1. MV Rao takes over as chairman of the Indian Banks Association
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Central Bank of India MD and CEO MV Rao was elected as the new chairman of the Indian Banks Association (IBA) during the managing committee meeting held on 21 March.
An Overview of the News
Vice President Selection:
The committee also appointed three vice presidents:
Dinesh Kumar Khara, Chairman of State Bank of India (SBI)
S L Jain, MD and CEO of Indian Bank
N Kamakody, MD and CEO of City Union Bank
Appointment of Honorary Secretary:
Madhav Nair, Country Head and CEO of the Bank of Bahrain and Kuwait was appointed as Honorary Secretary of the IBA.
Contribution of Madhav Nair:
Serving as the first Vice President, Madhav Nair has been actively involved in policy advocacy related to areas such as technology, risk management, and environmental, social, and governance (ESG) factors since 2016.
Indian Banks Association (IBA)
IBA represents a diverse range of Indian banks including public sector, private sector, foreign, co-operative and regional rural banks.
Role and Functions: It plays an important role in shaping banking policies and promoting the adoption of best practices within the Indian banking industry.
Expectations of new leadership: The election of a new leadership team is expected to infuse new energy and focus IBA's efforts to address the various challenges and leverage opportunities in the Indian banking sector.
2. Naveen Jindal elected President of the Indian Steel Association
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Jindal Steel & Power Chairman Naveen Jindal was unanimously elected President of the Indian Steel Association (ISA) by the apex committee.
An Overview of the News
He replaced Dilip Omman, CEO of ArcelorMittal Nippon Steel India and took charge on March 21.
As Chairman of ISA, Jindal will have a key role in shaping policies and strategies for the Indian steel industry.
His priorities include ensuring synchronized growth in the steel industry and its associated manufacturing value chains to support India's development goals.
Jindal also stressed the importance of decarbonization as a significant challenge and necessary initiative for environmental sustainability.
Notable past presidents of ISA include JSW Steel Chairman Sajjan Jindal and Tata Steel MD and CEO TV Narendran.
ISA acts as the apex body for Indian steel producers, advocating their interests and addressing the challenges of the sector.
3. Union Minister Kiren Rijiju takes charge as Food Processing Industries Minister
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President Draupadi Murmu on March 20 handed over the additional responsibility of Food Processing Industries Minister to Union Minister Kiren Rijiju and this decision came after accepting the resignation of Pashupati Kumar Paras from the Union Council of Ministers.
An Overview of the News
Pashupati Kumar Paras resigned after his party, Rashtriya Lok Janshakti Party, was not included in the seat-sharing arrangement for the upcoming Lok Sabha elections in Bihar.
The resignation was accepted under clause (2) of Article 75 of the Constitution.
About Kiran Rijiju
Kiren Rijiju, an Indian politician from Arunachal Pradesh, serves as a Cabinet Minister in the Government of India.
He holds the portfolios of Earth Sciences and Food Processing Industries, assuming office in 2023 and 2024.
Rijiju has represented the Arunachal West constituency in the Lok Sabha since 2014.
Before his current tenure, he also served as a Member of Parliament from 2004 to 2009.
About Pashupati Kumar Paras
Paras, an Indian politician, held the position of Minister of Food Processing Industries in the Government of India from 2021 until his resignation in 2024.
He is currently serving as a Lok Sabha member representing Hajipur constituency since 2019.
He previously served as the Minister of Animal and Fisheries Resources in the Government of Bihar.
Pashupati Kumar Paras is the younger brother of the late Ram Vilas Paswan.
He also held the post of State President of Bihar unit of Lok Janshakti Party.
In June 2021, he was elected as the national president of Lok Janshakti Party, replacing Chirag Kumar Paswan.
Following factional disputes within the Lok Janshakti Party, he assumed the role of National President of the Rashtriya Lok Janshakti Party in 2021.
4. Election Commission Appoints Sanjay Mukherjee as new DGP of West Bengal
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The Election Commission of India appointed Sanjay Mukherjee as the new Director General of Police (DGP) of West Bengal, replacing Vivek Sahay.
An Overview of the News
Mukherjee, a 1989 batch IPS officer, had earlier served as the chief of the Criminal Investigation Department (CID) since November 2017.
Before being promoted to the post of DGP, Mukherjee held the post of Director (Security) in the West Bengal Police, which was given the status of Additional Director General of Police (ADG).
Rajiv Kumar's reassignment:
Rajeev Kumar took over the role of Director General of Police (DGP) in December last year.
- He has been re-appointed to the Information and Technology Department with changes in his responsibilities.
Kumar's re-appointment follows his exclusion from active election management duties during previous electoral events, including the 2016 assembly elections and the 2019 Lok Sabha elections.
Election Commission's instructions:
The Election Commission directed Chief Secretary BP Gopalika to transfer Rajiv Kumar to a role unrelated to elections.
Kumar's reappointment coincided with the appointment of a junior officer as the temporary Director General of Police (DGP) of West Bengal.
5. Vaughan Gething elected the first black leader of a European country
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Vaughan Gething, the current Economic Minister of Wales, has been elected as the new leader of the Welsh Labor Party.
An Overview of the News
Vaughan Gething has become the first black person to lead a European country.
Early Life :
Gething was born in 1974 in Zambia.
Despite relocating to England due to discrimination, he was educated at Aberystwyth and Cardiff universities.
Gething worked as a trade union lawyer and became the first black president of both the Welsh Trades Union Congress and the Welsh National Union of Students.
Vaughan Gething's political journey:
After joining the Welsh legislature in 2011, Gething became the first black minister in any of Britain's devolved countries in 2013.
Notably, he served as Wales's Health Minister and later as its Economy Minister during the COVID-19 pandemic.
Gething won a close election with 51.7% of the vote to become the new leader of Welsh Labour, following his recent tenure as Economy Minister.
About Wales:
This country is a part of the United Kingdom.
Located in the western part of Great Britain, Wales is bordered by:
Irish Sea to the north and west
England in the East
Bristol Channel to the south
Celtic Sea to the south-west
Capital - Cardiff
Official languages - Welsh, English
Currency - Pound Sterling
6. Poonawala Fincorp Appoints Arvind Kapil as New CEO
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Arvind Kapil has been appointed as the new Managing Director and Chief Executive Officer (MD & CEO) of Poonawalla Fincorp.
An Overview of the News
Arvind Kapil has over 26 years of experience in the banking sector, most notably as the Country Head of Mortgage at HDFC Bank.
Kapil holds a master's degree in management and engineering as well as advanced management programs from Harvard Business School and IIM Bangalore.
Kapil's tenure as MD and CEO is effective for five years starting June 24, 2024, subject to shareholder approval.
Current MD and CEO Abhay Bhutada will retire early from his post with effect from June 23, 2024. However, he will continue to be a non-executive director on the Poonawalla Fincorp board.
About Poonawala Fincorp
Parent Organization - Rising Sun Holdings Private Limited
Established - 1988
Headquarters - Pune
Chairman - Adar Poonawalla
7. Appointment of Vinay Kumar as India's new Ambassador to Russia
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Vinay Kumar, a 1992 batch Indian Foreign Service (IFS) member, has been appointed as the new Indian Ambassador to Russia.
An Overview of the News
Vinay Kumar currently serving as India's Ambassador to Myanmar, Kumar is set to assume his new role in Moscow soon, as confirmed by the Ministry of External Affairs (MEA).
Russia holds an important position as a long-term partner of India, their diplomatic relations are an integral part of India's foreign policy.
Kumar will take over from Pawan Kapoor, who has been appointed as the new Secretary (West) in the Ministry of External Affairs as India's representative in Moscow.
About Vinay Kumar
Kumar, a graduate of IIT-Kharagpur, entered the Indian Foreign Service (IFS) in 1992.
He held the post of India's Ambassador to Afghanistan from 2018 to 2020.
Kumar's previous roles include serving as Joint Secretary (South) in the Ministry of External Affairs.
He also served in the Permanent Mission of India to the United Nations in New York.
About Russia:
Capital - Moscow
Currency - Russian Ruble
Continent - Europe, Asia
Official language - Russian
Prime Minister - Mikhail Mishustin
8. Governor C. P. Radhakrishnan assumes charge as Governor of Telangana
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Jharkhand Governor C P Radhakrishnan takes charge as the Governor of Telangana.
An Overview of the News
After the resignation of Dr. Tamilisai Soundararajan, President Draupadi Murmu has handed over the additional responsibility of looking after Telangana to Governor Radhakrishnan.
Additionally, Governor Radhakrishnan has been assigned the task of acting as the Lieutenant Governor of Puducherry.
The official swearing-in ceremony took place at the Raj Bhavan in Hyderabad, with Chief Justice of the State High Court, Justice Alok Aradhe administering the oath.
About Telangana
Capital - Hyderabad
Chief Minister - Revanth Reddy
Established - 2 June 2014
9. President appointed Governor in two states
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President Draupadi Murmu appointed new governors for Tripura and Odisha.
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Indra Sena Reddy Nallu was appointed Governor of Tripura in place of Satyadev Narayan Arya.
Former Jharkhand Chief Minister Raghubar Das was elected as the new Governor of Odisha in place of Professor Ganeshi Lal.
About Tripura
It is a state in North-East India.
Tripura has 19 different tribal communities with a majority Bengali population and Bengali, English and Kokborok are the official languages of the state.
Five mountain ranges - Hathai Kotar, Atharamura, Longthrai, Shakhan, and Jampui Hills - run from north to south with intervening valleys.
Capital - Agartala
Governor - Indra Sena Reddy
Chief Minister - Dr. Manik Saha
Tourism Minister - Sushant Chaudhary
Borders - Bangladesh, Mizoram and Assam
About Odisha
Formation - 1 April 1936
Capital - Bhubaneswar
Governor - Raghubar Das
Chief Minister - Naveen Patnaik
Rajya Sabha - 10 seats
Lok Sabha - 21 seats
10. Tenure of SBI Chairman Dinesh Khara extended till August 2024
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The Government of India extended the tenure of SBI Chairman Dinesh Khara till August 2024.
An Overview of the News
On October 5, 2023, the Appointments Committee of the Union Cabinet chaired by Prime Minister Narendra Modi has extended the tenure of State Bank of India (SBI) Chairman Dinesh Khara for a further period beyond October 2023 until he attains the age of 63 years. Let's do.
Dinesh Kahra will now retire on 28 August 2024.
The Appointments Committee of the Cabinet consists of the Prime Minister and the Union Home Minister.
The Appointments Committee of the Cabinet also extended the tenure of SBI MD Ashwini Tiwari for two years.
State Bank of India:
Its origin is traced to the establishment of the Bank of Calcutta in 1806, which was later renamed the Bank of Bengal in 1809. The Bank of Bombay was established in 1840, and the Bank of Madras was established in 1843.
In 1921, these three banks were merged and one Imperial Bank of India was formed.
On the recommendation of the All India Rural Credit Survey Committee (Gorwala Committee) 1951, the Government of India nationalized the Imperial Bank of India with the enactment of the State Bank of India Act 1955 and renamed it State Bank of India.
SBI is the largest commercial bank in India.
Chairman - Dinesh Kumar Khara
Managing Director - Alok Kumar Chaudhary
Headquarters - Mumbai
Tagline - The Banker To Every Indian
