Persons in News 2017

Enter Your Email Address To Subscribe Current Affairs Daily Digest, Daily Quiz and other updates on Current Affairs:

P.J.Nayak Committee set up by RBI to review governance of bank boards

The Reserve Bank of India (RBI) set up an 8 -member panel to review governance of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure. The Committee will be chaired by former Axis Bank Chairman P J Nayak.

The panel will:

  • Review the regulatory compliance requirements of banks’ boards in India, and estimate that what could be intellectual and where requirements needed to be raised.
  • Analyze representation on bank boards to see whether the boards have appropriate mix of capabilities and necessary independence to govern the institution.
  • Investigate possible conflicts of interest in board representation, including among owner representatives and regulators.
  • Examine the working of bank boards, including whether adequate time is devoted to issues of strategy, growth, governance and risk management.
  • Review central bank regulatory guidelines on bank ownership, ownership concentration and representation in the board.

The panel is set to examine board compensation guidelines, and any other issue relevant to the functioning of bank boards and the governance they exercise. The Committee is expected to submit its report within three months from the date of its first meeting.


Mr. Anand Sinha, Deputy Governor of RBI retired

Screenshot_1RBI’s Deputy Governor Dr. Anand Sinha, who was looking after the new bank licence process, retired. The procedure for granting licences to the private sector is yet to be completed.

Dr. Sinha was in charge of the Department of Banking operations and Development (DBoD)
Was also handling the long process of inviting and selecting applicants for new bank licences.
It is believed that Dr. Sinha will be appointed as an adviser to the apex bank for a period of 3 months so that his expertise can be utilised for short-listing of applicants for bank licences.
His portfolio has been allocated to other 3 Deputy Governors – K C Chakrabarty, H R Khan and Urjit Patel.,  till his successor is appointed.

Note: A deputy governor in RBI can be appointed for a maximum of 5 years or till the age of 62, whichever is earlier.


Mr. Hery Rajaonarimampianina: New President of Madagascar

Screenshot_5Mr. Hery Rajaonarimampianina (55) has been declared as the President of Madagascar to restore democracy on the island nation in the following elections. He was officially declared as the president of the country by the president of the special electoral court, Mr. Francois Rakotozafy.  Mr. Hery got 53.49 % votes during the run-off presidential election while Jean Louis Robinson had 46.51 %.

Mr. Hery is the 8th elected Malagasy president and 11th chief of state since Madagascar’s independence in 1960. He was the former Finance Minister of Madagascar. The World Bank in its report on Madagascar estimated that the political crisis of the country costs it around $8 billion in lost growth. In 2012, the economy of the country grew just by 3.1%, which made it to lag behind most African nations.

Note: The election is an attempt to restore normality to the country and to induce foreign investment and boost anemic growth.