Current Affairs For Bank, IBPS Exams - 12 May, 2015

Current Affairs for BANK, IBPS Exams

India has named private banker K. V. Kamath as the first head of the new development bank the BRICS group of emerging market economies is setting up.
India has conveyed the decision to nominate Mr. Kamath for the BRICS bank presidency to other BRICS nations — Brazil, Russia, China and South Africa. Mr. Kamath’s five-year term is to be followed by a Brazilian and then a Russian.
The BRICS had agreed to set up the $100 billion development bank last year, a step that was at the time seen as one that could challenge the dominance of the West in the international financial system. The focus of the international financial system, however, has since then shifted to China’s initiative, the Asian Infrastructure Investment Bank (AIIB).
The BRICS nations had also agreed last year that the New Development Bank, which will fund infrastructure projects in developing nations, would have its headquarters in Shanghai.
Mr. Kamath, a veteran banker, with an eight-year stint at the Asian Development Bank, spent 13 years as ICICI Bank’s head during which it went on to become India’s second largest bank. He retired as ICICI Bank’s CEO and Managing Director in 2009. At present, he is Non-Executive Chairman for ICICI Bank and also software services company Infosys.

With the aim to further beef up the quality of customer service, the apex bank has directed all the public sector and banks and some private and foreign banks to appoint an internal ombudsman. The internal ombudsman would be designated Chief Customer Service Officer (CCSO).
The apex bank, however, has made it clear that the CCSO should not have worked in the bank in which he/she is appointed as CCSO. The RBI is keen to ensure that there is undivided attention to resolution of customer complaints in banks. Hence, it has suggested the appointment of an internal ombudsman.
The Reserve Bank introduced the Banking Ombudsman Scheme (BOS) in 1995 to provide an expeditious and inexpensive forum to bank customers for resolution of their complaints relating to deficiency in banking services provided by commercial banks, regional rural banks, and scheduled primary co-operative banks. From a total of 11 grounds of complaints, when the scheme was introduced in 1995, today BO Scheme provides for 27 grounds of complaints/deficiencies in bank services.
The Reserve Bank operates the BOS, free of cost, so as to make it accessible to all. The bank’s internal ombudsman will now be a forum available to bank customers for grievance redressal before they can even approach the Banking Ombudsman.

With online shopping growing at a tremendous pace in the country, India Post has launched a centre in the national capital to exclusively handle all the e-commerce business. The centre is capable of handling 30,000 parcels/articles a day.
Telecom Minister Ravi Shankar Prasad launched the e-commerce centre. On the occasion he stated that India Posts is best equipped to lead government efforts to accelerate pace of economic growth in rural India. It has to be the lead-partner in the private sector’s keenness to reach rural India.
E-commerce players such as Amazon, Paytm, Yepme and Snapdeal have begun availing services at the centre.

The lower House of Parliament on 11th May has passes the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 on the premise of urgency to have a deterrent law for those “secreting” their income and assets abroad.
The bill seeks to deal with the menace of black money and to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.

Salient features of the Bill

Scope- Provisions will applicable to both undisclosed foreign income and assets including financial interest in any entity and the Act will be applicable to all persons resident in India.
Rate of tax– A flat rate of 30 percent tax will be applied to undisclosed foreign income or assets. In case of any carried forward losses, no exemption or deduction or set off will be allowed which may be admissible under the existing IT Act, 1961.
Penalties- Violation will entail stringent penalties.

Following are penalties mentioned

For nondisclosure of foreign income or assets outside India, penalty will be equal to three times the amount of tax payable i.e. 90 percent of the undisclosed income in addition to tax payable at 30%. In case of failure to furnish return in respect to foreign income or assets, there will be of 10 lakh rupees.

Census finds 27% increase in number of endangered lions found in their only habitat in the world – the Gir forest of Gujarat. The census was conducted over five days earlier this month in the 20,000 sqkm (7,700 sq m) sanctuary and surrounding forest lands. There are 523 lion in which 109 male lions, 201 females and 213 cubs in the Gir sanctuary and nearby forest areas of Junagadh district. The last census in 2010 showed 411 lions, up from 359 in 2005.
The cats are a subspecies of lion which are slightly smaller than their African cousins and have a fold of skin along their bellies. They are a major attraction for tourists to Gujarat. India faces intense international scrutiny over its conservation efforts because it is home to many endangered species, including tigers.
Conservation efforts were hailed in January after 2,226 tigers were spotted in a country-wide census, a 30% increase in the population from 2010. Authorities across Asia are waging a major battle against poachers, who often sell tiger body parts to the lucrative traditional Chinese medicine market, as well as other man-made problems such as habitat loss.