RBI Mohanty Panel for Bank License to Large Corporate Houses

The Reserve Bank pf India had earlier constructed an Internal Working Group under P K Mohanty. The committee was set up to review ownership guidelines of Indian private sector banks. The committee has submitted a report about the bank licensing in India.

Key Recommendations :

• Large industrial houses and corporates shall be allowed as promoters of banks. However, this is possible only after making required amendments to the Baking Regulations Act, 1949.
• Well established Non-Banking Finance Corporations with an asset size of Rs 50,000 crores and above shall be considered for conversion into banks.
• The committee has recommended a 3-year operational time for a Payment Bank to be converted into a Small Finance Bank. Currently, the Payment banks can apply for conversion into small finance banks only after five years of operation.
• Non-Operative Financial Holding company shall be continued as a preferred structure to issue new licenses.

Background:

In June, 2020, the Reserve Bank of India had set up Mohanty Panel to review the ownership of private sector banks. It examined the regulations to hold financial subsidiaries through non-operative financial holding company.

Read More

Giant Metrewave Radio Telescope (GMRT) granted ‘Milestone’ status by IEEE – Key Facts

The Giant Metrewave Radio Telescope observatory located in Pune has been provided with the prestigious IEEE milestone status. The status was provided to honour its significant technical achievement, services, its excellence as unique product, patent and seminal papers that aim to benefit humanity.

This is the third IEEE milestone recognition being offered to India according to the National Centre for Radio Astrophysics. The previous two IEEE milestone recognition were awarded to JC Bose in 1895 and CV Raman in 1928. JC Bose is regarded as the Father of Wireless Communication.

Giant Metrewave Radio Telescope

It is an array of thirty fully steerable parabolic radio telescopes. Each radio telescope is of 45 metre diameter and is operated by National Centre for Radio Astrophysics. It is a part of the Tata Institute of Fundamental Research located in Mumbai.

The telescope was built under the direction of lead professor Govind Swarup between 1984 and 1996. One of the major objectives of the telescope was to search for highly red shift 21-line radiation. These radiations are emitted from the primordial neutral hydrogen clouds. The determination of these radiations will help determine the epoch of galaxy formation in the universe.

In February 2020 the telescope helped in observing the biggest explosion in the history of Universe called the Ophiuchus Supercluster Explosion.

What are Hydrogen Clouds?

The hydrogen clouds are the interstellar matter where hydrogen occurs in its neutral state rather than its molecular or ionised states. The Hydrogen clouds are detectable at radio wavelengths as they emit characteristic energy at a wavelength of 21 cm.

Read More

Hayabusa2 Spacecraft of Japan: Key Facts

The Hayabusa2 spacecraft of Japan is nearing the earth after a yearlong journey from asteroid Ryugu. The asteroid is located at a distance of about 300 million kilometres from the Earth. The spacecraft is to reach the earth in Southern Australia on December 6, 2020 carrying precious samples from the asteroid.

The entire operation is being held by JAXA, Japanese Aerospace exploration agency. According to the agency the capsule that is protected by a heat shield will turn into a fire ball at its 200 kilometre from the earth surface. The parachute of the capsule will open at about 10 kilometres.

In February 2019, the spacecraft collected surface dust samples from the asteroid Ryugu. Later in July 2019, the spacecraft collected underground samples from the asteroid. This is the first time in the history of world space underground samples are collected from an asteroid.

The spacecraft took three and half years to reach the asteroid to go. However, the return journey was much shorter due to its location relative to the earth.

Read More

Sikhs and english.

The credit for the establishment of the Sikh community is due to Guru Nanak (the first Guru). Only followers of Guru Nanak were called Sikhs. These emperors were contemporaries of Babur and Humayun. On the Kartik Purnima of 1496 AD, Nanak felt the spiritual revival. Guru Nanak established a free interactive restaurant called Guru Ka Langar. Guru Nanak established Sangat (Dharamshala) and Pangat (Langar) at many places. Sangat and Pangat worked as an institution for the followers of Gurunanak, where they met daily. Guru Nanak died in Kartarpur in 1538 AD. Guru Angad (1539–52 AD) was the second Guru of the Sikhs. His initial name was Lehna. They made the anchoring system started by Nanak permanent. Gurmukhi script was started by Guru Angad. The third Sikh Guru was Amardas (1552–1574 AD). Guru Amardas did many things that were separate from the Hindus. Marriage method was different from that of Hindus. Akbar went to Govindwal to meet Guru Amardas and donated many villages to Guru-daughter Bibi Bhani. Amardas established 22 padis and appointed one mahant on each. Bibi's husband Ramdas) (1574–1581 AD) became the fourth Guru of the Sikhs. Akbar gave 500 bighas of land to Bibi Bhani. Guru Ramdas dug a reservoir called Amritsar on this land and established the city of Amritsar. Guru Ramdas entrusted his third son Arjuna with the rank of Guru. In this way, they made the Guru-pada ancestral. Guru Arjuna (1581 - 1606 AD) became the fifth Guru of the Sikhs. He wrote Adigranth, the religious text of the Sikhs. It contains inspiring prayers and songs of Guru Nanak.

Read More

Chandra Shekhar Azad, History

Chandra Shekhar Azad, popularly known as Azad, was one of the most fearless and greatest freedom fighters of India. He, son of Pandit Sitaram Tiwariand Jagrani Devi, was born on 23rd July 1906, in village Bhavra in Jhabua district of Madhya Pradesh He received his early education in Bhavra. For further education he went to the Sanskrit Pathshala at Varanasi. He was a great worshipper of Lord Hanuman.Once he disguised himself as a priest in a Hanuman temple to escape from theclutches of the British police.

Young Chandra Shekhar was attracted by the non-violence, non-cooperation movement of 1920-21 under the leadership of Mahatma Gandhi. He joined the movement and was arrested and produced before the magistrate. He gave his name as ‘Azad'(free), his father's name as 'Swatantra' (freedom) and his residence as “Prison’. This provoked the magistrate who sentenced him to fifteen lashes. Fromthen on he was known as Azad. Azad's patriotism and courage inspired others to join the freedom struggle. Chandra Shekhar was the mentor of Bhagat Singh, who was also a great freedom fighter.

Both Chandra Shekhar and Bhagat Singh actively participated in revolutionary activities. He was deeply disturbed by the Jallianwala Bagh massacre in Amritsar in 1919. He also played a key role in the Kakori case. Chandra Shekhar was a terror for the British Police. He was on their hit list and the British Police badly wanted to capture him dead or alive. On 27h February 1931, Chandra Shekhar Azad was at Alfred Park in Allahabad (now Prayagraj). He was betrayed by an informer for the British Police. The police surrounded the park and ordered Chandra Shekhar Azad to surrender. Azad fought bravely and killed the policemen. Finally, finding himself surrounded by the police, he shot himself. Thus, he kept his pledge of not being caught alive. He used to recite his favourite Hindi couplet.

Read More

History of Mahatma Gandhi,

      In India we call Mahatma Gandhi, 'Bapu' or 'Rashtrapita'. His full name was Mohandas Karamchand  Gandhi. He was bornon 2nd October,1869 at Porbandar in Kathiawad, Gujarat His father's name was Karamchand Gandhi.His mother's name was Putlibai. His wife was Kasturba Gandhi. Gandhiji lived the life of a common man and kept himself away from luxuries. He was very honest  and truthful from his childhood. Once he read the story of Shravana Kumar. Shravana used to carry his old and blind parents in baskets slung on a bamboo yoke. Gandhiji was deeply touched by his devotion towards his old parents. He decided to be like Shravana and serve his parents.

         

                                                            He went to England to obtain a law degree. After Obtaining  his degree he returned to India in 1893. He was restless to see his countryman suffering under the foreign rule. So he devoted his entire life for the upliftment of the poor and to free his country from the clutches of the British Rule. He led the British Government and started 'Satyagrah;  'Non- Cooperation Movement', and Civil Disobedience Movement'. Ultimately, India got freedom on 15th August 1947.

          

     

               

    Mahatma Gandhi is known for his Principles of non-violence all over the world. He led a saintly life and was against all sorts of injustice and inequality prevailing in the society. He wanted to establish Ramrajya. By Ramrajya he meant the kingdom of God. For his Ram and the same deity. For his great contribution to the country, Indians call his the Father of the Nation' or Bapu. He was assassinated on 30th January 1948 by Nathuram Godse. Since then, 30 January is observed as Martyr's Day in India.                                     

                                                                                        

                                                        
      

      

Read More