Banking Ombudsman in a view

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Banking Ombudsman is a person who hears complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced underSection 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints. All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

A Person can make a complaint to the Banking Ombudsman for things such as,

• Inordinate delay in the payment or collection of cheques, drafts, bills etc.
• Non-payment or delay in payment of inward remittances.
• Non-adherence to prescribed working hours
• Complaints from NRIs having accounts in India in relation to their remittances from abroad, deposits and other bank-related matters
• Refusal to open deposit accounts without any valid reason for refusal
• Levying of charges without adequate prior notice to the customer
• Failure to provide or delay in providing a banking facility promised in writing by a bank or its direct selling agents.
• Forced closure of deposit accounts without due notice or without sufficient reason;
• Refusal to close or delay in closing the accounts.
• Refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank/Government.
• Delays in receipts of export proceeds, handling of export bills, collection of bills etc. for exporters provided the said complaints pertain to the Banks operations in India.
• Non-acceptance of application for loans without furnishing valid reasons to the applicant

It is possible to file a complaint with the Banking Ombudsman simply by writing on a plain paper. One can also file it online by sending an email to the Banking Ombudsman. Banking Ombudsman can order the Bank to compensate the actual money loss OR Rs.10 lakh (whichever is lower). In case of Credit card related cases, the Ombudsman can order the bank to pay additional fines (upto Rs.1 lakh) for the mental harassment caused to the customer.

The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.

If a person is not satisfied with the decision passed by the Banking Ombudsman, he/she can approach the appellate authority against the Banking Ombudsmen’s decision. Appellate Authority is vested with a Deputy Governor of the RBI.

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List Of Maharatna, Navratna And Miniratna CPSEs

Maharatna CPSEs

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The following are the criteria required to procure a Maharatna status for CPSEs.

• The company should possess Navratna status.
• Its should be listed on Indian stock exchange with minimum prescription of public shareholding under SEBI regulations.
• Average annual turnover of more than Rs. 25,000 crore, during the last 3 years.
• Average annual net worth of more than Rs. 15,000 crore, during the last 3 years.
• Average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.
• The entity should have significant global presence/international operations.

Seven CPSEs possess Maharatna status which are as follows

1. Bharat Heavy Electricals Limited
2. Coal India Limited
3. GAIL (India) Limited
4. Indian Oil Corporation Limited
5. NTPC Limited
6. Oil & Natural Gas Corporation Limited
7. Steel Authority of India Limited

Navratna CPSEs

The following are the criteria required to procure a Navaratna status for CPSEs.

• And a composite score of 60 or above out of possible 100 marks in the six selected performance parameters which are as follows
• At least three ‘Excellent’ or ‘Very Good’ Memorandum of Understanding (MoU) ratings during the last five years.
• The entity must have Miniratna Category – I status alongwith Schedule ‘A’ listing.

1. Net Profit to Net Worth 
2. Manpower cost to cost of production or services 
3. Gross margin as capital employed 
4. Gross profit as Turnover 
5. Earnings per Share 
6. Inter-Sectoral comparison based on Net profit to net worth.

Seventeen CPSEs possess Navratna status which are as follows

1. Bharat Electronics Limited
2. Bharat Petroleum Corporation Limited
3. Container Corporation of India Limited
4. Engineers India Limited
5. Hindustan Aeronautics Limited
6. Hindustan Petroleum Corporation Limited
7. Mahanagar Telephone Nigam Limited
8. National Aluminium Company Limited
9. National Buildings Construction Corporation Limited
10. NMDC Limited
11. Neyveli Lignite Corporation Limited
12. Oil India Limited
13. Power Finance Corporation Limited
14. Power Grid Corporation of India Limited
15. Rashtriya Ispat Nigam Limited
16. Rural Electrification Corporation Limited
17. Shipping Corporation of India Limited

Miniratna Category – I CPSEs

The following are the criteria required to procure a Miniratna category – I status for CPSEs.

The CPSEs that have made profits in the last three years in a row and should have net worth. The pre-tax profit should be Rs. 30 Crores or more in atleast one of the three years.

Fifty four CPSEs possess Miniratna Category – I status which are as follows

1. Airports Authority of India
2. Antrix Corporation Limited
3. Balmer Lawrie & Co. Limited
4. Bharat Coking Coal Limited
5. Bharat Dynamics Limited
6. BEML Limited
7. Bharat Sanchar Nigam Limited
8. Bridge & Roof Company (India) Limited
9. Central Warehousing Corporation
10. Central Coalfields Limited
11. Chennai Petroleum Corporation Limited
12. Cochin Shipyard Limited
13. Dredging Corporation of India Limited
14. Kamarajar Port Limited
15. Garden Reach Shipbuilders & Engineers Limited
16. Goa Shipyard Limited
17. Hindustan Copper Limited
18. HLL Lifecare Limited
19. Hindustan Newsprint Limited
20. Hindustan Paper Corporation Limited
21. Housing & Urban Development Corporation Limited
22. India Tourism Development Corporation Limited
23. Indian Rare Earths Limited
24. Indian Railway Catering & Tourism Corporation Limited
25. IRCON International Limited
26. KIOCL Limited
27. Mazagaon Dock Limited
28. Mahanadi Coalfields Limited
29. Manganese Ore (India) Limited
30. Mangalore Refinery & Petrochemical Limited
31. Mishra Dhatu Nigam Limited
32. MMTC Limited
33. MSTC Limited
34. National Fertilizers Limited
35. National Seeds Corporation Limited
36. NHPC Limited
37. Northern Coalfields Limited
38. North Eastern Electric Power Corporation Limited
39. Numaligarh Refinery Limited
40. ONGC Videsh Limited
41. Pawan Hans Helicopters Limited
42. Projects & Development India Limited
43. Railtel Corporation of India Limited
44. Rail Vikas Nigam Limited
45. Rashtriya Chemicals & Fertilizers Limited
46. RITES Limited
47. SJVN Limited
48. Security Printing and Minting Corporation of India Limited
49. South Eastern Coalfields Limited
50. State Trading Corporation of India Limited
51. Telecommunications Consultants India Limited
52. THDC India Limited
53. Western Coalfields Limited
54. WAPCOS Limited

Miniratna Category-II CPSEs

The following are the criteria required to procure a Miniratna category – II status for CPSEs.

The CPSEs that have made profits in the last three years in a row and should have net worth. 

Eighteen CPSEs possess Miniratna Category – II status which are as follows

1. Bharat Pumps & Compressors Limited
2. Broadcast Engineering Consultants (I) Limited
3. Central Mine Planning & Design Institute Limited
4. Central Railside Warehouse Company Limited
5. Ed.CIL (India) Limited
6. Engineering Projects (India) Limited
7. FCI Aravali Gypsum & Minerals India Limited
8. Ferro Scrap Nigam Limited
9. HMT (International) Limited
10. HSCC (India) Limited
11. India Trade Promotion Organisation
12. Indian Medicines & Pharmaceuticals Corporation Limited
13. M E C O N Limited
14. Mineral Exploration Corporation Limited
15. National Film Development Corporation Limited
16. National Small Industries Corporation Limited
17. P E C Limited
18. Rajasthan Electronics & Instruments Limited

Totally 7 Maharatna, 17 Navaratna and 72 Miniratna (54 -category – I & 18 – Category – II)CPSEs are present in India.

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14-APRIL-2015 CURRENT AFFAIRS

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>>New Zealand win Sultan Azlan Shah Hockey Tournament 2015

New Zealand beat Australia in the 24th Sultan Azlan-Shah-Tournament 3-1 in the Shoot-out stages at Malaysia. The two teams were locked at 2-2 at the end of full-time.

New Zealand was put ahead by Penalty-Corner-goal from Andy-Hayward, until 29 minutes before close when Australia equaled the scores. New Zealand won the cup for the second time; first was in 2012 when they beat Argentina.

>>NCTI inks MoU with Paytm to promote Indian MSMEs 

Mobile commerce platform Paytm on 13 March 2015 inked memorandum of understanding MoU with National Centre for Trade Information (NCTI) to promote Micro, Small & Medium Enterprises (MSMEs). As per MoU, Paytm will offer a virtual marketplace platform for NCTI members and will extend its services and enable them to sell online. In this regard, Paytm will set up payment gateways platform for online ticketing and membership fees for NCTI. This tie-up will play a pivotal role in the growth of MSMEs by providing them with value-added trade information generally for the trading community. It will also provide platform to NCTI members that will serve as an opportunity to trade online and scale faster. Note- National Centre for Trade Information (NCTI) provides value added trade information for the benefit of the international trading community, especially Indian MSME’s in the form of Electronic Trading Opportunities, Live Trade Leads.

>> US President nominates Indian-American businesswoman Shamina Singh to key post:

Indian-American businesswoman Shamina Singh has been nominated as the member of the Board of Directors of the Corporation for National and Community Service (CNCS). She was nominated to top most post by United States President Barack Obama for term of four year i.e. till October 2019. 
*About Shamina Singh
Prior to this, Shamina was global director for government services and solutions at MasterCard Centre for Inclusive Growth. Prior to joining MasterCard, she had led government and public affairs for sports brand Nike and had 5 five years with Citigroup’s Global Community Development Group. She also had held senior positions within the Bill Clinton Administration and the US House of Representatives. Singh also was a Deputy Director for America Votes in 2003. She also had served as a Senior Advisor to US House Democratic Leader Nancy Pelosi. In 2002, she was the Deputy Campaign Manager for the Ron Kirk for US Senate campaign. From 1999 to 2001, Singh was Executive Director for the President’s Advisory Commission on Asian Americans and Pacific Islanders and the White House Initiative on Asian Americans and Pacific Islanders.

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World Bank predicts India’s growth at 8% in 2017

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World Bank head quartered in Washington D.C. has predicted that India’s GDP (Gross Domestic Product) will grow to 8% in 2017. The growth is aided by investments to the country and also slump in oil prices.

According to the World Bank’s semi-annual report, it quoted that GDP of India will touch 7.5% in 2015-16and accelerate to 8% in the fiscal year 2016-17. The bank’s South Asia’s Focus Report has calculated that there will be increase region’s growth from 7% in 2015 to 7.6% in 2017 with factors of strong investment and increased consumption.The Bank said that Oil price slump has aided the South Asia greatly in reducing their fiscal deficit and lowering of domestic prices.

Jim Yong Kim has called for a 5 point plan to reduce carbon growth, by removing subsidies to fossil fuels like oil, gas and coal. He insisted on Carbon taxes, in-order to encourage cleaner energy technology.

He also quoted that the richest 20% consumed 6 times more fossil fuels through subsidies than the poorest 20% in low and middle-income countries.

Knowledge is Wealth

• South Korea has introduced Carbon taxes to make fossil fuel more expensive.
• South Asia is considered the fastest growing region in the world, even from last quarter of 2014 even.
• World bank and IMF (International monetory Fund) are based in Washington D.C. The head of World Bank is always an American.
• India is the leading country in Remittances (Transfer of money by a foreign worker to an individual in his/her home country). The remittances OF India amounted USD 70 Billion in 2014 through its global migrant work force.
• The World Bank’s Vice President for South Asia is Annette Dixon.
• The World Bank’s South Asia Chief Economist is Martin Rama.

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>>BHEL commissions 600-MW thermal unit in Chhattisgarh 

Bharat Heavy Electricals Ltd (BHEL) on 13 April 2015 commissioned 600 MW unit of a thermal power project for the Dainik Bhaskar Power Limited (DBPL) at Dhabra in Janjgir Champa district of Chhattisgarh. The commissioned unit is the second unit of DBPL’s 2 × 600 MW power project. The first 600 MW Unit was commissioned in 2014. BHEL is partner in the power development programme of the state of Chhattisgarh. With this commissioning of second unit, BHEL’s cumulative installed capacity has increased at 11,400MW in Chhattisgarh and accounts for 68 per cent share of the total installed capacity in the state. 
*About Bharat Heavy Electricals Limited (BHEL) 
BHEL is a power plant equipment manufacturer completely owned by Union Government. It is largest engineering and manufacturing company of its kind in India. Established: It was awarded a Maharatna Company status in 2013.

>>National Judicial Appointment Commission Act, 2014 comes into force 

Union Government has brought into force the National Judicial Appointments Commission (NJAC) Act, 2014 along with the 99th Constitutional Amendment Act, 2014. In this regard, notification to effect from 13 April 2015 was issued by the Union Law Ministry. With this new law the collegium system to appoint members to the higher judiciary has come to an end. Now President will appoint judges in the Supreme Court (SC) and 24 High Courts (HCs) in consultation with the NJAC. 
Facts about NJAC Act, 2014 
*Composition of NJAC 
a) As per Article 124A, NJAC is a 6 member constitutional body. 
b) Consisting of Chairman- Chief Justice of India (CJI). 
c) Members- Two senior most Judges of the Supreme Court, the Union Minister of Law and Justice and two eminent persons. 
d) Two eminent persons will be nominated by committee led by Prime Minister of India, the CJI, and the Leader of the Opposition in the House of the People. 
*As per 124B, functions of NJAC are 
a) Recommend persons for appointment as CJI, Judges of SC, Chief Justices and other Judges of High Courts. 
b) Recommend transfer of Chief Justices and other Judges HCs from one HC to another HC. 
*About Collegium system 
a) Previously, under the collegium system, five top judges of the Supreme court recommended transfer and elevation of judges to Supreme Court and High Courts. 
b) It came into existence in 1993 after a Supreme Court judgement. 

>> German Nobel laureate novelist Guenter Grass passes away 

German Nobel laureate novelist Guenter Grass passed away on 12 April 2015 in Berlin. He was 87. Grass is recognized for his efforts to revive German culture in the aftermath of World War II and also had given voice and support to democratic discourse in the post war Germany. 
*About Guenter 
Grass Guenter Grass was born on 16 October 1927 in Danzig-Langfuhr (now the Polish city of Gdansk) Apart from being novelist, he was poet, playwright, illustrator, graphic artist and sculptor. In 1944 at the age of 16, he had served in the Waffen-SS, the combat arm of former German dictator Adolf Hitler’s notorious paramilitary organization. Grass had made his literary reputation with “The Tin Drum” published in 1959. It was followed by “Cat and Mouse” and “Dog Years”. These novels were called the Danzig Trilogy named after his birth town. Awards and Honours- 
In 1999, he was awarded Nobel Prize for literature for his efforts to revive German literature after the Nazi era. Hermann Kesten Prize (1995). He was elected an Honorary Fellow of the Royal Society of Literature in 1993.

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>> Jitu Rai wins bronze at ISSF World Cup

Ace Indian shooter Jitu Rai on 12 April 2015 won a bronze medal in the 10m air pistol event at the International Shooting Sport Federation (ISSF) World Cup in Changwon, South Korea. Rai won the bronze medal after he scored 181.1 points in the final and had missed out for the gold medal shoot-out by 0.4 points. In 10m air pistol event, Jin Jongoh of South Korea won gold medal with a score of 206.0 in the gold medal shoot-out. Naung Ye Tun of Myanmar won silver medal with score of 201.0. 
Earlier, Apurvi Chandela had won bronze in the 10-metre air rifle event in the same tournament and became second Indian shooter after Jitu Rai to qualify for 2016 Rio Olympic Games. Jitu Rai after winning won silver in the 50m Free Pistol event in 2014 at the World Championships in Granada, Spain had qualified for the 2016 Olympics.

>> Asteroid 316201 named after Malala Yousafzai

An asteroid 316201 was named as ‘316201 Malala’ after the youngest Nobel laureate and girls’ education campaigner Malala Yousafzai. The asteroid was named after her by Amy Mainzer, astronomer at NASA’s Jet Propulsion Laboratory in California, United States under the International Astronomical Union rules. In 2010, Mr. Mainzer had discovered the asteroid which was known as 316201. 
As a discoverer of the asteroid he had owned the rights to name it. Asteroid 316201 Malala is located in the Main Belt between Mars and Jupiter. It orbits around the Sun every 5.5 years and is more-than 2 mile wide. 
*About Malala Yousafzai 
Malala was born on 12 July 1997 in Mingora city in Swat province of Pakistan. At the age of 11 she had caught international attention as female education activist after writing for the BBC about life under the Taliban in Pakistan under pseudonym Gul Makai. 
In 2012, Malala had survived an assassination attempt after she was shot in the head Taliban gunmen. Awards- In 2014, at the age of 17 she was awarded Nobel peace prize, becoming youngest Nobel Laureate in the history of Nobel award. 
She had shared this prize with Indian children’s rights activist Kailash Satyarthi She is also conferred with National Youth Peace Prize (2011), Mother Teresa Awards for Social Justice (2012), Simon de Beauvoir Prize (2013), Sakharov Prize for Freedom of Thought (2013), Anna Politkovskaya Award (2013) and many more. 
United Nations has declared November 10 as ‘Malala Day’ in her honor.

Yuki Bhambri wins $15,000 ITF Futures tournament title 

Yuki Bhambri on 11 April 2015 has won the 15,000 US Dollar ITF Futures tournament title. In the final he recorded a straight-set win over Dzmitry Zhyrmont of Belarus played at Karshi, Uzbekistan. 
Bhambri defeated his rival with Bhambri with 6-2 6-4 score. This win has pocketed 27 ranking points on Bhambri which will take him to a rank between 215 and 220. It was also Yuki’s 10th ITF Futures singles title.This win also has ensured Yuki’s entry into the French Open qualifying event which will be the Clay Court Grand Slam that will begin on the19 May 2015. 
About ITF Futures tournament title 
ITF Futures tournament title is a series of professional tennis tournaments held around the world. These tournaments are organized by the International Tennis Federation (ITF). This title represents the lowest rung of the men’s professional tennis ladder. These tournaments are incorporated into the ATP rankings which helps young professionals to progress on to the ATP Challenger Tour and then in ATP World Tour.

>> President Pranab Mukherjee inaugurates ‘Songs and Dances of the North East’ festival on April 11, 2015

President Pranab Mukherjee inaugurated first Songs and Dances of the North East, a cultural festival in New Delhi. The day long festival was organized by Government of Meghalaya and sponsored by the North Eastern Council (NEC). 

The purpose of festival is to showcase the culture of India’s northeast region and highlight the immense contribution made by the people of the region in nation building. 

This festival will be held by rotation in different parts of the country as part of the series of events planned by NEC and Union Ministry of Development of North-Eastern Region (DoNER). 

> All eight States of the northeast region will collaborate to host the festival in different parts of the country with an aim to attract investors and visitors to the region. 

>> Apurvi Chandela wins Bronze in ISSF Rifle and Pistol World Cup

Indian shooter Apurvi Chandela on 11 April 2015 won Bronze medal in the 10-metre air rifle event at the (International Shooting Sport Federation) ISSF Rifle and Pistol World Cup in Changwon, South Korea.  She won the bronze after she shot score of 185.6 in the qualifying fifth final round. In this world cup, Pejcic Snjezana of Croatia with score of 209.1 won gold medal and Ivana Maksimovic of Serbia with score of 207.7 won the silver medal. With this win, Apurvi Chandela has qualified for the 2016 Olympics, which will be held in Rio de Janeiro, Brazil.

She was placed at third position in the list of eight-strong competitors. 

Among these eight competitors six were qualified for the Olympics. 

It should be noted that Apurvi Chandela is the second Indian marksman after pistol shooter Jitu Rai to qualify for the Rio Olympics. 

Jitu Rai after winning won silver in the 50m Free Pistol event in 2014 at the World Championships in Granada, Spain had qualified for the 2016 Olympics.

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RBI plans to bar NBFCs from outsourcing core activities

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The Reserve Bank of India plans to bar non-banking finance companies from outsourcing core 
activities such as internal auditing of accounts or sanctioning of loans; and proposed to bring 
other outsourced activities within its regulatory ambit.

The regulator said that NBFCs are exposed to risks as they are used outsource various 
activities from processing loan application to supervision. It has prepared a framework to 
regulate them and their outsourcing jobs. 

"The outsourcing activities are to be brought within regulatory purview to protect the interest of 
the customers and to ensure that RBI has access to all books, records and information available with service provider,It said in the draft report. 
"Outsourcing involves several risks which need  to be managed," RBI said. 

This in step with the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC). 
It has circulated the draft rules seeking market feedback by May 8. 

The guidelines are applicable to all NBFCs including core investment companies and primary 
dealers. 

Outsourced financial services typically include applications processing for loan origination and 
credit card, document processing, marketing and research, supervision of loans, data 
processing and back office related activities. 

"Should an NBFC, in its own judgment, decide to outsource a financial services activity, 
necessary safeguards for addressing the risks inherent in such outsourcing should be put in 
place, RBI said. 

It has made NBFCs responsible for all the actions of their direct sales agents or recovery 
agents and the confidentiality of information pertaining to the customers that is available with the service provider. 

It told NBFCs to prepare a grievance redress mechanism for customers.

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Banking sector to see major changes in next few years, says RBI Governor

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Reserve Bank Governor Raghuram Rajan on 11/April/15 said banking sector will see major changes in the coming years with the entry of new players, including a postal bank possibly, while public sector lenders will be the biggest "change agents".

The banking sector is set to undergo great changes in the next few years. 
We are going to have a whole set of new institutions, payments banks, small finance banks, and we are going to possibly have postal bank. The existing institutions are going to change tremendously. 
Public sector banks are going to be a tremendous change agent .
The governor, who was addressing the students of National Institute of Bank Management on its 11th convocation, also said the change will be witnessed mostly in the social banking. 

"Most banks will do work with the social sector because that is where new business is to be
obtained."

Rajan also said that "between these banks there are so many different opportunities that are
going to arise, for example the derivatives markets are going to be much more vibrant".

"Information technology used by the banks, by the banking correspondents and the clients is
going to be made different from what it was in the past, adding "but there will be many opportunities outside of the derivatives and the IT sector.

Last December, RBI received 40 applications for payment banks and 31 applications for small
banks. Recently, India Post also applied for a payment bank licence.

On April 1 last year, RBI allowed IDFC and micro-lender Bandhan to enter the banking
business, and promised on-tap licences going forward.

Chief economic adviser Arvind Subramanian said on this occasion that the international
environment is relatively benign towards India.

"We are oil-importing country and oil prices are down. It gives us a lot of room. And also in a
deeper sense, I think if you look around the world, we are one of the few bright spots," he said.
Nothing that India is one of the few countries which export foreign direct investment, he said in
2012 the country exported more FDI as a share of GDP than China.

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12 April NICL AO Exam 2015 General Awareness Section – Exam Review

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The GA questions asked in the current NICL AO Exam 2015 were primarily from topics of current affairs of past five to six months – National and International happenings. Also, take into account that one may not narrow down topics in this section precisely. Hence, there are always some surprise aspects as the questions are created to test thoroughly your knowledge and in addition your awareness about the surroundings. If you have read newspapers daily, then today’s NICL Exam had not been a worry for you personally. The difficulty level of todays General Awareness section was Moderate to easy.

• Difficulty level: Moderate
• No. of Questions Asked: 40 
• Possible number of attempts: 26-29

NICL AO GK questions
1)  Santosh trophy 2015 winner: services
2)  Swiss open (badminton) venue:basel,switzerland
3)  National Deworming day: 10th feb
4)  UNIDO headquarters: vienna,austria
5)  Largest arms importer acc to SIPRI: India
6)  Mesabi iron ore found in: USA
7)  Coastal survey radar system installed by india in:      seychilles
8)  Capital of china: beijing
9)  Mauritius currency: mauritian rupee
10)MUDRA bank startup capital: 20000 crores
11)Forward market commission to be merged with: SEBI
12)Loan given to farmers: crop loan
13)Rongali bihu related to which state: assam
14)Hannover festival partner country
15)Hdfc life joint venture between hdfc and: standard life
16)Largest general insurance company:  New India Assurance Company Limited
17)Interest rate sukanya sambridhi a/c :9.1%
18)Banking ombudsman maximum disputed amount: 20 lakhs
19)who can approach a banking ombudsman: individual 
Few questions on different insurance concepts.

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>> India’s first IFSC becomes operational at GIFT City in Gujarat:

India’s first International Financial Services Centre (IFSC) became operational at Gujarat International Finance Tec (GIFT) City in Gandhinagar district of Gujarat. It became operational after Union Finance Minister Arun Jaitley unveiled the rules and regulations for this global financial hub. 
*Key facts of IFSC rules and regulations 
 > Aim at creating a vibrant IFSC on the lines of those in Dubai and Singapore. They also seek to check the flight of trading in rupee and Indian securities to such offshore financial hubs. 
 > These rules will allow companies incorporate outside India to raise money in foreign currencies by issuance and listing of their equity shares on stock exchanges within the IFSC. 
 > They will also allow individual and institutional investors from India and abroad, including NRIs to trade. 
 > Allows foreign and Indian stock exchanges to set up separate bourses within IFSC as subsidiaries. 
 > Relaxes capital and other requirements for some time in order to facilitate exchanges, clearing corporations and depositories to set shop in the IFSC. 
 > Allows alternative investment funds and mutual funds that have set up in the IFSC to invest in the securities listed there.

>> India to chair 9th International Renewable Energy Agency council meet:

India is going to chair the ninth International Renewable Energy Agency (IRENA) council meeting to be held in Abu Dhabi, United Arab Emirates (UAE). The 9th IRENA council is scheduled to start from 10 June 2015 and will be a two day event. In this meeting 21 member nations of IRENA council are going to take part. They will guide the agency’s future programmes and activities. 
*About International Renewable Energy Agency (IRENA)
IRENA is an intergovernmental organization to promote adoption and sustainable use of renewable energy. It is the global hub for renewable energy cooperation and information exchange within its member nations. 
Founded: in 2009 and its statute entered into force on 8 July 2010. 
Headquarters: Abu Dhabi. 
Two governing structure: IRENA Assembly which takes decisions at macro level and gives policy guidance. IRENA Council is main governing body and is responsible for implementing various decisions of assembly. 
Members: In total it has 140 Members. India is one of the 33 Permanent and founder members of IRENA.

>> National Safe Motherhood day:

Every year on 11 April, National Safe Motherhood day is being observed across India. Objective of the day 
 > To create awareness on proper healthcare and maternity facilities to pregnant and lactating women. 
 > It also seeks to create awareness about the institutional delivery, reducing anemia among women and better pre and post natal health care are necessary for mothers. 
 > It should be noted that safe motherhood also means to ensure that all women receive the care they need to be safe and healthy throughout pregnancy and childbirth. 
*Some facts about Maternal Mortality Rate (MMR) in India 
 > India has registered an overall 70 percent decline in MMR during period from 1990 to 2012 as compared to global decline of 45 percent. 
 > During 2011-13, the MMR has declined 167 per one lakh live births compared to 178 per one-lakh live births in 2010-12. 
 > The rate of decline in MMR is showing an increasing trend from annual rate of 6.2 percent in 2011-13 compared to 4.1 percent in 2001-03. 
 > Apart from MMR, the institutional delivery in India has risen sharply from 47 per cent in 2007-08 to over 75 per cent in 2013

>> NGT directs Real Estate Sector to check air pollution due to dust emanating from construction sites:

National Green Tribunal (NGT) has directed Real Estate Sector in the Delhi and National Capital Region (NCR) to check air pollution caused by dust emanating from construction sites. The ruling was given by NGT bench headed by Chairperson Justice Swatanter Kumar on 10 April 2015. 
NGT in its ruling 
 > Ordered to stop to all construction activity in the NCR immediately which do not follow rules stipulated in the 2010 guidelines of Ministry of Environment and Forest (MoEF). 
 > Directed developers to provide masks to every workers working on the construction site or engaged in loading and unloading of building materials. 
 > Directed every owner and builder to put tarpaulin sheets around area of construction so the material does not disperse through air. 
 > Trucks or vehicles carrying construction material and debris must be fully covered Banned builder and owner from throwing construction material particularly sand on the roads or inside colonies. 
 > Any developer if found violating these orders, shall be liable to pay a fine of 50 thousand rupees. In this regard, NGT has directed all concerned authorities to take appropriate measures in order to ensure follow and implement all these directions.

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