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Cabinet approves merger of 10 public sector banks into 4

New Delhi (NVI): The Union Cabinet today approved a mega merger of ten Public Sector Banks (PSBs) into four banks, aimed at having fewer but stronger lenders in India.

The date of implementation of the merger is 1 April.

The banks which will be going through amalgamation include – Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.

The amalgamation will result in the creation of seven large PSBs with scale and national reach with each amalgamated entity having a business of over Rs 8 lakh crore, the government said in a statement, after the Cabinet meeting chaired by Prime Minister Narendra Modi here, today.

The mega consolidation would help create banks with a scale comparable to global banks and capable of competing effectively in India and globally.

Greater scale and synergy through consolidation would lead to cost benefits which should enable the PSBs to enhance their competitiveness and positively impact the Indian banking system.

In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.

Further, with the adoption of technologies across these banks, access to a wider talent pool, and a larger database, PSBs would be in a position to gain competitive advantage by leveraging analytics in a rapidly digitalising banking landscape.

Cabinet approves MoU with Ivory Coast for cooperation in health sector

New Delhi (NVI): The Union Cabinet today approved an agreement between India and Ivory Coast for cooperation in the field of health.

The decision was taken in the meeting chaired by Prime Minister Narendra Modi today.

The MoU will cover various areas of cooperation such as health promotion, disease prevention, environmental health, medical research, nuclear medicine and primary health care.

It will also cover the exchange and training of medical doctors, officials, other health professionals and experts in the field of advanced medical technology, renal transplantation, cardiac surgery, nephrology, hemodialysis and medical research.

The development and improving the techniques and strategies for epidemiological surveillance also comes under the MOU.

The Working Group will be set up to further elaborate the details of cooperation and to oversee the implementation of this Memorandum of Understanding, the government said in a statement today.

SMC to change names of two roads in Srinagar

Mubashir Bukhari

Srinagar (NVI): After Jammu Municipal Corporation (JMC), it is Srinagar Municipal Corporation (SMC) now, that is planning to rename two road stretches in the city.

Regal Chowk to Amira Kadal Bridge in Srinagar will be named after slain Rising Kashmir founder Shujaat Bukhari. Kashmir University (KU) to Lal Bazar road will be named after slain vice-chancellor Professor Mushir-ul-Haq.

Bukhari was assassinated along with his guards at Press Enclave in Partap Park on July 14, 2018. Prof Mushir-ul-Haq was killed after he was abducted by suspected militants in the nineties.

Junaid Azim Mattu, SMC Mayor, in a tweet said that they are, “Proposing a resolution for voting in the General Council of SMC to name/rename following prominent roads/chowks in Srinagar. Name road from Regal Chowk to Amira Kadal Bridge as `Shujaat Bukhari Road’. Name road from Hazratbal Chowk to Sadrabal/Lal Bazar as ‘Mushir-ul-Haq Road’.”

Mattu said he would be moving the resolution in the forthcoming SMC general council session for rechristening two roads. “I will propose both resolutions for voting as per the J&K MC Act 2000. More previously unnamed roads and prominent crossing will be named after historical figures who have contributed vastly to the city and our society at large,” he said.

Post abrogation of Article 370, the central government has changed the names of many places in the Union Territory. Kashmir’s water supply department had been renamed as Jal Shakti department. Chenani-Nashri Tunnel has been renamed after Shyama Prasad Mookerjee, founder of Bharatiya Jana Sangh which later became BJP.

However, the renaming of the streets drew mixed reactions from the people with most of them suggesting names for other streets.

Italy, Iran death toll rises as coronavirus outbreak intensifies

(Source: Twitter)

New Delhi (NVI): Italy, the worst-affected country from the coronavirus outside Asia, has now overtaken Iran in terms of the number of deaths and infections from the virus.

The death toll in Italy jumped to 79, up from an official total of 52 as of Monday; there are 2,502 cases of the virus in Italy, according to media reports.

Whereas, Iran has 2,336 cases of the virus and has recorded 77 deaths.

Meanwhile, Iran has temporarily decided to release 54,000 people from prisons as officials struggle to contain the rapid spread of the biggest coronavirus outbreak in the Middle East.

In South Korea also, President Moon Jae-in has declared “war” on COVID-19, where some 516 new cases were announced today, bringing the total positive cases to 5,328 there.

In India, 28 cases of coronavirus have been detected so far, including 16 foreign nationals.

Meanwhile, governments around the world are scrambling to introduce measures to contain the spread of COVID-19, which is growing globally even as transmission in China, where the virus originated at the end of last year, continues to show signs of slowing.

There are more than 93,000 cases confirmed around the world with 3,190 death toll – the majority being in China – but as deaths are reported in Italy, Iran and the United States, authorities are considering new quarantine zones and travel restrictions.

World still a violent, biased place for girls: UN Report

(Photo Credit: UNICEF Twitter)

New Delhi (NVI): Despite remarkable gains in education, the world is still a violent, highly discriminatory place for girls, according to a new report by UNICEF, Plan International and UN Women.

The report, released ahead of the 64th session of the Commission on the Status of Women, notes the number of out-of-school girls has dropped by 79 million in the last two decades. In fact, girls became more likely to be in secondary school than boys in just the last decade, it says.

Two and a half decades after the historic Beijing women’s conference, violence against women and girls still not only common but accepted, the report claims.

“In 2016, for example, women and girls accounted for 70 per cent of detected trafficking victims globally, most for sexual exploitation. An astonishing 1 in every 20 girls aged 15-19 – around 13 million – has experienced rape in their lifetimes, one of the most violent forms of sexual abuse women and girls can suffer,” the report says.

UNICEF Executive Director Henrietta Fore said that twenty-five years ago, the world’s governments made a commitment to women and girls, but they have only made partial good on that promise.

“While the world has mustered the political will to send many girls to school, it has come up embarrassingly short on equipping them with the skills and support they need not only to shape their own destinies, but to live in safety and dignity,” she said.

“Access to education is not enough – we must also change people’s behaviours and attitudes towards girls. True equality will only come when all girls are safe from violence, free to exercise their rights, and are able to enjoy equal opportunities in life,” she added.

The report further notes that harmful practices such as child marriage and female genital mutilation (FGM) continue to disrupt and damage the lives and potential of millions of girls globally.

Each year, 12 million girls are married in childhood, and 4 million are at risk of FGM. Globally, girls aged 15-19 are as likely to justify wife-beating as boys of the same age, it finds.

The report also points to concerning negative trends for girls in nutrition and health, many of which were unimaginable 25 years ago.

For example, globalization, a shift from traditional diets to processed, unhealthy foods and the rapid expansion of aggressive marketing techniques targeting children, have resulted in increased consumption of unhealthy foods and sugar-sweetened beverages.

This has contributed to an increase in overweight and obesity in childhood and adolescence. Between 1995 and 2016, the prevalence of overweight among girls aged 5-19 has nearly doubled from 9 per cent to 17 per cent, resulting in nearly twice as many overweight girls today (155 million) than in 1995 (75 million).

Meanwhile, the last 25 years have seen growing concerns about poor mental health fuelled in part by excessive use of digital technologies.

Direct Tax ‘Vivad Se Vishwas’ Bill passed in Lok Sabha

Opposition parties
File Photo

New Delhi (NVI): The Lok Sabha today passed the Direct Tax ‘Vivad se Vishwas’ Bill, 2020 which provides for dispute resolution related to direct taxes.

Union Finance Minister Nirmala Sitharaman introduced this bill in Lok Sabha on March 2, 2020, was passed amid din.

The Bill provides a mechanism for resolution of pending tax disputes related to income tax and corporate tax.

The Bill defines an appellant as the income-tax authority or the person, or both, whose appeal is pending before any appellate forum on January 31, 2020.

These appellate forums are the Supreme Court, the High Courts, the Income Tax Appellate Tribunals, and the commissioner.

As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals.

Under the proposed scheme, taxpayers willing to settle disputes shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31, 2020 following which a 10 per cent additional disputed tax shall have to be paid over and above the tax liability.

Further, where arrears relate to disputed interest or penalty only, then 25 per cent of disputed penalty or interest shall have to be paid if the payment is made by March 31, beyond which the same shall be enhanced to 30 per cent.

SC allows trading in cryptocurrency, quashes ban by RBI

Representational image

New Delhi (NVI): The Supreme Court today allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) in 2018  on trading in virtual currencies such as Bitcoin in the country.

The top court’s order followed a plea by the Internet and Mobile Association of India (IMAI) objecting to the RBI ban.

Cryptocurrencies are digital currencies in which encryption techniques are used to regulate the generation of currency units and verify the transfer of funds, operating independently of a central bank.

Bitcoin, the most valued cryptocurrency in the world, was down 0.39 per cent at $8,815. The market cap of the currency stood at $161 billion.

The RBI had stated that virtual currencies (VCs) (cryptocurrencies and crypto assets) “raise concerns of consumer protection, market integrity and money laundering.” In view of the associated risks, banks were asked not to deal with crypto-related businesses.

The central bank defended in the Supreme Court its 2018 circular insisting that it had always been consistent in its opposition to allowing any other payments systems and undermining the integrity of the banking system.

Coronavirus: World Bank pledges $12 bn immediate support

New Delhi (NVI): The World Bank has announced that it is making available an initial package of $12 billion to members countries who are grappling with the spread of coronavirus, in order to help them cope up with the health and economic impacts of the global outbreak.

The financial support from the global body came in as COVID-19 reaches more than 60 countries. More than 3,000 people have died from infectious disease so far and over 93,000 are infected.

The financing is designed to help member countries take effective action to respond to and, where possible, lessen the tragic impacts posed by the COVID-19 (coronavirus), the World Bank said in a statement yesterday.

“Through this new fast track package, the World Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies,” it said.

The virus outbreak has snowballed into a global crisis while affecting markets as well as the tourism sector worldwide.

The World Bank financial package, with financing drawn from across IDA, IBRD and IFC, will be globally coordinated to support country-based responses.

The COVID-19 support package will make available initial crisis resources of up to $12 billion in financing — USD 8 billion of which is new — on a fast track basis, World Bank said.

This comprises up to USD 2.7 billion new financing from IBRD; USD 1.3 billion from IDA, complemented by reprioritization of USD 2 billion of the Bank’s existing portfolio; and USD 6 billion from IFC, including USD 2 billion from existing trade facilities. It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge, it added.

“We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19,” World Bank Group President David Malpass said.

The financial package will provide grants and low-interest loans from IDA for low income countries and loans from IBRD for middle-income countries, using all of the Bank’s operational instruments with processing accelerated on a fast track basis.

Apsrt from that, the World Bank Group’s private sector arm International Finance Corporation will provide its clients with the necessary support to continue operating and to sustain jobs.

The jobs of a number of people, especially in tourism sector is under threat due to the effect.

The organisation has further stated that it’s support will cover a range of interventions to strengthen health services and primary health care, bolster disease monitoring and reporting, train front line health workers, encourage community engagement to maintain public trust, and improve access to treatment for the poorest patients.

The Bank will also provide policy and technical advice to ensure countries can access global expertise.

International Finance Corporation (IFC) will work with commercial bank clients to expand trade finance and working capital lines. It will also directly support its corporate clients — with a focus on strategic sectors including medical equipment and pharmaceuticals — to sustain supply chains and limit downside risks.

The World Bank also notes that these solutions will leverage the lessons learned from similar events in the past with a goal to minimize the negative economic and social impacts of COVID-19 globally.

Countries face different levels of risk and vulnerability to COVID-19, and will require different levels of support. The Bank Group support will prioritize the poorest countries and those at high risk with low capacity. As the spread of COVID-19 and its impact continues to evolve, the World Bank Group will adapt its approach and resources as needed.

To address the global crisis at multiple levels, the organisation is actively engaged with international institutions and country authorities to help coordinate the global response.

After 7 months, ban on social media lifted in J&K

Mubashir Bukhari

Srinagar (NVI): Jammu and Kashmir administration today lifted ban on social media platforms after seven months since the abrogation of Article 370 on August 5 last year.

According to the order issued by Principal Secretary, Home Department, Shaleen Kabra people can be allowed to unrestricted internet access with 2G speed.

The government has also allowed access to all sites on 2G mobile data services and fixed-line internet in the Union Territory till March 17.

Earlier, only access to white-listed sites was allowed after the services were restored for a week on January 25 and subsequently extended from time to time. Close to 1,600 websites (mostly related to education, banking, business and government) were allowed to be accessed in J&K.

The internet facility was snapped across Jammu and Kashmir on August 5 last year, the day when Centre abrogated the special status to the erstwhile state and bifurcated it into two union territories.

The fresh order was issued by Principal Secretary, Home, Shaleen Kabra after assessment of the impact of telecom services regulation on the overall security situation and maintenance of public order and reports of law enforcement agencies.

The order will be applicable only till March 17.

As regards service to pre-paid SIMs card, the service providers have been asked to provide access only after SIMs are “verified as per norms applicable to post-paid connections.”

“While the postpaid SIM card holders shall continue to be provided access to the internet, these services shall not be made available on pre-paid sim cards unless verified as per the norms applicable for post-paid connections,” the order reads.

As regards fixed line connectivity, the order says that internet connectivity shall continue to be made available with Mac-binding.

“It is further directed that the access/communication facilities provided by the Government viz; e-terminals/internet kiosks apart from special arrangements for tourists, students, traders etc. shall continue.”

The inspector generals of police, Kashmir and Jammu, would ensure communication of these directions to the service providers forthwith and ensure implementation of the directions with immediate effect, the order said. “The aforesaid directions shall remain in force upto 17th March, 2020, unless modified earlier,” it added.

World Obesity Day: Overweight people have almost tripled since 1975

Representational image

New Delhi (NVI): Worldwide obesity has nearly tripled since 1975, according to a World Health Organisation report which says that most of the world’s population lives in countries where overweight and obesity kills more people than underweight.

The WHO report further states that obesity is preventable and treatable.

Every year, March 4 is observed across the world as World Obesity Day with a view of promoting practical solutions to end the global obesity crisis. The day was previously observed on the 11th of October.

According to WHO, obesity rates have nearly tripled since 1975 and have increased almost five times in children and adolescents.

In 2016 report around 1.9 billion adults and 340 million children and adolescents aged 5-19 were overweight. Of these over 650 million were obese.

Obesity is a major risk factor for various noncommunicable diseases (NCDs), such as type 2 diabetes, cardiovascular disease, hypertension, and various forms of cancer. Raised body mass index (BMI) is a major risk factor for noncommunicable diseases.

The main cause of obesity and overweight is an energy imbalance between calories consumed and calories expended.

Overweight and obesity and their related noncommunicable diseases are largely preventable.

WHO is responding to the global obesity crisis, monitoring global trends and prevalence. The development of a broad range of guidance addressing the prevention and treatment of overweight and obesity.

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