When recently 27 public sector banks merged including the Punjab National Bank, nearly every individual was worried about his savings and even fixed deposits with the public sector banks. As per the announcement made by Sethurathnam Ravi, the amalgamation scheme listed the merger of various popular banks like Indian Bank merged with Allahabad Bank, Canara Bank merged with Syndicate Bank, Oriental Bank of Commerce and the United Bank of India merged with Punjab National Bank, and lastly, Andhra Bank and Corporation Bank merged with Union Bank. The announcement of the merger came with a huge impact on the 308732 employees of the banks, 37492 domestic branches, 45448 ATM centers, and Rs. 3179304 crore deposits.
However, the impact of the merger is not only limited to all these. It is much more than the figures and facts that are mentioned in the papers. As per the BSE Chairman, these mergers come with a huge impact on the fixed deposit holders, savings account holders, employees, shareholders, borrowers, and the public. The primary aim of these mergers was to create large banks that are more capable of solving financial issues. Also, the merger was introduced to eradicate any kind of disparity between the small banks and large banks, cost savings from compliances and network overlaps, creating large middle management for selecting eligible candidates for the post of CGM, GMs, and DGMs for HR Department, IT department, and Risk management and much more. Overall, the mergers would improve the efficiency of restructuring and decision-making on high-leading banks. Today, through this piece of information let’s talk about the impact of bank mergers as discussed by S Ravi BSE Chairman with some quick points, making it easy to understand.
As per the S Ravi BSE Former Chairman, the collaboration of the strong bank changes should be completely determined to imbue restored good faith among Public Sector Banks which will rely upon the initiative directing the cycle thinking about the mammoth difficulties of taking care of asset incorporation, data innovation stage reconciliation, administrative compliances, dealing with the requests of the Union, boosting the workers, client maintenance, creating specialty items, rebranding, and repositioning and the progression intending to proceed with the endeavors in the present financial slowdown, challenges in the credit development, and control on Non-performing Assets with the public authority giving the necessary catalyst every once in a while. Henceforth, it can be concluded that merging the banks is not a small task. It needs massive movement and understanding to make sure that everything is working seamlessly.
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Even hypocritical criticisms exchanged by superpowers can do good. Over the last century, history shows that they have.
On Martin Luther King Jr. Day, a day that should inspire reflection on the importance of universal human rights, billionaire investor and part-owner of the NBA’s Golden State Warriors Chamath Palihapitiya went viral with his own eyebrow-raising take on the subject. On his podcast, Palihapitiya leapt with both feet into a debate about corporate responses to human rights violations in countries where they do business, specifically about China, where human rights advocates have documented atrocities against Uyghurs, a minority ethnic group in the Xinjiang region. Palihapitiya said he did not care about the Uyghurs’ predicament — and that this sentiment was broadly shared by elites who were simply unwilling to be as bold as him and just say it. “Let’s be honest, nobody cares about what’s happening to the Uyghurs, OK?” he told his visibly surprised co-host, Jason Calacanis, on their podcast over the weekend. Palihapitiya proudly expressed his indifference at reports of rape and forced sterilization of Uyghur women. He dismissed Calacanis’s concern as moral “virtue signaling.” “You bring it up because you really care, and I think that’s nice that you care. The rest of us don’t care,” Palihapitiya said. “I’m telling you a very hard, ugly truth. Of all the things that I care about, it is below my line.” To defend his posture of uncaring, Palihapitiya turned his sights on Western countries’ own track record of human rights abuses, including wars of aggression and torture at domestic prisons. Concerns about foreign atrocities, like the furor over China and the Uyghurs, he said, have at times even served as a cover for military interventionist policies that have done even more harm. read more: https://theintercept.com/2022/01/18/uyghurs-china-chamath-palihapitiya-warriors/ The attacks add to a growing catalog of shame for spyware-maker NSO Group.Dozens of women journalists and human rights defenders in Bahrain and Jordan have had their phones hacked using NSO Group’s Pegasus spyware, according to a report by Front Line Defenders and Access Now.
The report adds to a growing public record of Pegasus misuse globally, including against dissidents, reporters, diplomats, and members of the clergy. It also threatens to increase pressure on the Israel-based NSO Group, which in November was placed on a U.S. trade blacklist. “When governments surveil women, they are working to destroy them,” wrote Marwa Fatafta, Middle East and North Africa policy manager at Access Now, in a statement accompanying the report. “Surveillance is an act of violence. It is about exerting power over every aspect of a woman’s life through intimidation, harassment, and character assassination. The NSO Group and its government clients are all responsible, and must be publicly exposed and disgraced.” NSO Group was placed on the trade blacklist after a consortium of journalists working with the French nonprofit Forbidden Stories reported multiple cases in which journalists and activists appear to have been targeted by foreign governments using the spyware. (NSO denied the allegations.) The same month, researchers from Amnesty International and the University of Toronto’s Citizen Lab said they found Pegasus on the phones of six Palestinian human rights activists. Last week, another Citizen Lab report found that dozens of Salvadoran human rights activists’ phones had been hacked using Pegasus. Read More: theintercept.com/2022/01/18/pegasus-spyware-nso-group-women-activists-journalists/ Two men have been taken into police custody in connection with the shooting death of rapper Young Dolph in Memphis, Tennessee, on Nov. 17.
Justin Johnson, 23, was captured on Tuesday afternoon, the U.S. Marshals Service said, nearly a week after law enforcement announced he was wanted by police in connection with a number of alleged charges, including first-degree murder, criminal attempted first-degree murder and property theft. A second suspect was indicted by a grand jury on Tuesday on first-degree murder charges in the shooting death of the Memphis rapper, said Shelby County District Attorney General Amy Weirich. Cornelius Smith, 32, was indicted on additional charges of attempted first-degree murder, convicted felon in possession of a firearm, employment of a firearm in the commission of a dangerous felony and property theft. He is being held without bond. Young Dolph’s brother, who was with the rapper when he was killed, is the victim in the attempted murder count. Smith was arrested on Dec. 9 in Southaven on an auto-theft warrant involving the white Mercedes Benz vehicle that was used in the killing of Young Dolph, the U.S. Marshals Service said. The vehicle was taken in a carjacking on Nov. 10 at a gas station and was found on Nov. 20 — three days after the murder — behind a home in Orange Mound, where a tipster said it was abandoned. Young Dolph, whose given name was Adolph Robert Thornton Jr., was shot and killed in Memphis on Nov. 17 while visiting Makeda’s Homemade Butter Cookies, a bakery in South Memphis that the rapper was known to frequent. He was 36. Over the past decade, the rapper rose to prominence in the indie hip-hop scene by releasing a series of mixtapes and founded his independent record label, Paper Route Empire, in 2010. Dolph was born in Chicago but grew up in Memphis and released his first studio album, “The King of Memphis,” in 2016. He was injured in a previous shooting in Los Angeles in September 2017. He had two children, son Tre and daughter Ari, with longtime partner Mia Jaye. Dolph was honored at a public memorial at the FedEx Forum in Memphis last month as fans and community members gathered to pay tribute to the slain rapper one month after his death. The rapper was remembered by friends, family, community leaders and aspiring artists, who recognized him as a family man, a trailblazing creative and a philanthropist who had a devotion to service and a deep connection with his community. S Ravi, former chairman of BSE and Founder of accountancy firm Ravi Rajan & Co, speaks about the pandemic, its impact on the market, and the way ahead for crypto markets and startups eyeing IPOs.
Sethurathnam Ravi, (S Ravi), was the chairman of Bombay Stock Exchange Limited (BSE) from November 2017 to February 2019. Now, he’s the Founder and Managing Partner of Ravi Rajan & Co., an advisory and accountancy firm, headquartered in New Delhi, India. A post-graduate in commerce, S Ravi also holds a Diploma in Information System Audit (DISA). He is an Associate Member of Association of Certified Fraud Examiners (CFE), USA, and also a registered Insolvency Resolution Professional. In his tenure spanning more than three decades, he has garnered extensive experience in the field of banking and finance, financial and management consulting, including mergers and acquisitions, valuations, rehabilitation and restructuring of companies and turnaround strategies, auditing of companies and banks among others. S Ravi talks about the pandemic and its impact on the market, and offers his view on crypto markets and upcoming IPOs. How has the pandemic impacted overall financial sectors? What was the difference between Wave I and II? S Ravi: The pandemic has certainly impacted the financial sector. Banks are witnessing request for restructuring, especially in the SME/ MSME sector. Sectors badly infected are aviation, tourism, manufacturing, hospitality, malls etc. Banks are doing long and deep restructuring. Insurance companies are flooded with claims. Fintech companies have done well during this pandemic. The sector was better prepared in the second wave, learning from their experiences. What systems and changes have been seen because of the pandemic?Work from home was the order of the day. Many companies down sized their establishment costs. Office space were surrendered or reduced. Secure data protocols were introduced. A mixed approach, wherein continuity of operations was the objective, was taken, keeping in mind COVID protocols. What has the impact of the pandemic been on the markets and economy? What shifts have you seen and how has it impacted the workings of the stock markets itself?The economy has been impacted and there has been a resultant fall in GDP. The cost of petrol has also impacted the economy. Certain sectors were badly impacted which is a cause of concern for Indian economy. Manufacturing suffered by 30 percent during the second wave. Job losses or salary cuts were witnessed across the industry. Stock markets were not impacted; retail investors flocked the stock market and showed unprecedented interest. What is your view on crypto markets? They seem volatile. How do you see them evolving and growing? Cryptocurrency has a good future, but it is risky due to lack of regulations. The present environment is not conducive to crypto trade as there are no regulations and investor awareness. What is your view on regulations and privacy for the crypto market? Regulations are important to develop the crypto market so that there is no misspelling and there is protection of small investors. At present, we are slow on framing regulations. The number of neo banking startups is growing. What is your view on how that segment will evolve and aid the overall financial landscape?Neo banking is a great concept as it brings in technology, efficiency, and reach. Neo banks can collaborate with large bank so that they can enable faster customer acquisition. Standalone neo banks will find it difficult to survive on their own. What is your view on how technology has aided the financial sector in these times? Technology has actually enabled business to continue without much disruption. It has enabled work from home and has reflected its importance. What is your advice to startups that will be launching their IPO this year?A lot of companies are planning their IPO. Startups will have to prove their mettle and catch the fancy of the market to be successful. Tech and companies with innovation will perform well in the proposed IPOs. David Bennett, 57, is doing well three days after the experimental seven-hour procedure in Baltimore, doctors say.
The transplant was considered the last hope of saving Mr Bennett's life, though it is not yet clear what his long-term chances of survival are. "It was either die or do this transplant," Mr Bennett explained a day before the surgery. "I know it's a shot in the dark, but it's my last choice," he said. Doctors at the University of Maryland Medical Center were granted a special dispensation by the US medical regulator to carry out the procedure, on the basis that Mr Bennett - who has terminal heart disease - would otherwise have died. He had been deemed ineligible for a human transplant, a decision that is often taken by doctors when the patient is in very poor health. The pig used in the transplant had been genetically modified to knock out several genes that would have led to the organ being rejected by Mr Bennett's body, the AFP news agency reports. For the medical team who carried out the transplant, it marks the culmination of years of research and could change lives around the world. Surgeon Bartley Griffith said the surgery would bring the world "one step closer to solving the organ shortage crisis". Currently 17 people die every day in the US waiting for a transplant, with more than 100,000 reportedly on the waiting list. Dr Christine Lau, chair of the Department of Surgery at the University of Maryland School of Medicine, was in the operating theatre during the surgery. "He's at more of a risk because we require more immunosuppression, slightly different than we would normally do in a human-to-human transplant. How well the patient does from now is, you know, it's never been done before so we really don't know," she told the BBC. "People die all the time on the waiting list, waiting for organs. If we could use genetically engineered pig organs they'd never have to wait, they could basically get an organ as they needed it. "Plus, we wouldn't have to fly all over the country at night-time to recover organs to put them into recipients," she added. The possibility of using animal organs for so-called xenotransplantation to meet the demand has long been considered, and using pig heart valves is already common. In October 2021, surgeons in New York announced that they had successfully transplanted a pig's kidney into a person. At the time, the operation was the most advanced experiment in the field so far. However, the recipient on that occasion was brain dead with no hope of recovery. A glimmer of hope alongside huge risks This watershed moment provides hope of a solution to the chronic shortage of donor human organs. But there is still a long way to go to determine whether giving people animal organs is the way forward. Pig hearts are anatomically similar to human hearts but, understandably, not identical. It's not ideal, compared to swapping in a human donor heart. But it is possible to plumb them in and get them working. The bigger issue is organ rejection. These pigs are bred to lack genes that can cause rejection. They are cloned with certain genes "knocked out" and reared until they reach an age where their organs are big enough to be harvested for transplantation. It is too soon to know how Mr Bennett will fare with his pig heart. His doctors were clear that the surgery was a gamble. The risks are huge, but so are the potential gains. reference: https://www.bbc.com/news/world-us-canada-59944889 NEW YORK, Jan 9 (Reuters) - Nineteen people were killed, including nine children, and dozens were injured when a fire started by a malfunctioning space heater spread smoke through a low-income building in The Bronx borough of New York City on Sunday, city officials said.
New York City Mayor Eric Adams, just over a week into the job, confirmed 19 people had died from the blaze that broke out around 11 a.m. in the imposing 19-floor Twin Parks North West building which provided affordable housing units and was home to a Gambian community. Earlier on Sunday, officials said 32 people had been hospitalized with life-threatening injuries and some 60 people were injured in total as smoke drifted through the building on a cold winter morning. "This is a horrific, horrific, painful moment for the city of New York," Adams told reporters. "The numbers are horrific." The fire itself started from a space heater in an apartment that spanned the second and third floors of the building, and only made it to the hall, officials said. But smoke still spread to every floor of the 120-unit building, likely because the door to the apartment was left open, the city's fire department commissioner Daniel Nigro told reporters at a news briefing. Register now for FREE unlimited access to Reuters.com NEW YORK, Jan 9 (Reuters) - Nineteen people were killed, including nine children, and dozens were injured when a fire started by a malfunctioning space heater spread smoke through a low-income building in The Bronx borough of New York City on Sunday, city officials said. New York City Mayor Eric Adams, just over a week into the job, confirmed 19 people had died from the blaze that broke out around 11 a.m. in the imposing 19-floor Twin Parks North West building which provided affordable housing units and was home to a Gambian community. Earlier on Sunday, officials said 32 people had been hospitalized with life-threatening injuries and some 60 people were injured in total as smoke drifted through the building on a cold winter morning. "This is a horrific, horrific, painful moment for the city of New York," Adams told reporters. "The numbers are horrific." The fire itself started from a space heater in an apartment that spanned the second and third floors of the building, and only made it to the hall, officials said. But smoke still spread to every floor of the 120-unit building, likely because the door to the apartment was left open, the city's fire department commissioner Daniel Nigro told reporters at a news briefing. "Members found victims on every floor in stairwells and were taking them out in cardiac and respiratory arrest," Nigro said. Fire marshals had determined through physical evidence and accounts from residents the fire started in a portable electric heater in the apartment's bedroom, Nigro said. He added the heat had been on in the apartment building and the portable heater had been supplementing that heating. The catastrophe was likely to stir questions on safety standards in low-income city housing. This was the second major deadly fire in a residential complex in the U.S. this week after twelve people, including eight children, were killed early on Wednesday when flames swept through a public housing apartment building in Philadelphia. U.S. Representative Ritchie Torres, a Democrat whose district includes the New York building, told MSNBC that affordable housing developments such as the Bronx one pose safety risks to residents. "When we allow our affordable housing developments to be plagued by decades of disinvestment, we are putting lives at risk," he said. Adams said many of the residents were from the small west African country of Gambia. The Gambian consulate in New York did not immediately respond to a request for information. TRAPPED BY SMOKE The building did not have external fire escapes, and residents were meant to evacuate through interior stairways, Nigro said. "I think some of them could not escape because of the volume of smoke," he said. Some 200 firefighters helped put out the blaze, and some ran out of oxygen in their tanks but pushed through anyway to rescue people from the building, Adams said. "I really want to thank them for putting their lives on the line to save lives," Adams said. A Reuters photographer at the scene on Sunday saw emergency responders performing CPR on at least eight people in front of the building. Firefighters with hose lines were working to push smoke out of the building, and one of them was seen breaking a window on an upper floor to release the fumes. A NYC emergency management official said everyone who needed housing would be registered and would be placed in hotels for an "extended period" until it was safe to return to the building. Inside a school acting as an emergency shelter, displaced residents sat at tables, dressed in thick coats and with a few belongings huddled around them. Many of the women wore hijabs and several people were on the phone, including one masked woman wrapped in a Red Cross blanket. A distraught Gambian woman exiting the shelter in heavy rain told Reuters her sister-in-law and her child were missing in the fire. OWNERSHIP The building is owned by a joint venture, Bronx Park Phase III Preservation LLC, made up of three firms: LIHC Investment Group, Belveron Partners and Camber Property Group. The building was constructed in 1972 as part of a state program to provide affordable housing, a spokesperson for the joint venture said. All 120 units are covered by subsidy programs, the spokesperson said. The fire alarm system appeared to work as designed and the heat was working, the spokesperson added. At the Angelo Patri Middle School makeshift shelter on Sunday evening, Frantz Sannon was rushing in to see his parents, who had been living on the fourth floor of the building for years. Sannon, 45, said his parents must have left their phones in the apartment because he was not able to reach them after learning about the fire. "I can't wait to get to speak to them right now," he said before entering the school. Sethurathnam Ravi (S Ravi) Former Chairman of BSE And His Achievements Ravi, famously known as S Ravi is a chartered accountant who is based in India. Additionally, he is also the managing partner as well as a promoter of Ravi Rajan & Co. Besides this, S Ravi is also known as the former chairman of BSE or Bombay Stock Exchange.
In terms of education, S Ravi has achieved both his Bachelor’s and master’s degrees in the field of commerce at Durgavati University that is situated in Madhya Pradesh. Thus, he is a well-qualified man of knowledge with extreme experience in the financial and management fields. Achievements When it comes to achievements, S Ravi has been known to serve the Tourism Finance Corporation of India as an Independent Director. By the year 2019, he became one of the board directors of SBI Payments Services Pvt. Ltd. But before joining BSE, he served on numerous boards of companies namely SBI-SG Global Securities, UTI Company Ltd, SMERA Ratings, BOI Merchant Bankers, and STCI Finance. Not only that, he affirmatively serves as a member of SEBI’s takeover panel along with the ICAI or Institute of Chartered Accountants of India. Consequently, in a nutshell, S Ravi was the BSE chairman from November 2017 to February 2019 affirmatively. Back then when he became the public interest director at the BSE, he positively replaced Dhirendra Swarup. He was made the BSE chairman on the statement that he has good knowledge and experience in obtaining numerous positions on several boards of the banks along with the asset management companies and the financial institution in the respective financial sector. As of now, he is currently working as the founder and the managing partner of Ravi Rajan and Company which is an advisory and accountancy firm whose headquarter is based in Delhi, India. This BSE chairman proudly holds his DISA or Diploma in Information System Audit. Furthermore, he is a talented and esteemed member of the association of CFE or Certified Fraud Examiners along with being a registered insolvency resolution professional. Likewise, as a BSE chairman, he has his share of contribution in the companies that are associated with financial and asset management in the field of finance. So, in his time as BSE chairman, S Ravi did everything in his power for the overall betterment. S Ravi’s tenure professionalism has spanned for over three decades which means that he has gained immense experience in the overall area of banking and finance, management and financial consulting, valuations, mergers and acquisitions, auditing of the correspondent companies and the banks among them, rehabilitation and restructuring of the companies following up with the turnaround strategies. Thus, S Ravi has acted often as a frequent speaker at the correspondence regular bodies namely RBI, SEBI, ICAI. In his opinion, Mr. Ravi firmly believes that the same rights should be given to women that are given to men and help in addressing issues related to this topic. Apart from this, he is very fond of sports and other burning issues such as education and globally climate-changing situations. A Katyusha rocket hit an Iraqi military base hosting U.S. forces near Baghdad’s international airport on Wednesday, Iraqi security and military sources said.
An Iraqi military statement said it found a rocket launcher with one rocket in al-Jihad district in western Baghdad near the airport. The sources said that nobody was hurt in the incident. U.S. officials have warned in recent weeks they expected an uptick in attacks against U.S. forces in Iraq and Syria, in part because of the second anniversary of the killing of top Iranian general Qassem Soleimani. While there were no immediate claims of responsibility for recent attacks, Iraqi militia groups aligned with Iran vowed to retaliate for killing Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis. Wednesday’s attack is the second one this week targeting the base near Baghdad’s international airport after an attack by two drones was foiled on Monday. read more: https://english.alarabiya.net/News/middle-east/2022/01/05/Rocket-attack-hits-near-base-hosting-US-forces-in-Baghdad-Sources Indian Prime Minister Narendra Modi has congratulated new Pakistan Prime Minister Shehbaz Sharif and expressed India’s desire for peace and stability in the region.
New Delhi had remained silent on the latest political crisis in Pakistan that led to Imran Khan losing power to the coalition of opposition parties led by Mr Sharif. “India desires peace and stability in a region free of terror, so that we can focus on our development challenges and ensure the well-being and prosperity of our people,” Mr Modi said on Twitter on Monday.Bilateral relations between the rival nuclear-power nations have remained tense for decades. They are at their lowest since 2019 after New Delhi unilaterally changed the constitutional status of the disputed region of Kashmir. Kashmir is ruled by India and Pakistan in parts, but claimed in its entirety by both. Mr Sharif, 70, and the younger brother of three-time former prime minister Nawaz Sharif, said his government wanted closer relations with India. “We want good ties with India but durable peace is not possible until the Kashmir dispute is resolved," Mr Sharif said on Monday soon after taking over as the prime minister. Mr Sharif called on Mr Modi to come forward to address the Kashmir issue so that Pakistan and India could concentrate on tackling poverty, unemployment, shortage of medicines and other problems. New Delhi maintains that it cannot engage with Islamabad unless it ceases to support “terrorist” groups in Kashmir, where a three decades-long armed rebellion against India has left tens of thousands of people dead. Islamabad denies the allegations of supporting militant groups. The two countries have fought three wars over Kashmir since gaining independence from Britain in 1947.The Asian neighbours were on the brink of another war in February 2019 when India launched “punitive” air strikes on “militant” assets inside Pakistan after a Kashmiri suicide bomber killed 40 paramilitary soldiers in an attack in the disputed Himalayan region. The attacks triggered a tit-for-tat response from Islamabad whose fighter jets downed an Indian Air Force plane and briefly captured its pilot. New Delhi proceeded with revoking the semi-autonomous status of the disputed region and bringing the contested territory under its direct control, a move Mr Khan’s government said was “illegal”. Mr Khan snapped all trade relations and downgraded diplomatic ties with New Delhi. But media reports in India said that New Delhi was looking at the regime change in Islamabad with a “cautious optimism” and hoped that the new government in Pakistan might offer a “diplomatic opening” for the rival nations to engage. “The Sharif family has always been an advocate of better ties with India," The Indian Express newspaper said on Tuesday. "There are some green shoots in the otherwise fractious India-Pakistan ties at present.” |
MichaelMichael is Professor of Political Science and Head of Department. His research is on public administration and administrative reform, core executives, the role of civil servants in a transformed state, Archives
May 2024
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