Current Affairs India - 2 August 2016

1. The Reserve Bank of India has unveiled guidelines for -on-tap- licensing of new private banks, yesterday which is expected to create opportunity for different financial entities to float universal banks. Under the new guidelines, resident individuals and professionals with 10 years- experience in banking and finance are eligible to promote universal banks. Previously, only entities/groups in the private sector, entities in the public sector and non-banking financial companies (NBFCs) were eligible. Also large industrial houses are excluded as eligible entities, but can invest in the (universal) banks up to 10%.

2. Bank has signed a MoU with Apollo India Credit Opportunity Management LLC and AION Capital Management to set up an asset reconstruction company with the aim of streamlining the operations of borrowers, facilitate deleveraging and arrange additional funding on a case-by-case basis. The motive is to revitalize distressed assets and maximize their economic value.

3. Confectionery major Mondelez International has appointed Deepak Iyer as Managing Director of its India operation. Before that he was a CEO and MD of Bharti Axa General Insurance Company. He succeeds Chandramouli Venkatesan.

4. Translator and artist Anita Gopalan has been awarded with the 2016 PEN/Heim Translation Fund Grants for her English translation of Hindi novel Simsim by Geet Chaturvedi. With this, she has become the second Indian translator to be selected for the grant.