Current Affairs – July, 2018

Lok Sabha passes Homeopathy Central Council (Amendment) Bill, 2018

Lok Sabha has passed Homoeopathy Central Council (Amendment) Bill, 2018 by voice vote to replace Ordinance promulgated by President in May 2018. It amends Homoeopathy Central Council Act, 1973 which sets up Central Council of Homoeopathy and regulates homoeopathic education and practice

Key Features of Bill

Supersession of Central Council: The Bill amends 1973 Act to provide for supersession of Central Council with effect from May 18, 2018. The Council will be reconstituted within 1 year from date of its supersession. In the interim period, Board of Governors constituted by central government will exercise powers of Central Council.

Board of Governors: It will consist of up to seven members including persons of eminence in field of homoeopathy education, eminent administrators, appointed by Union Government. The Central Government will select one of these members as Chairperson of Board. With regard to policy decisions, directions of the central government will be final.

Permission for existing homoeopathy colleges: The Bill states that if any homoeopathy medical college has been established or if any established homoeopathy medical college has opened new courses or increased its admission capacity before ordinance was promulgated, then it will have to seek permission from Union Government within 1 year. If homoeopathy medical college fails to seek such permission, then medical qualification granted by it to student will not be recognised under this law.

Month: Categories: Bills and Acts

Tags:

India Post Payments Bank to start operations with 650 branches in August 2018

India Post Payments Bank (IPPB) is expected to go live with 650 branches in addition to 3,250 access points co-located at post offices in August, 2018 following final clearance from Reserve Bank of India (RBI) to start. RBI has given approval to IPPB after testing its entire system.

Key Facts

IPPB was incorporated on August 17, 2016 under Companies Act, 2013 as a public limited company with 100% Government of India equity under Department of Posts (Ministry of Communication & Technology). It was the third entity to receive payments bank permit after Airtel and Paytm.

Around 11,000 gramin dak sevaks (in rural area) and postmen (in urban area) will provide doorstep banking services. IPPB also has been given permission to link around 170 million postal savings bank (PSB) account with its account. It will also carry out RTGS, NEFT, IMPS transaction that will enable IPPB customers to transfer and receive money from any bank account.

Payments bank

Payments bank is new model of banking allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses to further enhance financial inclusion. It will be set up as differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, internet banking and other specified services but cannot undertake lending services. Payments bank can accept deposits maximum up to Rs 100,000 per account from individuals and small businesses. They can issue ATM/debit cards but not credit cards and can also issue other prepaid payment instruments. They also can distribute non-risk sharing simple financial products like mutual funds and insurance products.

Month: Categories: Banking Current Affairs 2018

Tags:

Advertisement

12345...102030...109