Current Affairs – January, 2015

Latest Current Affairs January, 2015 with Current Affairs, news summary on current events of National and International importance of January, 2015 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Government signs $ 75 million loan deal with Asian Development Bank for KIUWMIP

Government has signed a loan agreement with Asian Development Bank (ADB) for 75 million dollars and 1.8 million dollar grant for Karnataka Integrated Urban Water Management Investment Program (KIUWMIP).

This loan fund will be used in the three towns of Byadagi, Davanagere and Harihar of Karnataka under the KIUWMIP.

This loan seeks to expand and upgrade: urban water supply and sanitation infrastructure, improve water resource planning, monitoring and service delivery, and strengthen operational and administrative capacity in these towns.

As per this agreement, the loan has a 25 year term including a grace period of five years.

Implications: This project by utilizing the loan fund will help these urban towns to increase water treatment capacity by 15,000 cubic meters per day. It will also help expand and upgrade more than 1,000 kilometers of water pipelines and increase sewage treatment capacity by 48,000 cubic meters per day, thereby promoting water efficiency and environmental protection.

About Karnataka Integrated Urban Water Management Investment Program (KIUWMIP)

  • KIUWMIP- is an investment program that aims to improve water resource management in urban areas of Karnataka State in a holistic and sustainable.
  • It seeks to modernize and expand urban water supply and sanitation (UWSS) by strengthening relevant institutions related to it in order to enhance their efficiency, productivity and sustainability in water use.
  • It takes help of innovative social instruments like as public-private partnership (PPP) or reform oriented incentive funds.
  • This Program also aims to improve the condition of more fragile environments located in North Karnataka that are increasingly affected by water resource degradation by promoting climate-resilient development, capacity-development techniques for conducive adaptation.

Government splits Chairman & MD post in PSU banks and names chiefs for 4 PSU banks

Government has decided to separate the post of Chairman and Managing Director (MD) and Chief Executive Officer (CEO) in public sector banks.

With this decision government is breaking the tradition of having the heads of state-run banks act as both chairman and managing director.

As per the Finance Ministry, the Chairman in public sector banks other than State Bank of India (SBI) will be a part- time board member. He will preside over the board meetings and will not be an Executive Chairman.

This means that for the first time, PSU banks will have a non-Executive Chairman, giving operational responsibility to Managing Director and Chief Executive Officer (CEO).

In pursuance of the decision, the government has appointed four Managing Directors and CEOs of following 4 PSU banks

  • Koteeswaran was named as MD and CEO of Indian Overseas Bank.
  • Srinivas was named as MD and CEO of United Bank of India.
  • Animesh Chauhan was named MD and CEO of Oriental Bank of Commerce.
  • Kishore Sansi was named MD and CEO of Vijaya Bank.

Above 4 MD’s and CEO’s will have tenure of 3 years or till the date of superannuation, whichever is earlier. These appointments were made based on the recommendations of Appointments Board chaired by the Reserve Bank of India (RBI) Governor.

Government also has decided to go for a fresh selection procedure for the post of Chairman and MD and CEO in Bank of Baroda, Punjab National Bank and Canara Bank, which are ‘A’ category large banks.