.The 40% loan component will be revised to 60% with effect from 1 July 2019.The guidelines will be effective from 1 April 2019.
4.The Central government has approved ‘Anti-Smuggling National Coordination Centre’ (SCord) under the Directorate of Revenue Intelligence (DRI).‘SCord’ will help the government of India to formulate a ‘National Anti-Smuggling’ policy. All the border agencies like BSF, ITBP, Assam Rifles, SSB, and Coast Guards will be the members of ‘SCord’.
5.World Intellectual Property Indicators 2018’ report was released by UN’s World Intellectual Property Organisation (WIPO) on 3 December 2018.The number of patents granted by India shot up by 50% in 2017.The patents granted by India increased from 8,248 in 2016 to 12,387 in 2017.China’s patent authority granted the largest number of patents and was followed by the US.
6.The RBI proposed that floating interest rates on loans will be linked to external benchmarks like repo rate or treasury yields.The new guidelines will be applicable from 1 April 2019.Currently, banks follow a system of internal benchmarks including the Marginal Cost of Funds based Lending Rate (MCLR), Benchmark Prime Lending Rate (BPLR), and Prime Lending Rate (PLR).
7.The Reserve Bank of India (RBI) will implement an ‘Ombudsman Scheme for Digital Transactions’ covering services provided by entities falling under Reserve Banks regulatory jurisdiction.The aim of the scheme is to provide a cost-free mechanism to redress grievances of customers related to digital transactions.The scheme will be notified by the end of January 2019.
8.The Ministry of Commerce and Industry and the Government of Goa will organise the annual ‘Startup India Venture Capital Summit’ in Goa on 7 December 2018.The theme of the Summit is ‘Mobilizing Global Capital for Innovation in India’.The event will showcase the Indian startup opportunity for funds from around the world.India has the world’s third largest startup base.
9.According to the projection by the Global Carbon Project, India is the fourth highest emitter of carbon dioxide in the world.The top four emitters of carbon dioxide in 2017 were China (27%), the US (15%), the European Union (10%) and India (7%).The study also said that the emissions are expected to grow by a solid 6.3% in 2018.
10.Tamil writer S. Ramakrishnan has won the ‘Sahitya Akademi Award 2018’ on 5 December 2018.He has been awarded for his novel ‘Sancharam’.The novel deals with the lives of nadhaswaram artistes.The Sahitya Akademi award is among the most prestigious literary honours bestowed on writers for their works across genres and languages.
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