Current Affair Today
The Hongkong and Shanghai Banking Corporation (HSBC) today announced the appointment of Jayant Rikhye as the chief executive officer for India. The appointment would be effective from December 1 subject to regulatory approvals, HSBC said in a statement.
In his new role, Rikhye will lead HSBC’s next phase of growth in the country, where he first joined the Group in 1989.
An HSBC Group General Manager, Rikhye is currently Head of International, Asia-Pacific, responsible for 11 markets in the region. He succeeds Stuart Milne, who is also a Group General Manager, after five years in the role.
The Tata conglomerate is the only Indian brand to feature among the top five in the India’s most attractive brands index, climbing three places to the fourth spot on the list which has been topped by South Korean consumer electronics maker Samsung.
Tata, which was at number 7 in 2016 is ranked at number 4 in India’s Most Attractive Brands 2017 study, carried out by Trust Research Advisory (TRA) and based on primary research conducted on close to 2,450 consumers across 16 cities.
Samsung, which had occupied the third place last year, pipped LG and Sony to regain the top slot.
Honda grabbed the fifth position, followed by Apple, Maruti Suzuki, Hewlett Packard, Bajaj, Dell.
Reliance jumped 15 places to occupy the 11th position, while Patanjali vaulted to the 12th place from 87th rank last year
The Indian government on 24-Oct-2017 announced an allocation of Rs 2.11 lakh crore over two years for the recapitalisation of public sector banks. The plan is intended to help banks make adequate provisions against bad loans and revive lending, which, in turn, may help support a recovery in the economy and private investment.
The recapitalisation plan is split into two parts, Banking Secretary Rajiv Kumar explained at a press conference in New Delhi. A bulk of the capital - Rs 1.35 lakh crore - will come via the issue of recapitalisation bonds. The remaining Rs 76,000 crore, which includes Rs 18,000 crore already allocated under the Indradanush Recapitalisation Scheme, will come through budgetary support over two fiscal years.
By recapitalising banks through a mix of bonds and cash infusions, the government hopes to avoid breaching its fiscal deficit targets.
Globally, there are certain categories of recapitalisation bonds which are not counted as part of the fiscal deficit, said Finance Minister Arun Jaitley at the press conference when asked whether the deficit target of 3.2 percent of GDP for the year would be breached.
The Supreme Court today came down heavily on the Union Environment Ministry for not finalising pollution emission standards for industries using pet coke and furnace oil in the national capital region and slapped a cost of Rs. two lakh on it.
Terming it as a "completely disgusting state of affairs", the top court asked the Ministry why the standards were not finalised despite its earlier direction that it should be done on or before June 30 this year.
Additional Solicitor General Maninder Singh, representing the ministry, told the court that a draft notification in this regard was issued yesterday and a period of 60 days has been given for raising objections on it.