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.

Union Cabinet decides to grant ‘Minority’ status for the Jain community

The Union Cabinet decided to grant minority status to Jain community.

Objective: The status would help to give constitutional safeguards on Jains and make them eligible for welfare programmes of the minority affairs ministry. 

Thus, the Jains will be the 6th community to have minority status after Muslims, Christians, Sikhs, Buddhists and Parsis.

 What are the special rights enjoyed by Religious Minorities?
  • Under the Constitution, religious minorities enjoy special rights.
  • For instance, under Article 30, they can manage their own educational institutions without interference or opening them up for reservation for students from other communities.
  • They also become eligible for funds under the government’s minority welfare programmes.
  • In India, 15 % of all funds under various programmes targeted towards minorities.

Note: A national minority status allows Jains to enjoy fundamental rights under Article 25 and Articles 26 to propagate their religion and also freedom to manage their religious affairs.