India's external debt declined 2.8 per cent to $514.4 billion at June-end over the previous quarter on account of a decrease in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits, the RBI said Friday.

At end-June 2018, the external debt was placed at $514.4 billion, recording a decrease of $14.9 billion over its level at end-March 2018.

As per the RBI, the decrease in the magnitude of external debt was primarily due to valuation gains resulting from the appreciation of the US dollar against the Indian rupee and major currencies.

The external debt to GDP ratio stood at 20.4 per cent at end-June 2018, a shade lower than its level of 20.5 per cent at end-March 2018. 

"Valuation gains due to the appreciation of the US dollar vis-a-vis the Indian rupee and major currencies (viz, Japanese yen, euro, SDR, and pound sterling) 

The Reserve Bank of India (RBI) has been acting tough against banks which do not follow the norms, especially against banks failing to report frauds. On Friday, the central bank announced that a penalty of Rs 5 crore has been imposed on Karur Vyasa Bank (KVB) for non compliance. This is the fourth bank that has been penalised in the month of September by the RBI.

In a statement issued on Friday, the RBI said that the penalty was slapped "for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts".

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the statement added.

RBI said that the KVB failed to adhere to the directions issued by RBI. "This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949", the statement added.

Earlier this month, RBI had imposed a penalty of Rs 1 crore each on Union Bank of India, Bank of Maharashtra and Bank of India for delay in detection and reporting of fraud in some accounts.

RBI's tough policy on delay in reporting frauds comes after the Punjab National Bank failed to detect and report the Rs 13000 Nirav Modi scam.

Between April 2014 and April 2018, the country’s 21 State-owned banks ended up writing off Rs 3,16,500 crore of loans even as they recovered Rs 44,900 crore written off on a cumulative basis — or less than one-seventh the write-off amount — according to RBI data.

The recovery takes place on the total cumulative write-off and not only on write-off for a specific period. To put this number in perspective, the amount of bad loans written off by public sector banks (PSBs) during the four-year period is well over twice the projected budgetary expenditure on health, education and social protection for 2018-19, at Rs 1.38 lakh crore. Further, from April 2014 to April 2018, the loans written off by the 21 PSBs were over 166 per cent of the amount in the 10 years till 2014.

Mumbai: The Reserve Bank of India (RBI) has barred Bandhan Bank from opening new branches without its approval and ordered the bank to freeze the salary of its chief executive Chandra Shekhar Ghosh over its failure to meet shareholding rules, Bandhan informed the stock exchanges on Friday.

“RBI has communicated to us that since the bank was not able to bring down the shareholding of Non Operative Financial Holding Company to 40% as required under the licensing condition, general permission to open new branches stands withdrawn and the bank can open branches with prior approval of RBI and the remuneration of the MD and CEO of the bank stands frozen at the existing level, till further notice,” the bank said in a notification to BSE.

According to RBI’s new bank licencing guidelines, the bank’s promoter, Bandhan Financial Holdings Ltd, has to reduce its stake from 82% to 40% within three years of commencing the business. The deadline for Bandhan Bank was on 23 August. Thereafter, banks are required to reduce their shareholding to 20% and 15% within 10 years and 12 years, respectively. The bank has assured that it was taking necessary steps to comply with the licence condition on shareholding.

CHENNAI: India's Yuvraj Wadhwani has clinched Asian Junior Squash Championship title after defeating Anas Ali Shah of Pakistan in the final of the boys' U-13 individual event.

Wadhwani thrashed his Pakistani counterpart 13-11, 11-5, 6-11, 12-10 in the final to become the second Indian to lift the prestigious trophy.

In 2014, it was Indian squash player Veer Chotrani, who had won the title in Iran.

In under-15 category, India's Arvav Sareen had to settle for the second podium finish after losing his summit clash 6-11, 9-11, 7-11 to Mohammad Hamza Khan of Pakistan.

Overall, Indian squash players managed to win a total of six medals in the tournament including one gold, one silver and four bronze.

The International Day of Older Persons is observed every year on October 1 to focus on issues that affect the aged, such as dementia and the abuse of old individuals.

This is also a day when we should sit back and remember all the contributions that have been made to society by old people.

It was on December 14, 1990, that the United Nations General Assembly voted to establish this date as the International Day of Older Persons. The next year, the day was observed as a holiday.

The International Day of Older Persons is similar to National Grandparents Day in the United States and Canada and also Respect for the Aged Day in Japan.

According to official figures released in 2016 by the ministry of statistics, the number of Indians over the age of 60 is at an all time high, comprising 8.6% of the country’s 121-crore population.

Keeping this in mind, we need to make sure that increased attention is given to the challenges faced by elderly people. It is also imperative that we make the world a more inclusive place so that they can participate more freely in it and be an active part of our

he 'Conference on Academic Leadership on Education for Resurgence' has been inaugurated today, on September 29 by Prime Minister Narendra Modi at the Vigyan Bhawan in Delhi.

The conference is attended by vice-chancellors and directors of over 350 higher education institutions.

The 'Conference on Academic Leadership on Education for Resurgence' has been organised by are the Indira Gandhi National Open University (IGNOU) and the Research for Resurgence Foundation - a sister-concern of the RSS-affiliated Bharatiya Shikshan Mandal.

Theme of the conference:
"The theme of the conference is to deliberate on the challenges facing the Indian education system and to work out a plan for a paradigm shift both in terms of achieving academic outcomes and also in the regulation of education," said a statement released by the Ministry of Human Resource Development.

"This conference is in continuation of the efforts being made by the ministry for evolving an action plan for transformation of the higher education sector. The first among this was held in Delhi during vice-chancellors' conference from July 26 to 28," as reported in an IANS report.

Senior diplomat Vikram Misri has been appointed as India’s next ambassador to China, the Ministry of External Affairs (MEA) announced Friday. He will replace Gautam Bambawale. Misri, a 1989-batch India Foreign Service (IFS) officer, is presently serving as Indian envoy in Myanmar.

“He is expected to take up the assignment shortly,” the ministry said.

His appointment comes at a time when India and China are trying to deepen their cooperation in various areas, leaving behind last year’s Dokalam standoff which was the most serious military face-off in decades.

Misri has served in various capacities at the headquarters of the MEA here as well as in the Prime Minister’s Office. He has also served in various Indian Missions in Europe, Africa, Asia and North America. Misri had taken charge as India’s Ambassador to Myanmar on August 31, 2016.

He was born on November 7, 1964 in Srinagar. He did his schooling from the Scindia School in Gwalior and earned a Bachelor’s degree in History from the Hindu College, University of Delhi. Misri is also an MBA from XLRI, Jamshedpur.

Rohit Sharma, India's stand-in captain was in top form right through the tournament and he started the chase confidently even as he lost two partners within quick succession of each other. Rohit pierced the gaps for three boundaries and hit three sixes before falling to Rubel Hossain for 48.

Rohit's dismissal brought Dinesh Karthik and MS Dhoni together and even though the latter took his time early on in his innings, there was no pressure on the Indian camp. Gradually, the pair started opening up but Karthik was done in for 37 by Mahmudullah when he missed a full toss and the ball him in front of middle stump.

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The onus was then on Dhoni but he was still far from his best. However, with the asking rate well within control. But Bangladesh's hopes were raised when Kedar Jadhav walked in to bat and after playing a couple of breathtaking shots, began to cramp up. Dhoni, under pressure to get on with the scoring played a rash shot and fell to Mustafizur Rahman. Soon after, Jadhav had to retire hurt.

However, that turned out to be a blessing in disguise. Jadeja joined forces with Bhuvneshwar Kumar and brought India close to their target. The duo ran hard - Jadeja hit just one boundary while Bhuvneshwar hit one six and a boundary with 13 runs needed off the last three overs.

Jadeja fell to Hossain with only 11 needed off 16 balls - that brought Jadhav back to the crease. But this time, there was no limp and struggle. Jadhav kept his nerves and hung around till the last ball to see India through in a thriller.

Also read - 23-year-old Liton Das smashes historic hundred vs India

But as a Bangladesh fan, you could not fault your team for lack of effort. The bowlers, led by skipper Mashrafe Mortaza were heroic after Liton Das's maiden hundred guided them to 222.

Liton and Mehidy had added a record 120 for the opening wicket before Bangladesh lost their way with the bat. Even as India kept picking regular wickets thereafter, Das held his ground before falling for a 117-ball 121.

This was the second successive Asia Cup final where India took on Bangladesh . In 2016, India had decimated Bangladesh in the final (of the Asia Cup T20). Overall, this was India's seventh Asia Cup triumph.

Bangladesh, meanwhile, lost their second successive multi-nation tournament final to India. In March, Bangladesh had lost the Nidahas Trophy final when Karthik slammed an 8-ball 29 to give India a memorable victory.

He said, ancient Indian universities like Nalanda, Takshila and Vikramshila used to stress on innovations. Prime Minister said, education and knowledge cannot be gained only through books.
Prime Minister Modi called upon academics to not only impart education in classrooms of college and universities but connect their students with the aspirations of the country. Prime Minister said, higher education should equip students with high thinking, dignified behavior and capability to solve the problems being faced by the society. Mr Modi said, his government is paying special attention to investment in education.

He said, government has started Revitalisation of Infrastructure and Systems in Education (RISE) to improve infrastructure in education. Prime Minister said, his government has decided to raise budget for higher education in the country. He said, government has set up Higher Education Funding Agency (HEFA) which will financially help set up the institutions of higher learning.

Prime Minister Modi said, 60 universities or institutions of higher learning have been given graded autonomy to improve the standard of education in the country. Vice-Chancellors and Directors from more than 350 universities are participating in the day-long conference.