3. Rahul Bajaj Resigns As Bajaj Finserv Chairman
i. Bajaj Finserv’s Chairman and Non-Executive Director Rahul Bajaj has resigned and will take over as the Chairman Emeritus from May 2019.
ii. Bajaj, 80, has tendered his resignation which will be effective from the conclusion of the board meeting scheduled for May 16, 2019.
4. MR Kumar Appointed LIC Chairman
i. The government has appointed MR Kumar as the Chairman of Life Insurance Corporation (LIC) and Vipin Anand and TC Suseel Kumar as the managing directors (MDs).
ii. LIC’s executive board comprises of 1 chairman and 4 managing directors. MR Kumar is currently the Zonal Manager, Delhi at LIC.
5. RBI Categorises IDBI Bank as Private Sector Lender
i. As per RBI notification, IDBI Bank has been categorized as a private sector lender following the acquisition of majority stake by Life Insurance Corporation.
ii. IDBI Bank has been under the prompt corrective action framework of RBI that bans it from corporate lending and branch expansions, salary hikes and other regular activities.
Static/Current Takeaways Important For LIC AAO Mains Exam:
- Now total government sector banks are 20 in number.
- After 1 Apr 2019 merger of 2 more Government Banks Dena and Vijaya Bank in Government-owned bank of Baroda, the number of Government Sector Banks will be reduced to 18.
6. Fresh Liquidity Infusion Through Forex Swaps Announced By RBI
i. The Reserve Bank of India (RBI) has decided to use a new tool for the first time to enhance liquidity in the system using which it will buy $5 billion from the banks in a swap deal that is capable of injecting around Rs. 35,000 crores into the system.
ii. Banks will have to deposit dollar funds with RBI with the condition of buying them back from RBI after 3 years. Minimum bid size for the auction has been fixed at $25 million and multiple bids submission by banks will be allowed.
Ranks and Reports
7. India Ranks 16th In Terms Of Highest Number Of Impacted Species In Hotspots
i. A recent study published in PLOS Biology found that human impacts on species occur across 84% of the earth’s surface and India ranks 16th in such impacts, with 35 species impacted on an average. Malaysia ranks 1st among the countries with the highest number of impacted species (125).
ii. Southeast Asian tropical forests, including those in India’s Western Ghats, Himalaya, and north-east, are among the ‘hotspots’ of threatened species.
8. Padmanaban Gopalan Wins the Commonwealth Youth Award For The Asian Region
i. A social entrepreneur from Tamil Nadu, Padmanaban Gopalan, founder of No Food Waste, was named the winner of the Commonwealth Youth Award for the Asian region worth 3,000 Pounds at a ceremony at the Commonwealth Secretariat in London.
ii. His initiative runs a geo-mapping platform, which allows users to drop food at located “hunger spots” and has so far recovered over 650,000 meals across 14 cities and the platform has been used by over 12,000 volunteers.