Current Affairs - 25 May 2015

Will work to remove Article 370 when we have numbers in Parliament, BJP says

• JAMMU: The BJP on Sunday said that the abrogation of Article 370 of the Constitution continues to be part of the party's core ideology and it will work in that direction whenever it garners the required numbers in Parliament.
  
  "As far as the abrogation of Article 370 is concerned, it continues to be part of the core ideology of BJP, but right now we don't have enough numbers in Parliament to do away with it ... but in future when we have the required numbers we will work towards its removal," BJP national spokesman Sambit Patra told reporters here on Sunday.
  
  Repealing Article 370, which grants special status to the state of Jammu & Kashmir, would require a two-thirds majority in Parliament as the Constitution would have to be amended.
  
  Patra said the BJP and PDP are ideologically different but both the parties came together to provide a stable government to the people of the state and for the sake of development.
  
  "People here want development, the coalition has provided a historic opportunity, respecting the mandate of the people of all the three regions, now it should become a successful experiment for the sake of good governance and development," he said.
  
  Patra said "small controversies" do crop up when the coalition partners have differences in their core ideology but the Jammu & Kashmir government was being guided by the common minimum programme agreed upon by the two parties in the form of agenda for alliance.
  
  Accusing the Congress of running a disinformation campaign against the Narendra Modi government, the BJP spokesman said it was during the UPA tenure that major corporations were being benefited whereas the current government was working for the welfare of the poor.
  "The UPA government, led by Congress, gave away coal blocks and spectrum to benefit these corporate houses, but the current government has benefited by selling the same to these corporate and the money is being used for the welfare of the poor," he said.
  
  "Our stand is clear on this and we maintain that he should not be given a passport. The Congress has never been in favour of the separatists and national security is our primary concern," she said.
  
  The Congress leader alleged that incidents of cross border ceasefire violations have increased since the new government took over at the Centre.
  
  "Where has that 56-inch chest gone which used to claim that we will give a befitting reply to the Pakistan side? Now you see that the incidents of cross border firing have seen a remarkable increase in the past one year," she said.
  
  Commenting on the recent remarks of Union minister of state for parliamentary affairs Mukhtar Abbas Naqvi that "the people who want to eat beef must go to Pakistan", she said that it was "very unfortunate".
  
  "They won elections on the issue of development, but now they have taken a U-turn on every such issue, be it the black money or others ... This government is a total failure ... Now they want to decide what the people of the country should eat, what they should wear and what they should watch ... This is really unfortunate," she said.
  
  Accusing BJP of cheating the people of Jammu region, Ojha said that the people in Jammu who voted for the party were now feeling disenchanted.
  
  "Be it the issue of AIIMS, or the artificial lake, the people of Jammu have been duped by the BJP who has compromised on everything just to be in power with the PDP," she said.

Heatwave claims 30 more lives in Telangana, Andhra

• HYDERABAD: Telangana and Andhra Pradesh continue to reel under heatwave, which claimed 30 more lives on Sunday. 
  
  Intense heatwave conditions prevailed in almost entire Telangana and parts of neighboring Andhra Pradesh. While 25 people died in Telangana, five died in Andhra. 
  
  According to officials, the heatwave has already claimed 223 lives in the two states. This does not include the deaths reported on Sunday. Disaster management officials said they were still awaiting confirmation from district-level officials. 
  
  Telangana Revenue Secretary B R Meena said as per the reports received till Friday, 128 people died in the state. This was the first official statement on the toll. 
  
  Disaster management department officials in Andhra Pradesh said the heatwave claimed 85 lives in the state. 
  
  The highest maximum temperature of 46 degree Celsius was recorded at Khammam, Nalgonda and Ramagundam in Telangana. The temperature in Hanamkonda and Nizamabad was 45. 
  
  In Andhra Pradesh, the south coastal Andhra region continued to reel under severe heatwave. The highest maximum temperature of 47 degree was recorded at Machilipatnam and Vijayawada. 
  
  Hyderabad Meteorological Centre has warned that the heatwave will continue for two more days. It attributed the heatwave conditions to the dry winds blowing from north-westerly direction.
  
  The meteorologists and the health department has advised people to take all precautions to protect themselves from sun stroke. People have been asked to remain indoors and, if necessary, venture out only with the required protection. 
  
  The heatwave has hit the normal life in all 10 districts of Telangana and in south coastal region of Andhra Pradesh for last one week. 
  
  Streets in the towns wore a near deserted look as people are remaining indoors to escape the scorching sun. In Hyderabad, thin traffic was seen on usually busy roads. 
  
  Old-aged, children, labourers, rickshaw pullers, beggars and people living in streets were the worst affected by the heatwave.

Massive spurt in trafficking along Nepal border

• NEW DELHI: A "massive" spurt in human trafficking instances in the aftermath of the devastating earthquake in Nepal has prompted security agencies to issue an alert along the open India-Nepal border. 
  
  The Sashastra Seema Bal (SSB), mandated to guard this 1,751km long frontier and also collect intelligence on suspicious activities, has apprehended about 50 young girls and boys who were allegedly being trafficked along this border after March 25, the day when the strong earthquake hit Nepal and eastern parts of India. 
  
  The SSB has caught about 15 suspected traffickers in less than a month's time — 10 Indians and five Nepalese — who were making these young boys and girls cross the border illegally, which the security agencies believe could be for a variety of purposes like indulging in flesh trade, forced labour, beggary and illegal working as domestic helps among others. 
  
  They suspect that some of them may be victims of the quake and local police of these areas are carrying out investigation in these cases. 
  
  "We are witnessing a massive spurt in trafficking incidents along the Nepal border post the quake. The numbers have drastically shot up. Our units, especially along areas where Bihar and Uttar Pradesh touch the border, are apprehending an increasing number of young boys and girls from both identified crossing routes and illegal tracts. 
  
  "We have asked all our border units to be on alert and keep a special eye on suspicious movement from both sides," SSB director general B D Sharma told PTI. 
  
  What has worried the agencies more is that two young Uzbeki girls were detained from an "illegal" border crossing area near Bihar's Raxaul on Saturday, as till now youngsters of either Indian or Nepalese nationality were being nabbed. 
  
  Confirming that the vigil has been heightened further after the apprehension of the Uzbekistan women, the DG said SSB commanders on field have been asked to increase patrols and mount additional surveillance. 
  
  "We had apprehensions that human trafficking incidents could go up in the border areas post the earthquake and that has come true with these numbers," he said. 
  
  Keeping in mind this exigency, SSB formations, immediately after the quake, were asked to conduct some special training modules for troops to effectively check trafficking. 
  
  "Our sectors in Ranikhet, Lucknow, Patna, Siliguri and Guwahati have already got in touch with anti-trafficking NGOs on both the sides to clamp down on the menace," Sharma said. 
  
  A report prepared in this regard reveals that a large number of alleged trafficking victims were apprehended by SSB personnel along Raxaul and Jogbani in Bihar, Rupaidiha and Mahrajganj in Uttar Pradesh and Jhulaghat in Uttarakhand.
  
  Among those apprehended by the force, 48 are boys and 14 females who are in the age group of 10-20 years of age. 
  
  The two Uzbeki women held on Saturday are in the age group of 23-25 years, a senior SSB official said. 
  
  "All of these have been handed over to local police who have registered cases and are probing," the official said. 
  
  The report reveals that trafficking incidents started to rise from around May 2, about a week after the quake.

Modi, Mamata are dictatorial and together: Jairam

• KOLKATA: Prime Minister Narendra Modi and West Bengal chief minister Mamata Banerjee were "two sides of a coin" as they were both "dictatorial", Congress on Sunday said attacking the ruling parties at the Centre and the state and claimed that they have reached a tacit understanding. 
  
  The opposition party also targeted Arun Jaitley, who has been in the forefront of the NDA government's campaign to highlight its achievements, saying the Union finance minister "is the most effective spinner in Indian politics". 
  
  "Modi and Mamata are the most trusted friends of each other and both show similar traits," Congress leader Jairam Ramesh told a press conference here. 
  
  "Modi and Mamata are two sides of a coin, both are dictatorial," he said presenting a report card on the BJP government's one year in power at the Centre. 
  
  "When he came to power, Modi had talked of maximum governance and minimum government, but just one year later we find it is maximum arrogance and one-man government," Ramesh said.
  
  "This is a mirror image of the situation in Bengal and that is why they (Modi and Mamata) are together," he claimed. 
  
  Both Modi and Banerjee had made no-holds barred attacks on each other during the run-up to the 2014 Lok Sabha polls and till recently did not see eye to eye. 
  
  The Prime Minister and Banerjee, however, shared dais during his recent visit to the state and Modi praised her at public functions during the visit. They also held a meeting at the Raj Bhawan here. 
  
  In a scathing attack on Jaitley, Ramesh said, "He is the most effective spinner in Indian politics. Jaitley is more than the combined force of finest spinners Indian cricket has ever produced." 
  
  "When Jaitley says that there is no understanding between Trinamool Congress and BJP, I am assured that the opposite is true," the former Union minister said. 
  
  He alleged that in the last two-three months there has been a lull in the investigation into the Saradha chitfund scam, which is being handled by the CBI. 
  
  Presenting a five-chapter report card on Modi's completion of one year in government, Ramesh said, "Modi stands for Murder of Democratic India. The prime minister has completely bypassed Parliament." 
  
  He claimed that while the Modi government has come down on civil society and NGOs, it has also not held any all-party meeting in the last one year. 
  
  "He (Modi) has not appointed any chief information officer for RTI and is thus systematically killing the Right to Information Act. 
  
  "There has been no chief vigilance officer for the last seven months," he said. 
  
  Alleging that the Modi government has brutally cut down budgetary allocation for education, health and rural roads, Ramesh said this has badly affected programmes for poverty alleviation and welfare of rural people.

Predatory air fare pricing a 'big issue', government says

• NEW DELHI: Making a case for the capping of economy class air fares, which rocket during peak travel seasons and hit rock bottom in lean periods, minister of state for civil aviation Mahesh Sharma has said that "predatory pricing" by the airlines is a "big issue" for passengers. 
  
  "Predatory pricing by the airlines is a big issue. A large section of the public and even parliamentarians have raised the issue that the airlines charge Rs 30,000-40,000 for a ticket when a passengers has to travel in some emergency," Sharma said. 
  
  The minister's comments came days after the Competition Commission of India (CCI) said it needs to get to the bottom of the issue of arbitrary air fare hike and cartelisation by the airlines after it received a complaint from a group of lawmakers in this regard. 
  
  Civil aviation minister Ashok Gajapathi Raju has on several occasions in the past said that putting caps and floors for air fares would have their own implications and that pricing should be left to the carriers to decide. 
  
  Sharma said he, too, was against the lowering of air fares beyond a threshold, adding, "I don't appreciate selling air tickets for Rs 500. There should be some base price, but that can't be unlimited." 
  
  He said that although, globally, air fares are unregulated, one business model cannot be replicated for all the countries and that the situation is different in each country when it comes to the pricing of air tickets. 
  
  "In principle, I agree that there should be regulations," he said, adding that this was his individual opinion and a final say on the issue rests with the government. 
  
  "The government's view would come after there are discussions and there is a Cabinet decision. But before that, we are exploring the possibility through discussions with stakeholders, including private airlines, on what could be done in this regard," he said.
  
   Parliamentarians cutting across party lines and hailing from across the country, from Jammu & Kashmir to the northeast and the Andaman and Nicobar Islands, have been raising concerns about the matter from time to time, sources added. 
  
  Last week, a group of parliamentarians led by senior BJP leader and MP from Mumbai, Kirit Somaiya, lodged a fresh complaint with the CCI against the airlines. 
  
  Interestingly, the ministry had last year circulated a note for internal discussion wherein it suggested steps to cap air fares at minimum and maximum levels for the economy class.

Free Wi-fi in Delhi: Access to be on limited data usage basis

• 

  NEW DELHI: The Aam Aadmi Party government has decided to provide free Wi-Fi internet to city residents on the basis of limited data usage instead of setting a time limit. 
  
  Government plans to make free Wi-Fi functional by February of next year. Free Wi-Fi in Delhi was among the prominent pre-poll promises made by AAP. 
  
  According to a senior official, government will release Expression of Interest (EOI) for the project by the end of this month followed by Request for Proposal (RfP) in June with the work to be awarded by July. 
  
  Around 150 companies from around the world have expressed interest in the project, the official said. 
  
  Senior officials said that website browsing, social media websites (Facebook/Twitter), e-mail and Whatsapp and other basic services will remain free while a user will have to pay for watching videos, video chat and downloading content. 
  
  "We will work on ensuring a minimum speed of 512Kbps to each user to make it a better experience. We will be very strict on user experience and uninterrupted service," said the parliamentary secretary to minister of IT, Adarsh Shastri. 
  
  The government is considering fixing the data usage to 50MB per day but a call is yet to be taken in that regard. 
  
  "We will not fix a time but will restrict bandwidth. Internet will be charged on the basis of data usage per day. Once the data limit is exhausted, users can avail the service by paying for extra usage. Every day the system will be reset," Shastri said. 
  
  The Information Technology department is in the process of identifying 1,000 places along with the Ground Water Survey and Development Agency (GSDA) for setting up hotspots in the first phase of implementation.
  
  Officials said they have also studied the existing system in place in cities like Stockholm, Barcelona, Shanghai and Singapore. 
  
  "International projects were state-sponsored models but ours is dynamic so the government can get revenue from the services," Shastri said. 
  
  Talking about the revenue model, Shastri said, "This will be a first-of-its-kind project to be tested on such a large scale. In Delhi, there are around 2 crore wireless devices which can access Internet. If at any point, 25-30 per cent people access Internet, it means approximately 50 lakh users. 
  
  "At present, Shanghai has the largest model which caters to 4.5 lakh people. But with 50 lakh users, we have large avenues for monetisation. We can also categorise the content being accessed, etc, which provides a big scope for targeted advertising," said Shastri. 
  
  The government plans to set-up 50,000-80,000 hotspots across Delhi as part of the free Wi-Fi endeavour. 
  
  "Delhi is spread across an 1,463sqkm area, we will cover markets, parks, metro stations and high density areas. We will cover 60 per cent of Delhi. 
  
  "Residential areas, green belts, farm belts and rural belts will not be covered. 
  
  "As it is a public Wi-FI, it will be available only at public places. An access point (AP) covers a 50sqm area, so multiple APs will be installed in one area," added Shastri.

Greece does not have the money to make June IMF repayment: Minister

• ATHENS/LONDON: Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless itachieves a deal with creditors, its interior minister said on Sunday, the most explicit remarks yet from Athens about the likelihood of default if talks fail. 
  
  Shut out of bond markets and with bailout aid locked, cash-strapped Athens has been scraping state coffers to meet debt obligations and to pay wages and pensions. 
  
  After four months of talks with its euro zone partners and the IMF, the country's leftist-led government is still scrambling for a deal that could release up to 7.2 billion euros ($7.9 billion) in remaining aid to avert bankruptcy. 
  
  "The four installments for the IMF in June are 1.6 billion euros ($1.8 billion). This money will not be given and is not there to be given," interior minister Nikos Voutsis told Greek Mega TV's weekend show. 
  
  Asked about his concern over a credit event if Athens misses a payment, he said, "We are not seeking this, we don't want it, it is not our strategy. Things have matured for a deal of logic." 
  
  "We are discussing, based on our contained optimism, that there will be a strong agreement (with lenders) so that the country will be able to breathe. This is the bet," Voutsis said. 
  
  Previously, the Athens government has said it is in danger of running out of money soon without a deal, but has insisted it still plans to make all upcoming payments. 
  
  The government is under pressure to agree to more cuts and reforms to secure the funding, but opposes measures which it says make the situation worse by preventing recovery from one of the deepest recessions in modern times.
  
  Voutsis said the government was determined to fight against the lenders' strategy of "asphyxiation". 
  
  "This policy of extreme austerity and unemployment in Greece must be hit," he said. "We will not escape from this fight." 
  
  In an effort to placate the hard left faction of his Syriza party, Greek Prime Minister Alexis Tsipras said on Saturday the government was on a final stretch towards a deal but would not accept "humiliating terms". 
  
  Finance minister Yanis Varoufakis said Greece had made "enormous strides" at reaching a deal with its lenders to avert bankruptcy but it was now up to the institutions to do their bit. 
  
  "We have met them three quarters of the way, they need to meet us one quarter of the way," he told Britain's BBC on Sunday. 
  
  Varoufakis also said it would be "catastrophic" if Greece left the euro, predicting it would be "the beginning of the end of the common currency project". 
  
  He said in the last four months Athens managed to pay public sector salaries, pensions and dues to the IMF by extracting 14 per cent of national output, doing "remarkably well" for an economy that doesn't have access to money markets. 
  
  "At some point we will not be able to do it and at some point we are going obviously to have to make this choice that no minister of finance should ever have to make," Varoufakis said. 

Vladimir Putin enacts law banning ‘undesirable’ NGOs

• MOSCOW: Russian President Vladimir Putin officially enacted a controversial law banning "undesirable" non-governmental organisations, the Kremlin said on Saturday, in a move condemned by human rights groups across the board.
  
  The law allows authorities to bar foreign civil society groups seen as threatening Russia's "defence capabilities" or "constitutional foundations" and go after local activists working with them, the Kremlin statement said.
  
  Supporters presented the law as a "preventative measure", necessary after the wave of western sanctions put in place over the Ukraine conflict.
  
  Under the law, passed by the Russian parliament this week, authorities can ban foreign NGOs and go after their employees, who risk up to six years in prison or being barred from the country.
  
  It also allows them to block the bank accounts of the organizations until the NGOs "account for their actions" to the Russian authorities.
  
  Lawmakers cited the need to stop "destructive organizations" working in Russia, which could threaten the "value of the Russian state" and stir up "colour revolutions", the name given to pro-Western movements seen in some former Soviet republics over the last several years.
  
  Critics have said that the vague wording of the law — which gives Russia's general prosecutor the right to impose the "undesirable" tag without going to court — could allow officials to target foreign businesses working in Russia.
  
  Amnesty International called it "the last chapter in the unprecedented repression against non-governmental organizations."
  
  The measure complements legislation already passed in 2012, which forces NGOs that receive foreign funds to register as a "foreign agent."
  
  The United States reacted sharply said on Saturday it was "deeply troubled" after Russia enacted the controversial law banning what Moscow brands "undesirable" non-governmental organizations.
  
  "We are concerned this new power will further restrict the work of civil society in Russia and is a further example of the Russian government's growing crackdown on independent voices and intentional steps to isolate the Russian people from the world," state department deputy spokeswoman Marie Harf said in a statement.

::: IMPORTANT ORGANISATIONS RELATING TO BANKING, FINANCE & ECONOMY:::

•  

  INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)       The International Bank for Reconstruction and Development (IBRD) is an international financial institution which offers loans to middle-income developing countries. The IBRD is the first of five member institutions which compose the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. Together, the International Bank for Reconstruction and Development and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff. INTERNATIONAL MONETARY FUND (IMF)       The International Monetary Fund (IMF) (French : Fonds monétaire international) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF's stated goal was to assist in the reconstruction of the world's international payment system post–World War II. Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily. Through this activity and others such as surveillance of its members' economies and the demand for self-correcting policies, the IMF works to improve the economies of its member countries Headquartered at Washington, D.C., United States. BANK FOR INTERNATIONAL SETTLEMENTS (BIS)       The Bank for International Settlements (BIS) (in French, Banque desrèglements internationaux (BRI)) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks".As an international institution, it is not accountable to any single national government.       The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. ASIAN DEVELOPMENT BANK (ADB)       The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia.The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries.From 31 members at its establishment, ADB now has 67 members - of which 48 are from within Asia and the Pacific and 19 outside. ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with member's capital subscriptions. Headquartered at Mandaluyong City, Metro Manila, Philippines. EXIM BANK (INDIA)       Export-Import Bank of India is the premier export finance institution of the country, established in 1982 under the Export-Import Bank of India Act 1981.       Government of India launched the institution with a mandate, not just to enhance exports from India, but to integrate the country’s foreign trade and investment with the overall economic growth.       Exim Bank is managed by a Board of Directors, which has representatives from the Government, Reserve Bank of India, Export Credit Guarantee Corporation of India, a financial institution, public sector banks, and the business community. Headquarters is in Mumbai. FINANCE COMMISSION OF INDIA       The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. Headquartered at New Delhi. RESERVE BANK OF INDIA (RBI)       The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934.       The RBI plays an important part in the development strategy of the Government of India. It is a member bank of the Asian Clearing Union.       The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI). RBI - CENTRAL BOARD OF DIRECTORS       The Central Board of Directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The Board consists of a governor, four deputy governors, fifteen directors to represent the regional boards, one from the Ministry of Finance and ten other directors from various fields. Offices and branches. Head quartered at Mumbai.       The Reserve Bank of India has four zonal offices.It has 19 regional offices at most state capitals and at a few major cities in India. Few of them are located in Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, and Thiruvananthapuram. Besides it has 09 sub-offices at Agartala, Dehradun, Gangtok, Kochi, Panaji, Raipur, Ranchi, Shillong, Shimla and Srinagar.       The bank has also two training colleges for its officers, viz. Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune. There are also four Zonal Training Centres at Mumbai, Chennai, Kolkata and New Delhi. NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)       National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India having headquarters based in Mumbai (Maharashtra) and other branches are all over the country. The Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD), set up by the Reserve Bank of India (RBI) under the Chairmanship of Shri B. Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). It was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector and completed its 25 years on 12 July 2007. It has been accredited with "matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India". RBI sold its stake in NABARD to the Government of India, which now holds 99% stake.NABARD is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)       Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.       The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001. The Insurance regulatory and Development Authority (IRDA), batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the sector from the present 26 per cent. INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI)       IDBI Bank Limited is an Indian financial service company headquartered Mumbai, India. RBI categorised IDBI as an "other public sector bank". It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian industry. It is currently 10th largest development bank in the world in terms of reach with 1715 ATMs, 1111 branches including one overseas branch at DIFC, Dubai and 766 centers including two overseas centres at Singapore & Beijing. Some of the institutions built by IDBI are the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), the National Securities Depository Limited (NSDL), the Stock Holding Corporation of India Limited (SHCIL), the Credit Analysis & Research Ltd, the Exim Bank (India), the Small Industries Development Bank of India (SIDBI), the Entrepreneurship Development Institute of India, and IDBI Bank, which is owned by the Indian Government. INSTITUTE OF BANKING PERSONNEL SELECTION (IBPS)       Institute of Banking Personnel Selection (IBPS) located in Mumbai, is an autonomous agency in India, which started its operation in 1975 as Personnel Selection Services (PSS). In 1984, IBPS became an independent entity at the behest of Reserve Bank of India (RBI) and Public Sector Banks. IBPS is envisioned as self-governed academic and research oriented Institute, with a mission of enhancing human-resource development through personnel assessment. In 2011, IBPS announced a common written examination (CWE) for the selection Officers and Clerks in Indian banks. IBPS CWE is now mandatory for anyone who seeks an employment in public sector and Regional Rural banks. INDIAN BANKS' ASSOCIATION (IBA)       Indian Banks' Association (IBA), formed on 26 September, 1946 as a representative body of management of banking in India operating in India an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 173 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and assist the member banks in various ways including implementation of new systems and adoption of standards among the members. AGRICULTURE FINANCE CORPORATION OF INDIA LIMITED       AFC India Limited was incorporated on April 10, 1968 as a Public Limited Company with an Authorised Capital of Rs. 100 crore and Paid-up Capital of Rs. 5 crore by the then private sector commercial banks to “finance agriculture by all possible means”.(Currently the Paid-up Capital is Rs. 15 crore). Subsequent to the nationalisation of fourteen major Indian Scheduled Commercial Banks on July 19, 1969, AFC repositioned itself as a Technical Support Institution for facilitating accelerated growth of Indian agriculture. AFC has now blossomed into a diversified reputed consultancy organisation.       Headquarter of AFC is situated at Mumbai. The Company has three Regional Offices at Kolkata, New Delhi and Bangalore besides three Branch Offices atLucknow, Hyderabad and Pune and Field Offices at Kalahandi, Bargarh (Orissa) and Godda (Jharkhand). RURAL PLANNING AND CREDIT DEPARTMENT (RPCD)       The Rural Planning and Credit Department (RPCD) formulates policies relating to rural credit and monitors timely and adequate flow of credit to the rural population for agricultural activities and rural employment programmes SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)       The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.       It was officially established by The Government of India in the year 1988 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI has its Headquarters are at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively. NATIONAL HOUSING BANK (NHB)       The National Housing Bank (NHB) is a state owned bank and regulation authority in India, created on July 8, 1988 under section 6 of the National Housing Bank Act (1987). The headquarters is in New Delhi and i's total staff June 30, 2008 was 80. The institution, owned by the Reserve Bank of India, was established to promote private real estate acquisition. The NHB is regulating and re-financing social housing programs and other activities like research and IT-initiatives, too. VISION Promoting inclusive expansion with stability in housing finance market. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)       Small Industries Development Bank of India is an independent financial institution aimed to aid the growth and development of micro, small and mediumscale enterprises (MSME) in India. Set up on April 2, 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.       It is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities. Its headquarters is in Lucknow (U.P) BUREAU OF INDIAN STANDARDS (BIS)       The Bureau of Indian Standards (BIS) is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution, Government of India. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on 23 December 1986. The Minister in charge of the Ministry or Department having administrative control of the BIS is ex-officio President (Emaad Amin) of the BIS.       Its headquarters are in New Delhi, with regional offices in Kolkata, Chennai, Mumbai, Chandigarh and Delhi, and 20 branch offices. It also works as WTO-TBT enquiry point for India. INVESTMENT INFORMATION AND CREDIT RATING AGENCY (ICRA) LIMITED       ICRA Limited is an Indian independent and professional investment information and credit rating agency. It was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India). It is second largest Indian rating comapany in term of customer base. It was a joint-venture between Moody's and various Indian commercial banks and financial services companies. Headquarters is in Gurgaon (Haryana),India CREDIT ANALYSIS AND RESEARCH LIMITED (CARE)       CARE Ratings commenced operations in April 1993 and over nearly two decades, it has established itself as the second-largest credit rating agency in India. CARE’s registered office and head office, is located in Mumbai CREDIT RATING INFORMATION SERVICES OF INDIA LIMITED (CRISIL)       CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL’s majority shareholder is Standard & Poor's, a division of The McGraw-Hill Companies and provider of financial market intelligence.       In India, CRISIL Research is an independent and integrated research house and provides growth forecasts, profitability analysis, emerging trends, expected investments, industry structure and regulatory frameworks. Headquarters is in Mumbai. SME RATING AGENCY OF INDIA (SMERA)       SME Rating Agency of India Limited (SMERA) is a third party rating agency exclusively set up for micro, small and medium enterprises (MSME) in India for ratings on creditworthiness. It provides ratings which enable MSME units to raise bank loans at competitive rates of interest Headquarters is in Mumbai. BRICKWORK RATINGS INDIA PVT. LTD.       Brickwork Ratings India Pvt. Ltd. operates as a credit rating agency. It offers bank loan ratings for external commercial borrowings, term loans, working capital loans, buyers credit, cash credit/packing credit, overdraft, bank guarantees, bill purchase/discounted, and letters of credit. Headquarters is in Bengaluru. INDIA RATINGS AND RESEARCH PRIVATE LIMITED       India Ratings & Research (Ind-Ra) is India's Most Respected rating agency committed to providing the India's credit markets with accurate, timely and prospective credit opinions.       India Ratings & Research (Ind-Ra) provides credit ratings and research services for India based credits. Ind-Ra is part of the Fitch Group, which in turn is a jointly-owned subsidiary of Fimalac, S.A. and Hearst Corporation Corporate Headquarters is in Mumbai. ONICRA CREDIT RATING AGENCY OF INDIA LTD.       Onicra Credit Rating Agency is one of the leading Credit and Performance Rating agencies in India. It provides ratings, risk assessment and analytical solutions to Individuals, MSMEs and Corporates. Corporate Office is in Gurgaon,Haryana. STANDARD & POOR'S (S&P)       Standard & Poor's (S&P) is an American financial services company. It is adivision of McGraw Hill Financial that publishes financial research and analysis on stocks and bonds. S&P is known for its stock market indices such as the U.S.- based S&P 500, the Canadian S&P/TSX, the Australian S&P/ASX 200, and India's S&P CNX Nifty. S&P is considered one of the Big Three credit-rating agencies, which also include Moody's Investor Service and Fitch Ratings. Its head office is located New York City, United States. MOODY'S INVESTORS SERVICE       Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities and, with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies. Headquarters is in New York City, United States. CREDIT INFORMATION BUREAU (INDIA) LIMITED (CIBIL)       Credit Information Bureau (India) Limited (CIBIL) is India’s first Credit Information Company (CIC) founded in August 2000. CIBIL collects and maintains records of an individual’s payments pertaining to loans and credit cards. These records are submitted to CIBIL by member banks and credit institutions, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications. Headquartered at Mumbai. ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED (ARCIL)       Asset Reconstruction Company (India) Limited (Arcil) is India's first and largest asset reconstruction company, to commence business of resolution of Non-Performing Assets (NPAs) upon acquisition from Indian banks and financial institutions. It is sponsored by prominent banks and financial institutions namely State Bank of India (SBI), IDBI Bank Limited (IDBI), ICICI Bank Limited (ICICI) and Punjab National Bank (PNB). Arcil has its registered office at Mumbai, Maharashtra. DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (DICGC)       Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India. It was established on 1961 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000. BOMBAY STOCK EXCHANGE (BSE)       Bombay Stock Exchange, commonly referred to as the BSE, (Bombay Share Bazaar) is a stock exchange located on Dalal Street, Mumbai, Maharashtra, India.       It is the 11th largest stock exchange in the world by market capitalisation as of 31 December 2012. Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first Stock Exchange and one of India’s leading exchange groups. Over the past 137 years, BSE has facilitated the growth of the Indian corporate sector by providing it an efficient capital-raising platform. NATIONAL STOCK EXCHANGE OF INDIA (NSE)       The National Stock Exchange (NSE) is stock exchange located in Mumbai, India. National Stock Exchange (NSE) was established in the mid 1990s as a demutualised electronic exchange. NSE provides a modern, fully automated screenbased trading system, with over two lakh trading terminals, through which investors in every nook and corner of India can trade. NSE has played a critical role in reforming the Indian securities market and in bringing unparalleled transparency, efficiency and market integrity. STOCK HOLDING CORPORATION OF INDIA LIMITED (SHCIL)       Stock Holding Corporation of India Ltd (SHCIL), India’s largest custodian and depository participant based in Mumbai, Maharashtra. It was established in 1986 under the Government of India as public limited company Stock Holding Corporation of India (SHCIL), the country's first and one of the largest security custodians to financial institutions, will be merged with stateowned lender IDBI Bank, subject to approvals from regulators and other SHCIL stakeholders. ENTREPRENEURSHIP DEVELOPMENT INSTITUTE OF INDIA (EDI)       The Entrepreneurship Development Institute of India (EDI), an autonomous and not-for-profit institute, set up in 1983, is sponsored by the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The government of Gujarat pledged twenty-three acres of land on which stands the EDI campus. Located in Gujrat. OTC EXCHANGE OF INDIA (OTCEI)       OTC Exchange Of India (OTCEI) also known as Over-the-Counter Exchange of India based in Mumbai, Maharashtra.It is the first exchange for small companies.[3] It is the first screen based nationwide stock exchange in India.It was set up to access high-technology enterprising promoters in raising finance for new product development in a cost effective manner and to provide transparent and efficient trading system to the investors INTER-CONNECTED STOCK EXCHANGE OF INDIA       Inter-connected Stock Exchange Ltd. (ISE) started its operation in 1998 in Vashi, Mumbai. It is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its trading members. It has 841 trading members, who are located in 18 cities. MULTI COMMODITY EXCHANGE (MCX)       Multi Commodity Exchange of India Ltd (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom,potatoes, palm oil and others). INTREX TRADE EXCHANGE LTD       Intrex Trade Exchange Ltd is India's first ever Cash Trade Exchange, based in Mumbai, Maharashtra. formerly known as Intrex India Ltd, is a public limited company incorporated in Year 2000 by Essel Group.The Trade exchange, comprising both a cash and a cashless exchange, offers Indian businesses an integrated platform for their finance, marketing and sourcing requirements. NATIONAL SECURITIES DEPOSITORY LIMITED(NSDL)       National Securities Depository Limited (NSDL), is the first central securities depository in India based in Mumbai.It is promoted by institutions of national stature responsible for the economic development of India and has established a national infrastructure of international standards that handles most of the securities held and settled in dematerialised form in the Indian capital market IDRBT       Institute for Development & Research in Banking Technology or IDRBT is a banking research institute, established in 1996 by Reserve Bank of India (RBI), and is located at Hyderabad, India.RBI established IDBRT with the aim of providing the operational service support in Information Technology to Banks and Financial Institutions. The first phase of reforms in the Indian Financial Sector precipitated the need for an Apex Level Institute, for implementing Banking Technology and Technology Absorption in the Indian Banking and Financial Sector.       IDBRT is also an academic institution that offers a range of Academic and Research Programs, designed specifically to meet both the existing and emerging requirements of the Banking and Financial Sector in India. BANKING CODES AND STANDARDS BOARD OF INDIA       The Banking Codes and Standards Board of India is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on February 18, 2006. Headquarters is in Mumbai. ASSET MANAGEMENT COMPANY (AMC)       An Asset Management Company (AMC) is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the company/ firm provides more diversification, liquidity, and professional management consulting service than is normally available to individual investors. The diversification of portfolio is done by investing in such securities which are inverselycorrelated to each other. Money is collected from investors by way of floating various mutual fund schemes. Associated Chambers of Commerce and Industry of India (ASSOCHAM)       The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India. The organisation represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives. The goal of this organization is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India. Headquarters is in New Delhi. FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY (FICCI)       The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India. It is a non-government, notfor- profit organisation. FICCI draws its membership from the corporate sector, both private and public, including SMEs and MNCs. It is headquartered in the national capital New Delhi and has presence in 11 states in India and 8 countries across the world EXPORT CREDIT GUARANTEE CORPORATION OF INDIA (ECGC)       The Export Credit Guarantee Corporation of India Limited (ECGC) is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Government of India had initially set up Export Risks Insurance Corporation (ERIC) in July 1957. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC) in 1964 and to Export Credit Guarantee Corporation of India in 1983 ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports Headquartered at Mumbai. CENTRAL REGISTRY OF SECURITISATION ASSET RECONSTRUCTION AND SECURITY INTEREST (CERSAI)       The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a company licensed under section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi. CERSAI was promoted by central government to prevent frauds involving multiple lending by different banks on the same immovable property. It became operational on March 31,2011.       The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company. Objective: The object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).       The Registration would be applicable to transactions of security interest over property created to secure loans and advances from the banks and financial institutions as defined under the SARFAESI Act.