High-Level Committee Current Affairs - 2019
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The Reserve Bank of India (RBI) has constituted a high-level committee under the chairmanship of VG Kannan, Chief Executive of Indian Banks’ Association (IBA) to review the entire gamut of ATM charges and fees.
- Background: There are around 2 lakh ATMs in India. At end of April 2019, there were over 88.47 crore debit cards and 4.8 crore credit cards in function, and as per RBI data during April only 80.9 crore transactions were done through debit cards on ATM.
- Need: Over the years, uses of ATMs have grown significantly and there have been persistent demand of changing ATM charges and fees. Thus amid demands for reviewing the levies by bank, RBI constituted high-level committee.
- Constitution: The six member committee chaired by of VG Kannan, will consist of members namely- Dilip Asbe (CEO, National Payments Corporation of India (NPCI)), Giri Kumar Nair (CGM, State Bank of India (SBI), Sanjeev Patel (CEO, Tata Communications Payment Solutions (TCPSL)), S Sampath Kumar (Group Head, Liability Products, HDFC Bank), and K Srinivas (Director, Confederation of ATM Industry (CATMi)).
- It will examine existing patterns of costs, charges and interchange fees by banks for automated teller machines (ATMs) transactions.
- It will review overall patterns of usage of ATMs by cardholders and also assess impact (if any) on charges and interchange fees levied by banks.
- It will assess entire range of costs in respect of ATM ecosystem within the country.
- It will make recommendations on optimal charge or interchange fee structure and pattern.
- Timeframe: It will submit its report to RBI within two months from date of its first meeting.
Tags: CATMi • Confederation of ATM Industry • Debit Card • Digital India • High-Level Committee • Indian Bank’s Association • National Payments Corporation of India • RBI • Reserve Bank of India • State Bank of India • Tata Communications Payment Solutions • VG Kannan Committee
A High-Level Committee constituted by Centre has submitted its recommendations to Ministry of Petroleum and Natural Gas on bringing down India’s dependence on crude oil imports.
- Composition: The High-Level Committee constituted by the Centre consisted of Dr Anil Kakodkar, an eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues.
- Purpose: The Committee was constituted to examine issues such as-
- The preparation of action plan to create synergy among Research and Development (R&D) Centres of Oil and Gas Public Sector Undertakings (PSUs, like ONGC, IOC etc.), tax issues and ways by the Oil and Gas PSUs can benefit from GST.
- It looked into acquisition, merger and consolidation of Oil and Gas PSUs and Joint Ventures (JVs).
- It also explored the need and possibility of formation of a new entity that will deal with oil services and supply of qualified manpower to Oil and Gas sector around the world.
- Recommendations: In its report submitted to Ministry of Petroleum and Natural Gas it recommended short term, medium term and long term strategies to reduce import dependency of the nation.
- Significance: The Petroleum and Natural Gas Ministry will consider recommendations submitted by the Committee while formulating policies.