RBI Lifts Ban on M&M Finance for Outsourcing Recovery, Repossession Agents
The Reserve Bank of India (RBI) lifted the ban on Mahindra & Mahindra Finance for outsourcing recovery and repossession agents with immediate effect.
On September 22, 2022 the regulator barred Mahindra Finance from carrying out any recovery or repossession activity through outsourced agents, after reports that a woman was crushed to death in Jharkhand's Hazaribagh district, while she was trying to stop a loan recovery agent working on the company's behalf from seizing her father's tractor over loan dues.
Mahindra Finance said the ban was lifted after the company assured the RBI to strengthen recovery practices and outsourcing arrangements.
Sundararaman Ramamurthy Takes Charge as Managing Director, CEO of BSE
Sundararaman Ramamurthy assumed charge as Managing Director and Chief Executive Officer of leading stock exchange BSE.
Market regulator SEBI approved the appointment of Ramamurthy as its Managing Director & Chief Executive Officer.
The appointment came after BSE's erstwhile MD & CEO Ashishkumar Chauhan resigned from the bourse in July 2022 and moved to NSE.
Ramamurthy has previously served as the senior member of the National Stock Exchange (NSE) since its inception. However, after serving this role, he took up the position of MD and Chief Operating Officer at the Indian arm of Bank of America.
Aegon Life Insurance Launches iTerm Prime Insurance Plan
Aegon Life Insurance launched a new term plan named 'iTerm Prime Insurance plan' for the self-employed sector. The minimum sum assured is Rs. 25 lakh. It also offers a special discount of 10 per cent on the first-year premium.
The policy also offers special add-on features like critical illness cover and accidental death.
The minimum entry age is 18 years. The maximum age is 65 years for regular pay, and 50 years for limited pay.
Start-up Digantara Launches Second Satellite to Monitor Space Weather
Digantara, a space tech start-up from Bengaluru, successfully launched its second satellite Pushan-Alpha onboard SpaceX's Transporter 6 mission.
This is the latest in the line of string of satellite launches that have taken place in the Indian space tech ecosystem. In 2022, Pixxel launched its Anand satellite from another SpaceX rocket, and Dhruva Space launched their Thybolt satellites from an ISRO launch vehicle.
Digantara's satellite, named after the Hindu solar deity, will serve as a space weather test bed in sun-syncronous orbit (SSO). The European Space Agency (ESA) defines SSO, as a polar orbit (passing from north to south) where satellites travel over polar regions and are synchronous with the Sun.
Jal Ministry Organises First All India Annual State Ministers Conference
The Ministry of Jal Shakti organised the "1st All India Annual State Ministers Conference on Water'' with the theme "Water Vision@2047" in Bhopal, Madhya Pradesh on the January 5 and 6. The primary objective of this two-day Conference was to gather inputs for the vision India@2047 as the water sector will play a significant role in achieving the heights India strives to reach in the next coming years.
The Conference also deliberated on Prime Minister Narendra Modi's '5P' mantra with different water stakeholders of the States and also on improving engagement and partnership with the states.
Govt. Forms Panel to Merge Cantonment with GHMC
The Union defence ministry announced separation of civilian areas from the Secunderabad Cantonment and their merger with the Greater Hyderabad Municipal Corporation (GHMC), a long-pending demand of the Telangana government.
In a communication sent to the state government giving its approval for the excision of civil areas from the cantonment, the defence ministry said that a committee was being formed to work out the modalities for the same.
The committee will comprise joint secretary (finance), who will act as chairman of the committee, along with joint secretary (lands and works) of MoD, additional director general (Cantonments), director general defence estates (DGD), additional DG (land, works and environment), from the Army headquarters in Delhi, secretary of Municipal Administration and Urban Development (MAUD) from Telangana, director of Defence Estates (Southern Command, Pune, since SCB falls under this command) and president of the Cantonment Board as members.
Army to Have Satellite-based System to Monitor and Control Troop Movements in Remote Areas
The Indian Army, which has its elements deployed in multifarious and often difficult terrain, is developing satellite-based systems to track and monitor troop movements and facilities in remote areas.
Thousands of troops and scores of army convoys move each day for operational, logistic and administrative purposes across the length and breadth of the country, while many military facilities are located in areas where communication is a challenge. The systems, with embedded artificial intelligence, will assist in effective monitoring and quick decision-making during contingencies.
The project to develop the systems has been placed in the 8th edition of the Defence India Start-up Challenge (DISC) that was issued in December 2022. DISC is an initiative of the Ministry of Defence for supporting start-ups MSMEs and innovators to create prototypes and commercialise products and solutions in the area of national defence and security.
The World Day of War Orphans is observed on January 6 every year. The day aims to raise awareness about children who have been orphaned due to wars. The objective of the day ensures to voice out the predicament of war orphans and highlight the emotional, social, and physical challenges children face while growing up.
The World Day of War Orphans was initiated by the French organization, SOS Enfants en Detresses. UNICEF estimates that there are nearly 9,00,000 children in the Northeast, all of whom have been seriously affected by the war, either through a lack of education, food, shelter, or direct injury.
The theme for World Day of War Orphans 2023 was "Standing Up for War-Affected Children".
Dr. Tapan Saikia to Receive Assam Highest Civilian Award 'Assam Baibhav'
The Assam government announced that it will confer the highest state civilian award 'Assam Baibhav' on Mumbai-based medical practitioner Dr. Tapan Saikia for his contribution towards cancer treatment. As per Chief Minister Himanta Biswa Sarma, Saikia is one of the patrons of Deepshikha Foundation and has rendered immense contribution towards generating awareness and early detection of cancer in Assam and north-east.
Sarma also announced the recipients' names for the second highest civilian award 'Assam Saurav' and 'Assam Gaurav'. All the awards will be given at a function around the middle of this year.
Krishna Roy for art and culture, Gilbert Sangma and Nayanmoni Saikia for sports, Dr Binoy Kumar Saikia for science and Dr Sashidhar Phukan for healthcare and public service will receive the 'Assam Saurav' award.
A total of 15 eminent personalities have been selected for conferring the 'Assam Gaurav' award this year.
MP Govt. Launched Chief Minister's Residential Land Rights Scheme
Chief Minister Shivraj Singh Chouhan launched the Madhya Pradesh Residential Land Rights scheme (Mukhyamantri Awasiya Bhu Adhikar Yojana) and distributed free leases of residential land to selected beneficiaries. The scheme aims to provide free plots to the poor living in rural areas for building their houses. The land is offered completely free of cost and along with the plot, the benefits of all other schemes will also be delivered.
Chief Minister Shivraj Singh Chouhan also gave land rights letters to the eligible beneficiaries of this scheme.
The plots worth about Rs. 129 crore were distributed to 10,918 families in the Tikamgarh district under the scheme.
Twelve Government Schools Renamed after Famous Personalities
In order to give due honour to freedom fighters, martyred soldiers and eminent writers and make next generations aware about these personalities, AAP government in Punjab renamed 12 government schools after famous personalities.
The name of Government Primary Smart School Dhaula was changed to Ram Saroop Ankhi Government Primary Smart School Dhaula in district Barnala.
Similarly, the name of the Government Primary Harijan Basti Kot Fatta, district Bathinda was renamed to Shaheed Kartar Singh Sarabha Government Primary School. Government Primary School, Udham Singh Nagar Bathinda was renamed as Shaheed Udham Singh Government Primary School, Government Middle School Pohlomajra, district Fatehgarh Sahib was renamed as Shaheed Malkeet Singh Government Middle School.
Article 19 & 21 Rights Can Be Enforced Against Private Individuals & Entities
In an important development, a Constitution Bench of the Supreme Court said that the fundamental rights enshrined in Articles 19 and 21 are enforceable even against persons other than the state or its instrumentalities.
"A fundamental right under Article 19/21 can be enforced even against persons other than the State or its instrumentalities", the majority judgment held.
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