SBI to launch its own version of digital only bank soon
Bank > RBI > Jan 06
The country's largest lender State Bank of India will take the lead among state-run lenders to launch branch less banking called SBI Digi Bank, something similar to what Citi or DBS have done elsewhere in the world. The Digi Bank will have a financial superstore, a market place, and end-to-end digitisation for all products and services.
Wrap up Rs 70,000 crore Air India scam probe by June, SC tells CBI
India > Air India > Jan 06
The Supreme Court ordered the CBI on Thursday to complete probe into the alleged Rs 70,000 crore scam in purchase and leasing of aircraft by Air India during UPA-I government in 2005-06. Attorney General Mukul Rohatgi informed a bench of Chief Justice J S Khehar and Justices N V Ramana and D Y Chandrachud that CBI had registered an FIR in 2013 and has already examined 55 witnesses.
IAF to deploy more surface-to-air missiles for high-value targets in Gujarat, Maharashtra
India > IAF > Jan 06
In order to protect “high-value targets” on the coasts of Gujarat and Maharashtra that lies in close proximity to Pakistan, the Indian Air Force (IAF) will be increasing the number of surface-to-air missiles (SAMs) in its jurisdiction, said Air Marshal RK Dhir, Air Officer Commanding-in-Chief of South Western Air Command (SWAC) on Thursday.
SC declines urgent hearing on PIL seeking postponement of Union Budget in view of elections
India > Union Budget > Jan 06
The Supreme Court declined to hear a PIL that urgently sought postponing of the annual budget in Parliament in view of the schedule of Assembly elections in five states. While the Budget is scheduled to be presented in Parliament by Finance Minister Arun Jaitley on February 1, the elections in five states begin three days later. On Thursday, opposition parties led by the Congress approached the Election Commission seeking postponing of the budget arguing that the government led by the BJP may announce populist measures in the budget thereby giving it an advantage in the polls. The parties wanted the Budget announcement after March 8, the last day of polling.
Private firms collecting Aadhaar data not a great idea, says SC
India > Private firms > Jan 06
THE SUPREME Court Thursday declined to expedite hearing of Aadhaar cases challenging the constitutional validity of the initiative but observed that data collection by private agencies might not be “a great idea”. Chief Justice of India J S Khehar made the remarks after senior advocate Shyam Divan sought urgent hearing of the plea, citing privacy concerns. Divan urged that there were several issues that required to be heard by the top court on an urgent basis. “It would become a 100 per cent surveillance state,” claimed Divan, adding there were privacy concerns since biometric data was being collected by private agencies.
Om Puri passes away after a massive heart attack
India > Om Puri > Jan 06
Veteran actor Om Puri has passed away after a massive heart attack early on Friday morning. The actor was 66. Om Puri’s friends and colleagues from Bollywood reached his Andheri residence to pay their last respects to the actor. Puri’s body was taken to Cooper hospital for postmortem, following which the funeral will take place.
Finance Ministry sends joint secretary to coordinate RBI cash operations
Bank > RBI > Jan 05
In an unusual move, and in another sign of the government’s effort to be on top of demonetisation management, the finance ministry has sent a joint secretary to Reserve Bank of India to coordinate the central bank’s currency chest operations. Currency chests are branches of select banks authorised by Reserve Bank to hold notes and coins. The central bank manages currency chests.