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Extracts from The Hindu: June 23. 2017

Published on Friday, June 23, 2017

RBI expands Oversight Committee

  • The Reserve Bank of India (RBI) has expanded the size of its Oversight Committee — to five, by adding three more members. 
  • Oversight Committee was formed to advice banks on stressed assets resolution. 
  • The committee is headed by former Central Vigilance Commissioner, Pradeep Kumar. 

Cabinet defers decision on notifying RERA rules

  • For the second time, the Karnataka State Cabinet has deferred its decision to notify the final rules for the Real Estate (Regulation and Development) Act (popularly called RERA). 

NATGRID can soon access PAN, I-T records

  • The Centre has empowered the National Intelligence Grid (NATGRID), to access the Income Tax department’s records on individual taxpayers as well as PAN card holders. 
  • NATGRID and the I-T department could sign a pact soon to operationalise the data sharing arrangement. 
  • NATGRID is the integrated mechanism to keep track of security-related data. 

Indian anti hunger activist to be honoured by Queen Elizabeth II

  • Anti-hunger activist Ankit Kawatra is all set to receive the prestigious Queen’s Young Leaders Award with 60 others from all 53 Commonwealth countries. 
  • Ankit Kwatra has been committed to solving problems of hunger and malnutrition in India. 
  • Queen Elizabeth II will honour him on June 29. 

Tatas offer 51% in Mundra for Rs. 1

  • Tata Power, has offered to sell a majority 51% stake in its debt-laden 4,000 megawatt (MW) Mundra Ultra Mega Power Project (UMPP) for just Rs. 1. 
  • Mundra UMPP, operated by Tata Power subsidiary Coastal Gujarat Power Limited (CGPL), has run up accumulated losses of Rs. 6,457 crore against a paid-up equity of Rs. 6,083 crore. 

Vocab from the Article

Helm: a position of leadership
As used in the Article: Ousted Tata Sons chairman Cyrus Mistry had raised the Mundra UMPP issue, citing wrong business decisions taken when Ratan Tata was at the helm of the group as the main reason for the utility’s losses.

HTC Global acquires Ciber Inc.

  • U.S.-based HTC Global Services had acquired the U.S. and India operations of Ciber Inc. 
  • HTC Global Services is an IT(Information Technology) and ITES(Information Technology Enabled Services) services provider. 

Vocab from the Article

Hefty: Large and Heavy; done with vigour or force
As used in the Article: HTC Global CEO Madhava Reddy said the acquisition was made on June 8, for $93 million along with “some liabilities,” which he didn’t detail. The acquisition added a “hefty customer and employee base,” he said.

PSLV will lock heavy weight Cartosat-2 into orbit today

  • The Indian Space Research Organisation (ISRO) is all set for the launch of the Polar Satellite Launch Vehicle carrying the Cartosat-2 series satellite, along with 30 co-passenger satellites. 
  • The 31 satellites, together weighing 955 kg, will be lifted into a 505-km polar sun synchronous orbit.
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