Staff Selection Commission:
Staff Selection Commission (SSC) (Hindi: कर्मचारी चयन आयोग) is an Indian organization to recruit staff for various posts in the various Ministries and Departments of the Government of India and in Subordinate Offices.
more details: www.ssc.nic.in
The scheme was introduced with the following objectives:
• To resolve complaints relating to banking services and to facilitate the satisfaction or settlement of such complaints.
• Resolve disputes between a bank and its constituents as well as amongst banks, through the process of conciliation, mediation and arbitration.
All banks are covered by the scheme, including Regional Rural Banks and scheduled primary co-operative banks.
The scheme provides for Reserve Bank to appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as the banking ombudsmen to carry out the functions entrusted to them within the identified territorial limits. As on date, fifteen Banking Ombudsmen have been appointed, with their offices located mostly in state
capitals.
The Banking Ombudsman may award compensation not exceeding Rs 1 lakhs to the complainant only in the case of complaints relating to credit card operations for mental agony and harassment.
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest, 2002 (SARFAESI Act, 2002) was enacted to provide banks and financial institutions with a more effective framework to enforce the security structure underlying loans and advances given by them, and recover their dues expeditiously.
Banks and Financial Institutions can benefit from SARFAESI. The term ‘bank’ includes all banking companies, including co-operative banks. However, regional rural banks have been kept out.
‘Financial institution’ means:
• A public financial institution within the meaning of the Companies Act, 1956
• Any institution specified by the Central Government under the Recovery of Debts due to
Bank and Financial Institutions Act, 1993
• The International Finance Corporation, established under the International Finance
Corporation (Status, Immunitis and Privileges) Act, 1958
• Any other institution or non-banking financial company as defined in the Reserve Bank of
India Act, 1934, which the Central Government may specify as a financial institution for
the purposes of the Act.
The bank or financial institution which has lent money to a borrower is also called originator in the context of securitization.
The relationship with the bank gets defined by the nature of the product / service availed by the customer. Some of these are described below:
Bank as Debtor:
This is the normal relationship of a person who has an account with the bank. The moment he deposits money in the account, he becomes a creditor of the bank; the bank will be his debtor for the amount lying in his account.
Once the bank has the money, it can use the money the way it chooses. The depositor cannot direct the bank to use it in any specific manner. Similarly, the depositor cannot
ask for return of the same currency notes / coins that he deposited.
Bank as Creditor:
When a customer takes a loan from the bank, he becomes the borrower. The bank will be his creditor. The terms for the loan will be as incorporated in the loan agreement executed between the parties.
Various forms of creating the security.
Bank as Bailee:
When the customer deposits valuables or documents with the bank, the bank becomes a bailee of those items. The customer is the bailer. As provided in the Indian Contract Act, 1872, the bailer is responsible to the bailee for any losses that arise on account of the bailer’s negligence.
Bank as Agent:
When a customer deposits a cheque into his account, the bank will send it for clearing. The bank, in this role, is an agent of the customer. The customer is the principal. Similarly, the bank becomes an agent when the customer leaves various standing instructions for payments with the bank.
It is the duty of the agent to follow the instructions given by the principal. The relationship terminates either when the principal gives notice of such termination, or in the event of death, insolvency or lunacy of the principal.
Bank as Lessor:
When a customer opts for a safe deposit locker with a bank, he is effectively leasing the locker. He is a lessee, the bank is the lessor. The relationship lasts so long as the lessee keeps paying the prescribed charges. The lessor is responsible for ensuring minimum standards of security to ensure the safety of the items deposited in the locker. However, it will be liable for loss only if it is negligent in any manner. It can also insist on the procedures to be followed for using the locker.
Bank as Executor / Trustee:
Banks have their Executor and Trustee department, who can be appointed for handling the estate of the customer, after the customer’s death. The person, in his Will, would mention the bank as Executor of the Will. So long as the bank has accepted the prescribed charges from the customer, it cannot refuse to act as such. While performing this role, it has to act as a trustee of the customer’s affairs, and exercise reasonable diligence and care. Companies often appoint bankers as Trustees for their debenture-holders. In such situations, the bank has a role to protect the interest of the debenture-holders. This would normally take the form of ensuring that the security is created, payments are made as promised etc. The company may appoint different trustees for different series of debentures.
– Brazil First World Indigenous Games start.
– Carolina Marin Ace shuttler World No.1 ranking.
– Robert Mugabe won the 2015 Confucius Peace Prize given by China.
– Andhra Pradesh: Prime Minister Narendra Modi laid the foundation stone of Shri Venkateswara Mobile and Electronics-Manufacturing Hub.
– Jacques Kallis was appointed as the Head Coach of Kolkata Knight Rider.
– The deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw regarding directions on implementation of Gold Monetisation Scheme 2015 that were issued by RBI.
– China & Britain signed Strategic Investment Agreements for building three nuclear plants.
– Russia declared that it will permanently station a military unit in the Arctic by 2018.
– Alok Rawat first male member of the National Commission for Women (NCW) who was appointed.
– Ashwini Kumar the honorary member of the International Olympic Committee (IOC) in India died.
Ministry of Urban Development approved the first batch of state level Action Plans under Atal Mission for Rejuvenation and Urban Transformation (AMRUT). In this context, consider the following statements:
I. The State Annual Action Plans were cleared for 89 cities in the states of Andhra Pradesh, Gujarat and Rajasthan.
II. AMRUT aims at enabling water supply as per the norm and providing water supply and sewerage connections to all urban households.
President Robert Mugabe was awarded with the 2015 Confucius Peace Prize by China for supposedly injecting fresh energy into the global quest for harmony. The Prize is dubbed as Chinese equivalent of the Nobel Peace Prize.
Former Water Resources Secretary Alok Rawat was appointed as the first male member of the National Commission for Women (NCW). His appointment filled the fourth seat in the five-member body.
The World Indigenous Games are a multi-sport event involving indigenous athletes that will be first staged in 2015. The Games are governed by the Inter Tribal Council, a Brazilian indigenous peoples NGO that has staged Brazil’s national Indigenous Games since 1996. The first edition of the Games will be held in Palmas, Brazil, in 2015.
The Games are expected to be held intermittently thereafter, and will feature competitive sports and non-competitive demonstration events.
First World Indigenous Games started in Brazil on 23 October 2015 in the northern Brazilian city of Palmas. The game will end on 31 October 2015.The games are a multi-sport event involving indigenous athletes has around 2000 athletes participating from many indigenous ethnic groups and 30 countries like Ethiopia, Mongolia, Brazil, Australia, Russia, the Philippines, Ethiopia and New Zealand.
The participants on 22 October 2015 took part in a traditional fire lighting ceremony in Palmas’s central square and danced at the ceremony in traditional outfits.
Sports included in the games are archery, spear tossing, canoeing and a race through the forest. Besides, there will be non-competitive events showcasing the many different traditions of indigenous ethnic groups involved, such as a football-style game called xikunahity in which the ball is controlled only with the head. It is played in the Matto Gross region of Brazil.
IDFC Bank Limited, which started its operations on 1 October 2015, is an Indian Banking company with headquarters in Mumbai that forms a part of IDFC, an integrated infrastructure finance company. IDFC Bank was granted a universal banking license in July 2015 by the Reserve Bank of India (RBI). IDFC was incorporated on 30 January 1997. It founded a non-operative financial holding company (NOFHC) in 2014 to manage its five subsidiaries IDFC Bank, IDFC MF, IDFC Alternatives, IDFC IDF & IDFC Securities to conform with RBI guidelines.
