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News in Short

News in Short - 29-May-2019

RBI extends timings of RTGS

Date: 29 May 2019 Tags: Financial Inclusion
  • Reserve Bank of India (RBI) has announced extension of timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM. The new timings will be effective from 1st June, 2019.
  • RTGS is an online fund transfer system, supported by RBI which enables money transaction on a real-time basis. It is primarily meant for large-value transactions.
  • RTGS serves as a system of continuous and real-time settlement of fund-transfers, individually on transaction by transaction basis (without netting).
  • The minimum amount for transaction under RTGS is Rs 2 lakh. There is no upper limit on the value of funds that can be transferred via the RTGS system.

International Everest Day observed on May 29

Date: 29 May 2019 Tags: Days & Dates
  • The International Everest Day is celebrated on May 29 every year in memory of the first summit of Mt. Everest by New Zealand's Edmund Hillary and Nepalese Tenzing Norgay Sherpa.
  • They were first humans to achieve the feat on May 23, 1953. Nepal Government had decided to observe this day as International Everest Day since 2008, when legendary climber Hillary passed away.
  • Mount Everest, known in Nepali as Sagarmatha and in Tibetan as Chomolungma. It is Earth's highest mountain above sea level at 8848m.
  • The mountain is named ‘Everest’ as a tribute to Sir George Everest, the Surveyor General of India from 1830 to 1843.

Alapan Bandyopadhyay appointed Home Secretary of West Bengal

Date: 29 May 2019 Tags: Appointments & Resignations
  • IAS officer (1987 batch) Alapan Bandyopadhyay was appointed as new Home Secretary of West Bengal. He succeeds Atri Bhattacharya.
  • Prior to this appointment, he was in charge of Micro, Small and Medium Enterprises(MSME) Department with additional charge of Industry, Commerce and Enterprises Department.
  • Besides him, Ajit Ranjan Bardhan was appointed as new principal secretary of the North Bengal Development Department (NBDD). He was earlier in charge of Youth Services and Sports department.
  • IPS Officer Gyanwant Singh was appointed as the new ADGP (Law and Order). Beisdes, Jayanta Kumar Basu was appointed as the director of the directorate of economic offences.

Motilal Oswal AMC: 1st Indian fund to introduce WhatsApp transaction platform

Date: 29 May 2019 Tags: Economic Organizations
  • Motilal Oswal Asset Management Company (AMC) become first Indian fund house to launch WhatsApp transaction platform for mutual fund transactions for new as well as existing investors.
  • This service enables investors to use WhatsApp to invest in any scheme from Motilal Oswal AMC. Investors can either invest lump sum or through SIPS.
  • Working: Investor needs to add Motilal Oswal AMC number (+91 9372205812) to his/her contact list. Then, he has to type 'Hi' on above number on WhatsApp.
  • After sharing PAN details, the investor should share his/her mode of investment, fund, amount. Finally, authorize payment for the transaction through the payment link sent

Suresh Kumar appointed as CTO of Walmart

Date: 29 May 2019 Tags: Appointments & Resignations
  • Walmart has appointed Suresh Kumar, an IIT Madras graduate and former Google executive, as chief technology officer and chief development officer.
  • He holds a Bachelor of Technology from the Indian Institute of Technology, Madras, and a PhD in engineering from Princeton University. He has over 25 years of technology leadership experience.
  • Earlier he was associated with Google where he served as vice president and general manager of display, video, app ads and analytics.
  • He was also associated with Amazon in various leadership roles, which included vice president of technology for retail systems and operations.  He led Amazon’s retail supply chain and inventory management systems.