News (Text)


When:
May 31, 2018 @ 1:00 am
2018-05-31T01:00:00+05:30
2018-05-31T01:15:00+05:30

NEWS 

31 MAY 2018 

Sr. No.

Topic

News

1.

GS III: ECONOMY – BANKING

ICICI Bank to inquire into allegations against Kochhar

2.

GS III: ENERGY

After 16 days of hikes, fuel prices cut — by 1 paisa

3.

GS II: POLITY- STATES

Bangladesh agrees to take back 33 nationals from Assam

4.

GS I: CULTURE

Raja Raja Chola, consort idols recovered from Gujarat

5.

GS II: BILATERAL – INDIA-INDONESIA

India, Indonesia elevate ties

6.

GS II: INTERNATIONAL – USA

China warns U.S. against acting in a ‘reckless’ way

GS III: ECONOMY – BANKING

ICICI Bank to inquire into allegations against Kochhar

  • ICICI Bank’s board has decided to set up an inquiry committee, headed by an independent person, to probe an anonymous whistle-blower’s complaint against managing director and chief executive officer Chanda Kochhar.
  • The complaint includes allegations of violation of the bank’s code of conduct and of quid pro quo in dealing with certain borrowers.
  • The move comes just days after the capital markets regulator issued a show cause notice to the bank for the alleged violations of disclosure requirements in the case involving the Videocon Group and NuPower Renewables — a company founded and run by Ms. Kochhar’s husband Deepak Kochhar.
  • “The scope of inquiry would be comprehensive and include all relevant matters arising out of and in the course of the examination of the facts and wherever warranted, use of forensic/email reviews and recordal of statements of relevant personnel etc. The inquiry would also cover all connected matters in the course of the investigation to bring the matter to a final close,” the bank said in an exchange filing.
  • The whistle-blower has alleged that Ms. Kochhar had not adhered to provisions of the bank’s code of conduct and legal and regulatory norms relating to conflict of interest over a period of time.
  • In March 2018the CBI initiated a preliminary inquiry into the alleged nexus between the Videocon Group and Mr. Kochhar.
  • The transaction was first highlighted by a whistle-blower, Arvind Gupta, in 2016.
  • Mr. Gupta wrote to the Prime Minister’s Office, the Reserve Bank of India and other authorities seeking a probe.
  • The largest private sector lender had earlier said its exposure to Videocon group is Rs. 3250 crore which is less than 10% of the total loans given by a consortium of 20 banks in April 2012.
  • Following the allegations, the board had conducted an inquiry of the internal processes for credit approval and found them robust.
  • The ICICI Bank board also reposed full faith and confidence in its MD & CEO.

GS III: ENERGY

After 16 days of hikes, fuel prices cut — by 1 paisa

  • In a quick clarification, the Indian Oil Corporation said petrol and diesel prices were cut by one paisa a litre instead of the reduction of 60 paise for petrol and 56 paise for diesel it had announced.
  • The reduction nevertheless marks a break in the 16-day streak of rising fuel prices since May 14, when oil companies resumed their daily price revisions following a 19-day hiatus.
  • Kerala said it decided to cut the sales tax on petrol by 1.69% and on diesel by 1.75%, which would result in a Rs. 1 reduction in the retail prices.

GS II: POLITY- STATES

Bangladesh agrees to take back 33 nationals from Assam

  • For the first time, the Bangladesh government has agreed to take back 33 of its nationals who were declared infiltrators by the Foreigners’ Tribunals in Assam, a senior police officer said.
  • These foreigners were kept in detention camps after they were declared to be illegal migrants from Bangladesh by various Foreigners’ Tribunals.
  • He hailed the decision of Bangladesh to take them back, saying it was a “goodwill gesture” because there was no deportation or repatriation treaty between the two neighbouring countries.
  • The addresses of the people in the detention camps were sent to the Bangladeshi government and after their verification it became clear that they are Bangladeshi citizens, he said.
  • Bangladesh had last month identified 152 of its nationals lodged in the detention camps and written to the External Affairs Ministry with a proposal for their repatriation in batches, official sources said.
  • According to the White Paper of the Assam government on the Foreigners’ Issue, “Government of India has authorised the State government under the provisions of Section 3(2) (e) of the Foreigners Act, 1946 and Para 11(2) of the Foreigners Order, 1948 to set up detention centres.”
  • “Accordingly, detention centres have been set up at Goalpara, Kokrajhar and Silchar for keeping persons declared as foreigners. The number of such foreigners kept is three detention centres (as on 15/10/2012) is Goalpara (66), Kokrajhar (32), and Silchar (20),” it said.
  • The Supreme Court had earlier ordered to update the National Register of Citizens (NRC).
  • Its final draft would be out on June 30 when those applicants without legacy data would be detected as not Indian citizens, official sources said.

GS I: CULTURE

Raja Raja Chola, consort idols recovered from Gujarat

  • The Idol Wing of Tamil Nadu police recovered two ancient bronze idols of emperor Raja Raja Chola I and his royal consort Lokamadevi believed to be worth over Rs. 150 crore from the Calico Museum and Sarabhai Foundation galleries in Ahmedabad.
  • These two idols were taken away 60 years ago and sold for several crores of rupees .
  • According to inscriptions, Raja Raja Chola donated 66 idols to the Big Temple, the police said.
  • Notable among them were Kolgai Devar and Shetra Balar, made of gold, and four silver idols of Vasudevar.
  • These two were among the 13 idols donated by one of the lieutenants of Raja Raja Chola. The other 11 are missing, the police said.

GS II: BILATERAL – INDIA-INDONESIA

India, Indonesia elevate ties

  • India and Indonesia elevated their bilateral ties to Comprehensive Strategic Partnership.
  • The two countries condemned terrorism in all its forms, as Prime Minister Narendra Modi held “productive discussions” with President Joko Widodo.
  • The two countries also signed 15 agreements, including one to boost defence cooperation, and called for freedom of navigation in the strategic Indo-Pacific region.
  • Mr. Modi reached Jakarta on his first-ever official visit to Indonesia.
  • In a joint press statement after the meeting, Mr. Modi said India’s Act East Policy and the vision of SAGAR (Security and Growth for all in the Region) matched Mr. Widodo’s Maritime Fulcrum Vision.
  • Mr. Modi announced a free 30-day visa for Indonesian citizens and invited the diaspora to travel to their country of origin to experience the ‘New India.’

GS II: INTERNATIONAL – USA

China warns U.S. against acting in a ‘reckless’ way

  • China lashed out at renewed threats from the U.S. on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.
  • In an unexpected change in tone, the U.S. said that it still held the threat of imposing tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property.
  • China has said it will respond in kind to threats by Mr. Trump to impose tariffs.

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