National Current Affairs

Banks Board Bureau recommends 22 GMs for elevation as executive directors at PSU banks

Banks Board Bureau (BBB) has recommended 22 general managers to be elevated as executive directors at the various public sector banks (PSBs). This is the first major exercise undertaken by reconstituted BBB, headed by newly appointed Chairman BP Sharma, former Secretary, Department of Personnel and Training.

These recommendations were based on interactions held by BBB with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19. Now, Appointments Committee of Cabinet (ACC) headed by Prime Minister will take the final decision in this regard.

Banks Board Bureau (BBB)

BBB is super authority (autonomous and self-governing body) of Central Government comprising eminent professionals and officials to improve governance of PSBs. It was announced by Union Government in August 2015 as part of seven point Indradhanush Mission to revamp PSBs. It was set up in February 2016 under chairmanship of former CAG Vinod Rai based on recommendations of RBI-appointed Nayak Committee. It is based in Mumbai, Maharashtra.

Mandate: Its broad agenda is to improve governance at state-owned lenders. Its mandate also involves advising government on top-level appointments in PSBs and assisting banks with capital-raising plans through innovative financial methods and instruments as well as strategies to deal with issues of stressed assets or bad loans.

Composition: BBB comprises of three ex-officio members (from government) and three expert members, two of which are from private sector in addition to Chairman.

Tags:

Assumption Island: Seychelles denies joint project with India to develop naval base

Seychelles President Danny Faure ahead of his state visit to India has said that India-Seychelles joint project to develop naval base at Assumption Island in his country will not move forward. He also mentioned that Seychelles will develop military facilities at the island on its own. This statement comes after growing political opposition in Seychelles to agreement that was signed with India in 2015 to develop a naval facility at Assumption Island which would have given India strategic advantage in Indian Ocean Region (IOR).

Background

India was keen on developing the Assumption Island as naval base due to key strategic location in the western periphery of Indian Ocean and to expand its footprint in the region where China has been trying to enhance its military presence. For this, India had signed 20 years agreement in 2015 during Prime Minister Narendra Modi’s visit to that Seychelles. It was meant to India’s first Naval Base project overseas and had acquired significance after China had acquired its first African naval base in Djibouti (near Horn of Africa) in November 2014. However, after opposition leaders in Seychelles came out openly against agreement with India, Seychelles President refused to place in Seychelles National Assembly (its parliament) since he didn’t have majority. Later in January 2018, India and Seychelles finalised an updated version of the original pact to accommodate lot of concerns of Seychelles side.

Assumption Island

Assumption Island is a small island situated southwest of Seychelles main and largest island of Mahe. It is situated very close to Mozambique Channel from where much Indian Ocean maritime routes pass. Its location lends it strategic importance for monitoring shipping in the Mozambique Channel.

Tags:

Advertisement

1...56789...203040...1,418