What is it? The minimum number of years a resident individual should have worked in banking and finance to apply for a bank license in India, per Reserve Bank’s proposed guidelines.
Why is it important? An example of the balance the banking regulator seeks to achieve in its new set of proposals to encourage more players in the banking sector. It also proposes to issue bank licences throughout the year instead of issuing them periodically. These changes are expected to increase the reach of formal banking.
Tell me more: Large business houses are still excluded from applying for bank licenses but can hold up to 10% in banks and a financial holding structure is optional if the promoters are individuals or standalone entities and do not have other group entities. RBI will accept comments on these guidelines till June 30.
Rs 1-100 crore
What is it? The penalty for wrongful depiction of India’s map, which may include jail term of up to seven years, according to the draft ‘Geospatial Information Regulation Bill 2016’.
Why is it important? This is likely to prevent repeat of instances where social networking sites showed Indian territories (Kashmir in China and Jammu in Pakistan) as part of neighbouring countries. The draft bill makes it mandatory to get permission from a government authority before acquiring, disseminating, publishing or distributing India’s geographical data. This means firms such as Google would need to apply for licenses to run Google Maps and Google Earth in the country.
Tell me more: The bill proposes the setting up of an enforcement authority to ensure compliance of these rules.
Rs 96.7 crore
What is it? BSE Ltd’s consolidated net profit for 2015-16, a drop of Rs 155.5 crore from the previous year.
Why is it important? The drop in profits could affect its valuation as it readies itself for an initial public offering by the end of 2016 to reportedly raise Rs 700-800 crore. It would be India’s first equity exchange to get listed.
Tell me more: The board of directors of BSE approved the public listing on Thursday.
What is it? The number of units of free electricity promised by the J Jayalalithaa-led AIADMK in its manifesto released on Thursday.
Why is it important? It would exempt 78 lakh consumers from paying electricity bills, and comes at a time when the state’s power generation and distribution arm is reeling under debts of Rs 80,000 crore. Its power deficit was predicted to be 4.5% in 2015-16. It’s just one of the several freebies AIADMK and its rivals have promised ahead of the state elections.
Tell me more: AIADMK’s other promises include: 50% subsidy on scooters for working women, free Wi-Fi at public places and a Rs 50-crore Amma venture capital fund for first generation entrepreneurs. DMK, the other major political party in Tamil Nadu, has offered freebies ranging from tablets and laptops with 3G/4G connections, smartphones, rice and lower milk prices.
What is it? The number of students who could potentially appear for the second phase of nationwide common test for undergraduate medical and dental courses to be held on July 24 – some of whom might have taken the test already in phase 1, per Supreme Court’s request.
Why is it important? If accepted, this would help those who appeared for the first phase of the test on May 1, which was converted from being the All India Pre-Medical/Pre-Dental Entrance Test (AIPMT) to an all-India common entrance exam on April 28. The students may not have prepared seriously for AIPMT as it offered them only 15% seats allotted under the all-India quota and may have been banking on state entrance exams.
Tell me more: The court reiterated that private medical colleges and its associations cannot conduct any entrance exams for medical courses while there is some uncertainty if states can do the same.