Business, Economy & Banking Current Affairs

Ms Lakshmi Swaminathan : Became first Indian President of Administrative Tribunal of the Asian Development Bank (ADB)

Ms. Lakshmi Swaminathan became the first Indian to become president of Administrative Tribunal of the Asian Development Bank (ADB) for three years. Ms. Swaminathan is the seventh president of the Tribunal. At present, she is a member of the Panel of Arbitrators of several public sector undertakings and NSE.

About Administrative Tribunal of Asian Development Bank (ADB)
  • Establish: 1991, as an external mechanism to review personnel decisions by Management.
  • Composition: Consists of five judges, who are all nationals of member countries of ADB.
  • The Tribunal elected Judge Ms. Lakshmi Swaminathan as President and Professor Roy Lewis as Vice-President on the occasion of the 35th session held in Manila.


“e-wallet Scheme” launched by IRCTC

The Indian Railways Catering and Tourism Corporation (IRCTC) launched e-Wallet Scheme to make payment process fast and to reduce transaction failures due to bank payment related problems. (IRCTC is a public sector undertaking of the Ministry of Railways). At present, one has to make the payment for the fare of the ticket, while booking e-ticket, through Credit card, Debit card or Net banking.

e-Wallet Scheme

  • A rolling deposit scheme wherein the customers will have an account with the IRCTC and deposit money to be used in future for booking e-tickets from its website (
  • Names of all passengers booked on a fully wait-listed e-ticket are dropped at the time of preparation of reservation charts and fare is refunded automatically.
  • In case of ticket cancellation, the due refund will be credited to the e-Wallet account next day.
  • Available for PAN verified users only.

There is no difference between e-tickets booked through e-wallet scheme or those booked through other payment options available on the website.

Click here for e-Wallet User Guide: eWALLET User Guide