1.    Main Points of RBI monetary policy review:As on 1 April 2014, RBI (Reserve Bank of India) in its first bimonthly monetary policy statement kept the key policy rate (repo) unchanged.

Current RBI Policy & Reserve Rates:1. Repo Rate – 8%           (Unchanged)  2. Reverse Repo– 7%      (Unchanged)3. CRR – 4%                      (Unchanged)4. SLR – 23%                     (Unchanged)5. MSF– 9%                        (Unchanged)6. Bank Rate – 9%              (Unchanged)

Note: i. Economic growth for 2014-15 expected at 5.5%.ii. CAD expected to come down to 2% of GDP in 2014-15.iii. Retail inflation expected to be under 6% in 2014.iv. RBI asks banks not to charge penalty for failure to maintain minimum balance in inoperative account.v. It was first bi-monthly monetary policy review, next one scheduled for June 3.

2.     World Bank has projected an economic growth rate of 5.7% in 2014-15 for India:World Bank projected an acceleration of growth (factor costs) in FY 2014 to 4.8%, further increase to 5.7% in FY 2015

3.    Panel headed by Anand SInha for benchmark floating interest rateRBI panel headed by RBI Deputy Governor Anand Sinha has recommended bringing a benchmark floating interest rate, especially for home loans. Panel also suggested Indian Banks Base Rate (IBBR).

4.    SBI launches 3 Digital banking facilities for its customers”

i. Tab Banking for Saving A/C - Opening Savings a/c at Customer’s door step using tablet PC provided to the Bank’s Sales Staff (who visit the Customer’s home).

ii. TAB  Banking for Home Loan - In-principle approval for the home loan at customer’s door step using tablet PC provided to the Bank’s Home Loan Sales Team which will capture on the tablet KYC details and details.

iii. e-KYC - Generates e-KYC (Know Your Customer) identity document. Fingerprints of the customer will be captured and sent to UIDAI (Unique Identification Authority of India) for authentication of identity and address proof. On successful authentication from UIDAI, the e-KYC service will act in response to display demographic details like [Name, year/date of birth, Gender, Address, Phone, email (if available)] and photograph.

Note: These facilities will offer ease and time saving to the customer for opening accounts with SBI bank.

5.    RBI grants ‘In-Principle’ banking licenses to IDFC and BandhanRBI has granted “in-principle” banking licences to Infrastructure Development Finance Company (IDFC) and microfinance lender Bandhan Financial Services Ltd.The declaration was made by RBI after nod from the Election Commission.  These are the first licences to be awarded by RBI since 2003-04.

RBI constituted Bimal Jalan panel scrutinized the applications for new bank licences.

Note: The in-principle approval by RBI is valid for ONLY 18 months. 

During this 18 month-period IDFC and Bandhan Financial Services Ltd will have to meet all RBI rules and guidelines in order to secure a permanent licence to start banking activities. 

6.    RBI extends deadline on capital norms under Basel IIIRBI extended deadline for banks to implement Basel III capital norms up to March 31, 2019, instead of March 31, 2018. With the extension, the RBI has also revised deadline for for meeting Minimum Common Equity Tier 1 and Capital conservation buffer (CCB).

Note: i. Basel III is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector.

ii. In terms of Basel III capital regulations issued by the RBI, the Capital Conservation Buffer (CCB) will be implemented from March-end 2016 (against March-end 2015 earlier). Consequently, the Regulations will be fully implemented as on March-end 2019 (against March-end 2018 earlier).iii. Basel series of norms refer to a broad supervisory standards formulated by Basel Committee on Banking Supervision (BCBS) to ensure that financial institutions have enough capital on account to meet obligations and absorb unexpected losses.

7.    Kotak Mahindra Bank links current accounts to TwitterThe private lender bank, Kotak Mahindra launched a new current account product that will enable the account holders to undertake 21 services viz. cheque book requisitioning, checking last few transactions, etc, and using their Twitter accounts.Note: i. For the activity of listed service, the bank customers have to use the dedicated hashtags (#).ii. The account christened ‘Jifi’, also involves a host of loyalty-based reward points accrued from merchant transactions carried out using the account, referrals made and ‘sharing and commenting’ of tweets/updates.Note: The bank has integrated all their systems with their core bankingsoftware and can seamlessly throw up the required result into the account holder’s Twitter handle as a direct message.

8.    Bank of India (BoI) launched Instant Money Transfer (IMT) schemeThe Bank of India (BoI) launched an Instant Money Transfer (IMT) scheme and became the first state-run lender to allow withdrawal of funds to individuals from its ATMs without an account in the bank. In other words, the IMT scheme allows customers to withdraw cash without using either debt card or credit card at BoI’s IMT-enabled ATMs.Chairman and Managing Director of Bank of India is V. R. Iyer.

9.    RBI hiked trade related remittance limit from Rs.2 lakh to Rs.5 lakh per transactionThe Reserve Bank of India (RBI) hiked the trade related remittance limit from Rs.2 lakh to Rs.5 lakh per transaction with immediate effect and also increased the number of transaction handled by exchange houses.The hike in per transaction is on the review of the permitted transactions under the Rupee Drawing Arrangements (RDAs).These changes have been included in the Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses.

Note: Vostro account (also known as a loro account) is one in which the domestic bank acts as custodian or manages the account of a foreign counterpart.

10.  Qatar based Doha Bank announced it’s First branch in MumbaiDoha Bank announced that it will be opening its first branch at Nariman Point in Mumbai in India. The branch in Mumbai will be opened as a full-fledged bank in May 2014. Note: Doha Bank is the largest private commercial bank in the state of Qatar. It was incorporated in 1978 and commenced its domestic and international banking services in Doha, Qatar in 1979.

11.  Ms Lakshmi Swaminathan : Became first Indian President of Administrative Tribunal of the ADBMs. Lakshmi Swaminathan became the first Indian to become president of Administrative Tribunal of the Asian Development Bank (ADB) for three years. Ms. Swaminathan is the seventh president of the Tribunal. At present, she is a member of the Panel of Arbitrators of several public sector undertakings and NSE.

12.  BSE launched Institutional Trading Platform (ITP) on SME

The Bombay Stock Exchange (BSE) launched an Institutional Trading Platform (ITP) to helpSmall and Medium Enterprises (SMEs) and start-up companies to list on the bourses without an Initial Public Offer (IPO). BSE Ltd set up the BSE SME Platform as per the rules and regulations laid down by SEBI

Read more: http://www.bankersadda.com/2014/04/banking-awareness-for-sbi-po.html#ixzz33pyjPMGh

What are the unique features of electioneering in India?

Introduction

India's first general election was held in 1920 to elect the members of the Imperial Legislative Council under British rule. Although, East India Company weakens India by exploiting the resources but unpremeditatedly introduced an event that was going to be decisive in determining the fate of the Country for perpetuity. In 1951-1952, Independent India witnessed first ever Lok Sabha Elections, a contest between major political parties but undoubtedly the winner was India National Congress headed by Shri Pandit Jawaharlal Nehru.Features of Electioneering in India:

Undoubtedly, to conduct elections in a second largest populated country is not the task that can be evolved easily. It requires consistent commitment and desires of government to frame a process for free and fair elections. Somehow, past government become successful to formulate free flowing election system

1. Universal adult franchise systems of voting:In India, universal adult franchise system of voting is followed which means every citizen of age above 18 years has given right to vote irrespective of his / her caste, color, creed, sex, religion or place of birth.

2. Election Commission of India – Nodal Agency:Election Commission of India (EC) was formed on 25th January, 1950 as an autonomous, constitutionally established federal authority. The role of EC to administer and conduct the elections in India. General elections, state legislature elections, election for President and Vice President of India are under the control and direction of EC. The role of EC is also extended to delimitation of constituencies, preparation of electoral rolls, recognition of political parties and allotment of symbol

3. Voting by People of India:The only tool available to common man in India is his / her voting right duly given by constitution of India. Indian democracy is undeterred because of the right to choose his / her representative at parliament is given to each and every eligible citizen of India. It is the perception of public in whole who decides the fate of the nation in bode.

4. Electronic Voting Machines:From General elections 2004, EC introduced Electronic Voting Machine (EVM) for the purpose of voting by voters. EVM is exclusively designed which work on battery so that it can operate at locations where there is no electricity. EVM ensures the rule of "one person, one vote" thus proved great innovation to frustrate bogus voting which was prevailing at the time of paper voting. EVM is low cost, portable and very fast in counting votes. This unique innovation by EC has proved beneficial for the election system of our country.

5. Model Code of Conduct for the guidance of political parties and candidates:Model code of conduct is a guideline of conduct by the political parties and candidates during their election campaign. These code come into force when EC declares the date of elections and it is mandatory for political parties and candidates to follow these conduct. EC issues these codes in relation to conduct

during rallies, processions and meeting of parties and candidates. Conduct of parties and candidates during polling day and at polling booth. It also directs the party in power that it should misuse its power during election process and also provide guidelines to issue manifest.

6. "None of the above" voting option (NOTA):It is one of the unique features introduced by EC to enable the voters to exercise negative voting. If voter does not wish to vote to any candidate, he / she can press NOTA button available on EVM to cast his / her negative vote. Initially, this move was opposes by government and political parties but later on Supreme Court through its judgment in PIL filed by an NGO upheld the right of negative vote and EC implemented the same.

7. Limit on poll expenses:EC issues limit on poll expenses to be spent by political parties or candidates during state assembly elections or Lok Sabha elections. In general elections 2014, EC raised the limit of expenses upto 30% i.e. Rs. 70 Lakhs for lager constituencies and Rs. 54 Lakhs for smaller constituencies.

ConclusionThe above features of electioneering in India reflect how EC has been able to bring revolution in the election process which ultimately results in smooth, free and fair elections. However, the reality is not propitious as deficiency in maintaining electoral rolls, providing proper security to polling staff and security personal in areas obstructed by naxals or other terror groups causing a great threat to bastion process of election in our country. EC has to take unassailable steps to protect the right of citizen of India.

Indian Agrarian economy is in shambles, what are its fault lines.

Indian agriculture seems to be more about promises, inextricable Govt schemes & programmes in which prosperity has been long eluded. Indian agriculture & allied sector contributes around 14% of India's GDP and employs nearly half of Indian workforce. Yet this is the most under developed sector, technologically & policy wise, which certainly have brought our feeders to the brink of extreme poverty and deprivation. Despite being an agrarian economy, farmers in India face lots of challenges- like low quality input, difficult access to institutional credit, poor market infrastructure, old & oblivious land laws, policy paralysis to name a few. These constraints cause even much distress to farmers who are having marginal and small fragmented land holdings making it almost impossible for them to acquire two square meals a day. The country has achieved record production in cereals for the two consecutive years now but due to distorted market laws like APMC acts, food inflation has always remained on a higher side. Dependency of protein and micro nutrient rich foods on imports has exposed our inability to tackle the menace of "Hidden Hunger". Fortification can only solve the problems temporarily but a permanent solution is an imperative to meet the ever growing food requirements of the country.

Lack of InfrastructureFeeding a billion plus population, and still increasing, was never an easy task and needs a consistent yet dynamic long term strategy. World Bank report estimated that

the annual food grain requirement in India would rise up to 450 MT by 2030. To support and catalyse the food production for such large population requires a robust infrastructure with proper planning, at Central as well as State level, mixed with smart strategies to ensure widespread distribution, minimal wastage and adequate returns to the farmers. More funds in the annual and fiver year plans should be earmarked to improve and enhance present infrastructure in the agri & allied sector. Many states like Andhra Pradesh, TN, Kerala, WB, etc have successfully implemented the PPP model in enhancing the back end & cold chain infrastructure to endure better access to market and handsome returns to farmers.

Use of TechnologyTechnology could prove to be a panacea for all ills to farmers across the country, especially in arid & semi arid areas, if utilized properly. Weather forecasting, pest infestation of paddy, land use pattern of the country and other related data can be collected & processed by cartographers which would help policymakers to draft policies accordingly. This would include generating early warning signals in distressed areas like Vidarbha, Western Rajasthan ahead of monsoon season. Internet kiosks and other e-commerce applications like that of e-Choupal by ITC could really bring farmers close to the markets, a need long felt, which would help them realize the real price of their hard labour. This would give them bargaining and negotiating power ultimately leading to their empowernment in the market currently littered with agents and mafias created by laws like APMC acts. Technology will help farmers choosing right inputs and correct farm practices to increase their yields and soil productivity.

Policy FrameworkMany states likes Gujarat, HP, MP have repealed their APMC acts and framed laws farmers-friendly. Legislations like Forest Rights Act, PESA Act & Land acquisition (Rehabilitation & Resettlement) Act are forward looking steps to deal with incessant displacement of farmers and tribes and preserve their rights over their lands. This rights-based approach can go a long way in providing socio-economic security to the farmers. What remains to be seen whether they can be implemented in the desired way or not. In the nutshell, future holds promising aspects for Indian agriculture provided that effective steps should be taken in the areas of land reforms, better irrigation & market infrastructure, channelizing redundant workforce into processing and manufacturing sector, better use of technology, forging strategic ties with the neighbours, like Myanmar who is set to become the leading exporter of pulses in the world, to encourage exhange programmes and finally empowering rural masses to shoulder the responsibility of making the nation hunger-free.

f Youth knew if Age could

The statement if youth knew and age could refers to the possibility of what things could be if the young knew the truths of life and were wise and if the old could be more strong and do what is required even in old age. The statement seems to suggest that such things are only utopic dreams and not actually possible, since the youth lack wisdom and the old lack physical strength. In the new age however this seems very much possible. First, the youth of today is far more wisened and second, the old far more young.

There was a time when at 40 one felt like a really old man with grandchildren and failing health, a time more appropriate for the recommended 'vanaprastha' as per old hindu customs. It was time to let your son be the head of the joint family and take over the reigns of the physically strenuous duties of maintaining the household. Even though one did not go out into the jungle, one simply relaxed and used his wisdom to guide the new head of the family. Those were ofcourse times when a lot of physical labour was required to achieve anything. People traveled on foot, did not have the comforts of modern day living, could not do business right from the home via the phone or internet, etc.

Now science and medicine have advanced enough to make life absolutely sedentary and easy on the physique. Longevity and vigour have dramatically improved. At forty, one manages to marry and only slightly settle into some kind of life. Children are still school going and in no way ready to take over the reigns. In fact the saying 'life starts at forty' seems more appropriate and retirement isn't even an option. Yes government servants do have a retirement age, but that is a forced decision rather than an optional one or a necessary one. Things like retirement ages fixed by governments are very much dependant on political and other social factors like availability of jobs etc. And people continue in similar fields or do something new even after retirement. Even in sports people no longer retire. They may not play any more, but they either start coaching or doing commentaries or open sports institutes. Nowadays, the youth wings of various parties have leaders the age of forty, a clear signal towards what is called youth today.

On the other hand, is the youth of today, very mature and responsible. The exposure that they go through and the pressure to excel in this very competitive age has made them more mature than they were ever. Of course in early ages the youth of today were considered adults and had to take the responsibilities of the whole family and was already a parent in his teens. The definition of youth has changed since, and now means people in their twenties and early thirties. The 20th century defined the youth as those, that had to educate themselves on emerging streams of knowledge and were exonerated from demanding jobs and responsibilities. But this padding did not last in the 21st century when younger and younger people started taking charge of situations and the traditionally old sectors like management were taken over by the youth. The media coupled with other forces have lead the children of today to be more informed, more aggressive and more willing to take over responsibilities. Earlier there were limited fields where young people achieved, one being sports, but now we see young people achieving everywhere. We even have many young people as Union Ministers. Earlier it was said, only years of long practice made you perfect enough in any field specially in the fine arts, but now we have newer and younger artists taking over in a more pressurizing environment and doing very well. One of the reasons for this success could well be due to a large and ever growing segment of young consumers who know their minds. A new kind of maturity seems have taken over the youth of today. In fact children too seem to be very much mature and learn to fend for themselves in these pressure driven times.

The above statement also implies that young people are more energetic and over enthusiastic and the old more balanced and patient but at the same time, may lack

the drive to change things. The youth in their enthusiasm overlook some finer details and jeopardize the journey; and the old, being overcautious, miss the bus. It further implies that if only the youth knew more balance and the old, more adventure, great things could be achieved. And this is the balance that our own government has tried to achieve through the civil services, which puts young Turk's at the head of departments full of older and experienced people who can constantly guide them and ring the warning bells; while the young ones with their fresh insights and enthusiasm can give shape to a new India.

Having seen that an aged person now is not a man of 40 but more suitably of 60, and a young man is not only a man in his 20's but well may be nearer 40, there has occurred an overlapping of the young and the old. This obviously means an admixture of the old and the young. This potent mixture has all the capabilities of fulfilling mankind's dreams, and we are surely headed towards the right direction. There is, however, still talk of things like generation gap, but this gap is not only between the old and the young. Longevity has given rise now to the gap between the very young, the mature and the old, and the idea is very well portrayed by the veteran filmmaker Mr. Raj Kapoor, in his film 'Kal Aaj Aur Kal'. A greater openness and the overlapping of youth and old has lead to a greater understanding of things. We are surely heading towards a balance of mind in the young and a feeling of adventure in the old, and therefore it's no longer 'if we could', but 'we shall'. We know and we can.