We have launched our mobile app, get it now. Call : 9354229384, 9354252518, 9999830584.  

News in Short

News in Short - 21-June-2020

Economist B.P.R Vithal passes away

Date: 21 June 2020 Tags: Obituaries
  • BPR Vithal, a 1950 batch of IAS officer, who had served in many major assignments as a bureaucrat and expert in finance and economy,passed away early Friday. He was 93.
  • Vithal served as Secretary, Finance and Planning, Government of Andhra Pradesh, from 1972 to 1982 and as Deputy Chairman, State Planning Board and Member, Tenth Finance Commission.
  • He had stints as Chairman, Expenditure Commission, Government of Kerala and later at the IMF as Fiscal Advisor to the governments of Sudan and Malawi.
  • Vithal also served as Registrar of Osmania University. He established the Centre for Economic and Social Studies in Hyderabad.

India to be president of UNSC in August 2021

Date: 21 June 2020 Tags: International Organizations
  • India, which has been elected as a non-permanent member of the Security Council, will serve as the president of the powerful 15-nation UN body for the month of August, 2021.
  • The presidency of the Council is held by each of the members in turn for one month, following the English alphabetical order of the member states' names.
  • Tunisia will begin 2021 as the President of the Council in January, followed by a month each for the rest of the year by the UK, the US, Vietnam, China, Estonia, France, India, Ireland, Kenya, Mexico and Niger.

Urjit Patel appointed as chairman of NIPFP

Date: 21 June 2020 Tags: Appointments & Resignations
  • Former governor of Reserve Bank of India (RBI) Urjit Patel has been appointed as the chairman of the New Delhi Based economic think tank National Institute of Public Finance and Policy (NIPFP) for a period of four years.
  • The chairman’s role is advisory in nature and he does not interfere in day today functioning of the institution. He chairs the board meetings which are held at least three to four times in a year.
  • The governing body of NIPFP comprises of three representatives of the Ministry of Finance, one representative of the Niti Aayog, one representative of the Reserve Bank of India, three representatives of sponsoring state governments, three distinguished economists, three heads of sister research institutions, and members of other sponsoring agencies and invitees.

Pralay Mondal joins CSB Bank

Date: 21 June 2020 Tags: Appointments & Resignations
  • The board of CSB Bank has approved the appointment of Pralay Mondal as the president - retail, SME, operations and IT. He was with Axis Bank before the change.
  • Before joining Axis, Mondal was working as senior group president of retail and business banking at Yes Bank since September, 2015. Prior to that, he was associated with HDFC Bank, Standard Chartered Bank, Wipro Infotech and Colgate Palmolive in different capacities.
  • In Yes Bank, Mondal was part of former chief executive Rana Kapoor's core team. His exit from the bank coincided with the change in top management at the private lender.

Government to restrict Chinese FPI

Date: 21 June 2020 Tags: Miscellaneous
  • India may put restrictions on Chinese portfolio investments in its equity markets as part of an economic response to Chinese transgression in Ladakh.
  • Chinese investments in strategic sectors such as finance, banking, defence and telecom are on the radar, but completely banning Chinese goods is not under consideration.
  • On 12 April, after Housing Development Finance Corp. Ltd (HDFC) said that People’s Bank of China (PBOC) had raised its stake in the home lender from 0.8% to 1.01% in the March quarter through open market purchases, many investors voiced concerns whether some of these stocks had become susceptible to acquisition, through the FPI route.