1. Sultan Abdullah was sworn in as new Malaysian King
Sultan Abdullah Ibni Sultan Ahmad Shah was sworn as the 16th King of Malaysia.
- He was elected after Sultan Muhammad V abdicated the throne earlier this month.
- Malaysia practices the system of a constitutional monarchy.
- According to its Constitution, the King, who represents the country at official events, is elected every five years from among the nine Sultans on a rotational basis.
2. UAE, Saudi central banks launch common digital currency called ‘Aber’
The central banks of the UAE and Saudi Arabia have launched a common digital currency called “Aber”.
- It will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.
- Through this digital currency, both the United Arab Emirates Central Bank and the Saudi Arabian Monetary Authority (SAMA) are studying the impact on the improvement and reduction of remittance costs and the assessments of risks.
3. DAC approved indigenous construction of 6 submarines worth Rs 40000 cr
The Defence Acquisitions Council, DAC chaired by Defence Minister Nirmala Sitharaman approved indigenous construction of six submarines worth 40 thousand crore rupees.
- It is the second project under the Ministry’s ambitious strategic partnership model aiming to boost the government’s Make in India’ program.
- The first project to get the government’s nod for implementation under the new model was the acquisition of 111 utility helicopters for the Navy at a cost of over 21 thousand crore rupees in August 2018.
- Defense Acquisitions Council has also approved the acquisition of about five thousand MILAN Anti Tank Guided Missiles for the Army.
4. LT Gen Rajeev Chopra takes over as DG NCC
Lt Gen Rajeev Chopra assumed the appointment of Director General of NCC (DGNCC).
- Commissioned in the Madras Regiment in December 1980, Lt Gen Chopra is an alumnus of the National Defence Academy, Khadakwasla and Indian Military Academy, Dehradun.
- He has been awarded Ati Vishisht Seva Medal for his distinguished service in January 2018.
5. Punit Goenka re-elected as new BARC India chairman
Punit Goenka, Managing director, and CEO, Zee Entertainment Enterprises Ltd re-elected the new chairman of TV viewership measurement company, BARC India.
- He was the founder of BARC India.
- It may be recalled that Punit was the founder Chairman of BARC India and played an instrumental role in setting up of the TV Viewership measurement company. Under his leadership, BARC India established a robust measurement system that has helped the industry grow with accurate data and actionable insights.
6. RBI lifted its curb on 3 banks under PCA framework
The Reserve Bank of India has decided to allow three public sector banks, Bank of India, Bank of Maharashtra and Oriental Bank of Commerce, to exit the PCA framework following capital infusion by the government and a decline in net non-performing asset (NPA) ratio.
- RBI, which conducted a review following a demand made by the government to lift the restrictions in order to boost credit growth. RBI said that few banks are not in breach of the PCA (Prompt Corrective Action) parameters as per their published results for the quarter ending December 2018, except for return on assets (RoA).
- However, though the RoA continues to be negative, the same is reflected in the capital adequacy indicator. The PCA framework is triggered when a bank breaches one of the three risk thresholds, and crossing 6% net NPAs is one of them.
7. Ajai Kumar is appointed as the interim CEO of Yes Bank
Ajai Kumar is appointed as the interim CEO of Yes Bank. He will hold the charge of MD & CEO till the new CEO Ravneet Gill connects the lender. Yes Bank said that the Reserve Bank of India had approved the interim appointment.
About Yes Bank:
- Founded: 2004
- Type: Banking, Financial Services
- Founder: Rana Kapoor, Ashok Kapur
- Headquarters: Mumbai, Maharashtra
- Non-Exe Chairman: Brahm Dutt
- MD & CEO: Rana Kapoor
- Yes Bank is India’s 4th largest private sector Bank
8. KMRL launched Data Innovation Challenge
With a view to improving the first and the last-mile connectivity to Kochi metro in the city, a competition titled “Data Innovation Challenge” was launched in Kochi, Kerala. The challenge seeks innovative solutions and visualizations on the connectivity network.
- The contest was launched by Kochi Metro Rail Ltd (KMRL) in collaboration with WRI India Ross Center for Sustainable Cities and Toyota Mobility Foundation, the challenge seeks solutions in two tracks.
- It is expected that the initiative would fuel the constant innovation that is being pursued by KMRL.
9. GST collections crisscrossed the Rs.1 lakh crore mark in January
The Ministry of Finance said that Goods and Services Tax (GST) collections crossed the Rs.1 lakh crore mark in January.
Goods and Services Tax (GST):
- GST is an indirect tax (or consumption tax) levied in India on the supply of goods and services
- It came into effect from July 1, 2017
- GST is divided into five tax slabs for collection of tax – 0%, 5%, 12%,18% and 28%
10. DIPP renamed as Department for Promotion of Industry and Internal Trade
The Department of Industrial Policy and Promotion has been renamed as the Department for Promotion of Industry and Internal Trade with a mandate to deal with matters related to start-ups, facilitating ease of doing business among others.
- The order has been approved by President Ram Nath Kovind.
- It functions under the Ministry of Commerce and Industry will look into matters related to promotion of internal trade, including retail trade, the welfare of traders and their employees, facilitating ease of doing business and start-ups.