RBI bars Dena Bank from lending loans and hiring staff
Taking into account the high Non-Performing Assets (NPAs), the Reserve Bank of India (RBI) on May 11, 2018 ordered the Dena Bank Ltd to not to issue any fresh loans and hire any new personnel.
The move is a part of the RBI’s prompt corrective action against public sector lender Dena Bank in view of its high non-performing loans. The RBI initiated Prompt Corrective Action (PCA) for Dena Bank in May 2017 and imposed certain restrictions on the bank. At present, out of 21 state-owned banks, there are 11 banks under the PCA framework of the Reserve Bank because of their weak financials.
Women can file domestic violence complaint even after divorce: SC
The Supreme Court of India has held that a woman can lodge a complaint under the domestic violence law against the cruel acts committed by her ex-husband even after the dissolution of marriage.
With its ruling, the top court upheld the order of the Rajasthan High Court. The judges’ bench dismissed the appeal against the high court verdict, saying it was not inclined to interfere with the order in the facts of the case. During the hearing, advocate Dushyant Parashar appealed that the provisions of the Protection of Women from Domestic Violence Act, 2005, which came into force on October 26, 2006, could not be applied retrospectively.
Chinese state-run bank ICBC launches India-dedicated investment fund
Chinese state-run bank Industrial and Commercial Bank of China (ICBC) on May 14, 2018 launched the country's first India-dedicated publicly offered investment fund, named as the ‘ICBC Credit Suisse India Market Fund’.
It is the China's first publicly offered fund for investing in India and it will invest in exchange-traded funds listed on more than 20 exchanges in Europe and in the United States that are based on the Indian market. It will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market.
India, Nepal flag-off Janakpur-Ayodhya bus service under Ramayan Circuit
Prime Minister Narendra Modi and his Nepalese counterpart KP Sharma Oli on May 11, 2018 jointly flagged-off a direct bus service between the two sacred cities Janakpur and Ayodhya, as part of the ‘Ramayan Circuit’. The Ramayana Circuit is among the thirteen thematic circuits identified for development under Swadesh Darshan Scheme of Union Ministry of Tourism.
The bus service seeks to promote religious tourism in Nepal and India. It will provide Janakpur-Ayodhya-Janakpur transportation facility to pilgrims. As per mythological story ‘Ramayana’, Ayodhya is Lord Rama’s birthplace, while, Janakpur is the birthplace of goddess Sita.
Three public welfare schemes launched in Rajasthan
President Ram Nath Kovind during his maiden two-day visit as head of the state to Rajasthan on May 13, 2018 launched three public welfare schemes.
The President launched Sundar Singh Bhandari EBC Swarozgar Yojana, Bhairon Singh Shekhawat Antyodaya Swarozgar Yojana and loan and interest waiver scheme for SCs/STs/OBCs, sanitation workers, and the physically challenged at a function held at the Birla Auditorium in Jaipur. Besides this, the President distributed cheques to a few beneficiaries under the three new schemes.