Current Affairs – March, 2019

Current Affairs 2019 (March) with Latest Current Affairs and news summary on current events of national and international importance for UPSC, Banking, SSC, CLAT, State PCS, IBPS, Railways and other Competitive Examinations.

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SBI, ICICI, HDFC Bank to remain D-SIBs

The Reserve Bank of India (RBI) has announced that SBI, ICICI and HDFC Banks would continue as Domestic Systemically Important Banks (D-SIBs) for 2018.

D-SIBs

  • The recognition as Domestic Systemically Important Banks (D-SIBs) implies that banks are too big to fail. This creates an expectation of government support for them in times of financial distress.
  • As a result, banks enjoy certain advantages in funding markets. Inclusion in the list gives additional comfort to investors that these banks won’t be allowed to fail and therefore, borrowing costs of these banks from the markets are cheaper than their peers.
  • Inclusion in D-SIB also implies that the failure of any of these banks would have a cascading effect on the Indian financial system.
  • These D-SIBs are required to maintain an additional common equity requirement based on the bucket in which a D-SIB is placed.
  • SBI in the third bucket was setting aside 0.45 per cent of its assets as an additional capital requirement and have to set aside 0.60 per cent of its risk-weighted assets.
  • ICICI Bank and HDFC which are in the fifth bucket are required to set aside 0.20 per cent Bank’s capital requirement from 0.15 per cent now.

RBI had initiated the recognition as D-SIBs from 2015 and places these banks in appropriate buckets depending upon their Systemic Importance Scores (SISs).

Month: Categories: Business, Economy & BankingUPSC

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Contempt Order against Shillong Times Editor, Publisher Put on Hold

The Supreme Court has put on hold the Meghalaya High Court’s judgment holding The Shillong Times editor Patricia Mukhim and publisher Shobha Chaudhuri guilty of contempt and fining them Rs 2 lakh each.

What was the Case?

The Shillong Times has published an article titled “When judges judge for themselves” in pursuant to a high court order directing the government to amend rules so that spouses and children of retired judges become eligible for medical treatment.

The matter was taken up the high court on its own and further the high court had also set aside the amendment to the rules that excluded protocol services and guest house facilities from being applicable to the retired judges and their spouses and children.

The High Court had found the editor and publisher guilty for publishing the article “When judges judge for themselves”. The Supreme Court has now put on hold the judgment of Meghalaya High Court.

Contempt of Court

Contempt of court refers to actions which defy a court’s authority, cast disrespect on a court, or impede the ability of the court to perform its function.

The Contempt of Court provisions in India are enshrined under Articles 129 and 215 of the constitution for Supreme Court and High Court respectively and Contempt of Courts Act, 1971.

Civil Contempt is defined as willful disobedience to any judgment, decree, direction, order, writ or other processes of a court or wilful breach of an undertaking given to a court.

Criminal Contempt is defined as the publication (whether by words, spoken or written, or by signs, or by visible representation, or otherwise) of any matter or the doing of any other act which:

  • Scandalises or tends to scandalise, or lowers or tends to lower the authority of, any court, or
  • Prejudices, or interferes or tends to interfere with the due course of any judicial proceeding, or
  • Interferes or tends to interfere with, or obstructs or tends to obstruct, the administration of justice in any other manner.

Section 20 of the Contempt of Courts Act of 1971 limits the period for initiating contempt proceedings is of one year from the date on which the contempt is alleged to have been committed.

Month: Categories: Constitution & LawUPSC

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