RBI Has Cancelled Licence of 7 Co-Operative Banks Since Jan

The Reserve Bank of India (RBI) has once again cancelled the licence of a co-operative bank due to its deteriorating financial health. Since January, licences of Sumerpur Mercantile Urban Cooperative Bank Limited, Jai Prakash Narayan Nagari Sahakari Bank Ltd, Shree Mahalaxmi Mercantile Co-operative Bank Ltd, and Hiriyur Urban Co-operative Bank Ltd have also been revoked.

Other instances of RBI cancelling co-op bank licences

In June, the RBI cancelled the licences of Mumbai’s City Co-operative Bank and Purvanchal Co-operative Bank in Ghazipur, Uttar Pradesh, due to similar issues of inadequate capital and earning prospects. “Banaras Mercantile Co-operative Bank ceases to carry on banking business, with effect from the close of business on July 4, 2024,” announced the RBI in its official statement. Additionally, the Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has been asked to initiate the winding-up process and appoint a liquidator.

Reason behind cancelation of licence

The co-operative banks didn’t have enough capital and weren’t making enough money. They couldn’t guarantee paying back all depositors and allowing them to continue would harm public interest. Therefore, the RBI decided to revoke its licence to protect people’s money.

Banking Regulation Act, 1949

According to the banking regulator: The banks lacked adequate capital and earning prospects. They failed to comply with the provisions of the Banking Regulation Act, 1949. The banks’ continuance was detrimental to the interests of their depositors. With their current financial position, the banks would have been unable to pay their depositors in full. Allowing the banks to continue operations would adversely affect public interest.

About co-operative banking

Co-operative banking involves small financial institutions established by a group to meet the capital needs of their specific community. Owned and controlled by their members, these banks operate on the principle of cooperation. Members pool resources to provide banking services such as loans and savings accounts.

How does a co-operative bank work?

Membership: Individuals or businesses meeting specific criteria can become members by purchasing shares or making an initial deposit. Democratic governance: Each member has equal voting rights, regardless of the number of shares they hold. Members elect a board of directors from among themselves to oversee operations and make key decisions. Capital formation: Members contribute to the bank’s capital by purchasing shares or making deposits, which serve as the primary source of capital for the bank’s lending activities and other financial services.

Who oversees these banks?

In India, co-operative banks are registered under the States Co-operative Societies Act and regulated by the RBI under the Banking Regulations Act, 1949, and the Banking Laws (Co-operative Societies) Act, )i1955. They have been under the RBI’s oversight since 1966.

What are depositors of Banaras Mercantile co-operative bank entitled to?

According to the bank’s data, 99.98 per cent of depositors are entitled to receive the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). Upon liquidation, every depositor will be entitled to receive up to Rs 5 lakh from DICGC. As of April 30, DICGC has already paid Rs 4.25 crore of the total insured deposits based on the willingness received from the concerned depositors.
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LIC Launches Project ‘Jeevan Samarth’ to Meet Customers’ Evolving Needs

LIC on June 4, announced the launch of ‘Jeevan Samarth’, an initiative aimed at transforming the agency ecosystem. To achieve this, Life Insurance Corporation (LIC) has partnered with a global consulting firm, which will undertake this agency transformation project by reviewing its existing agency framework on an end-to-end basis.

Fast Changing Industry

It will entail revamping the agency operations at the branch, division and zonal level directed towards establishing global best practices in the wake of the fast-changing industry and regulatory landscape of the insurance sector, LIC said in a statement.

Aim of Jeevan Samarth

“Through the ‘Jeevan Samarth’ project, we aim to transform our agency ecosystem to align with the rapidly evolving needs of millions of Indian families and provide them suitable long-term savings, protection, health insurance, ULIP and pension solutions“.

Importance of enabling and empowering the agents

Highlighting the importance of enabling and empowering the agents, he said, this transformation exercise should result in giving more tools and additional skills, thereby making the bond between agents and LIC stronger. He also called upon the young men and women of the country to join hands with LIC by choosing life insurance marketing as a rewarding career and participating in shaping the future of the insurance industry.

 

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LIC Raises Stake in IDFC First Bank

State insurer Life Insurance Corporation of India (LIC) has expanded its stake in IDFC First Bank to 2.68%, purchasing the lender’s shares for ₹80.63 each. The overall acquisition cost is ₹1,500 Crore.

IDFC First Bank to 20.02 crore shares

LIC raised its stake in IDFC First Bank to 20.02 crore shares on a preferential basis from 1.42 crore shares. The public insurer’s investment in the bank stands at 2.68 per cent for a price of Rs.80.63 per share through the private placement offer, dated June 30, issued by IDFC First Bank. IDFC First Bank’s shares closed 0.40 per cent higher at 81.19 on July 3, compared with the previous day’s close of 80.87.

Private Sector Bank

According to the exchange filing, IDFC First Bank is a private-sector bank with a market value of 57,059.68 crore. The private bank disclosed its plans to raise 3,200 crore and issue 39.68 crore shares through a preference share allotment in an exchange filing on May 30. LIC’s current stakeholding makes them the largest shareholder in the private bank at 2.68 per cent, followed by HDFC Life Insurance at 1.31 per cent, and Aditya Birla Life Insurance at 1.06 per cent.

Aims of IDFC First Bank

IDFC First Bank aims to use the money raised to focus on high-asset-quality growth opportunities. “After our last capital raise of 3,000 crores, the RBI had raised the risk weights on consumer credit exposures in November 2023, which consumed around 1% of the Bank’s capital. IDFC First Bank posted a 9.75 per cent fall in net profit at 724.35 crore for the fourth quarter that ended March 31, as compared to 802.62 crore the same quarter the previous year.

RBI Has Cancelled Licence of 7 Co-Operative Banks Since Jan_4.1

How many Players are there in Football Team?

Football, one of the world’s most beloved sports, showcases a dynamic interplay of skill, strategy, and teamwork. Central to understanding this sport is knowing the composition of a football team. With 11 players on the field at any time, each fulfilling specific roles from goalkeeper to forwards, football teams strategize formations and tactics to achieve their goals. Delving into these fundamentals enriches the appreciation of football’s intricacies and excitement on the field.

How many Players are there in Football team?

A football team consists of 11 players on the field at a time. This includes one goalkeeper, positioned to defend the goal, and 10 outfield players divided into defenders, midfielders, and forwards. The teamwork and coordination among these players are essential for both defensive solidity and attacking prowess. Understanding the roles and positions within a football team is crucial for appreciating the strategic dynamics that unfold during matches.

Composition of Football Team

A football team consists of 11 players organized into specific positions:

  • Goalkeeper
  • Defenders
  • Midfielders
  • Forwards
  • Wingers

Goalkeeper

The goalkeeper is the last line of defense, positioned in front of the goal to prevent the opposing team from scoring. They are the only players allowed to use their hands to handle the ball but only within their own penalty area.

Defenders

Defenders primarily focus on protecting their own goal from opposition attacks. They can be categorized into:

  • Centre Backs (CB): Positioned centrally in front of the goal, typically two or three in number, known for their height and aerial ability.
  • Full Backs (LB, RB): Operate on either side of the centre backs. They provide defensive cover and often contribute to attacking play with overlapping runs.

Midfielders

Midfielders occupy the central area of the pitch, acting as a link between defense and attack. They include:

  • Central Midfielders (CM): Positioned centrally, these players may specialize as:
  • Central Defensive Midfielders (CDM): Focus on defensive duties, shielding the defense and breaking up opposition attacks.
  • Central Attacking Midfielders (CAM): Support the forwards in attack, providing creative passes and shooting opportunities.
  • Wingers (LW, RW): Positioned on the flanks, wingers are known for their speed and dribbling ability. They provide width to the team’s attack and deliver crosses into the box.

Forwards

Forwards are responsible for scoring goals and often play closest to the opponent’s goal:

  • Centre Forward (CF): Plays centrally, focusing on scoring goals and creating opportunities for teammates.
  • Left Forward (LF) and Right Forward (RF): Positioned on the left and right sides respectively, they combine the roles of wingers and strikers, aiming to unsettle the opposition defense.

Formation of Football Team

Teams can adopt various formations based on their tactical approach:

  • 4-4-2: Four defenders, four midfielders, and two forwards.
  • 4-3-3: Four defenders, three midfielders (including wingers), and three forwards.
  • 3-5-2: Three defenders, five midfielders (including wing-backs), and two forwards.

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Who is the Inventor of Aeroplane?

The invention of the aeroplane by the Wright brothers in 1903 marked a monumental leap in human achievement, forever altering the course of transportation and exploration. This article delves into the origins of flight, the pioneering efforts of Orville and Wilbur Wright, and the technological innovations that enabled the first successful powered flight.

Inventors of the Aeroplane

The Wright brothers, Orville and Wilbur Wright, are credited as the inventors of the aeroplane. On December 17, 1903, they achieved the first controlled, sustained flight near Kitty Hawk, North Carolina, with their aircraft, the Wright Flyer. Their pioneering work in aviation, fueled by meticulous research and engineering innovation, laid the foundation for modern air travel and forever changed the course of human transportation.

Early Inspiration and Development

Orville and Wilbur Wright were inspired by a toy helicopter given to them by their father, Bishop Milton Wright, when they were young. This sparked their lifelong fascination with flight. Supported by their mechanically adept mother, Susan K. Wright, who had a strong background in mathematics and science, the brothers pursued their dream despite the challenges of their time.

Pursuit of Knowledge and Business Ventures

As they grew older, the Wright brothers delved deeply into the study of flight, reading extensively and learning from previous experiments and failures. They were also entrepreneurs, initially entering the printing business and later opening a bicycle repair shop in Dayton, Ohio. Their shop soon evolved into a manufacturing hub for their own bicycles, providing them with the financial means to pursue their aviation ambitions.

Experimental Phases: From Gliders to Powered Flight

By 1900, the Wright Brothers had progressed to testing gliders, akin to kites, at Kitty Hawk. Over the next few years, they refined their designs through repeated tests, combining their engineering skills with practical insights gained from their experiments. Their efforts culminated in the development of the Wright Flyer, a powered aircraft equipped with a 12-horsepower engine.

First Flight of Wright Brothers

On December 17, 1903, Orville Wright successfully piloted the Wright Flyer in its first powered flight. Lasting just 12 seconds, the flight covered 120 feet (37 meters), marking the first controlled, sustained flight in history. This achievement was followed by three more flights that day, each demonstrating further advancements in their technology and skill.

Continued Contributions and Legacy of Inventors of Aeroplane

Following their historic flights, the Wright Brothers continued to innovate and refine their aircraft designs. They opened a flying school and actively promoted aviation, laying the groundwork for the rapid development of aviation technology in the years to come. Their dedication and pioneering spirit not only made them famous but also transformed the world by making air travel a reality.

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Largest Copper Producing Country in the World

Copper, a crucial metal for industries like electrical, construction, and transportation, is abundantly produced in Chile, the world’s largest copper producer. With its rich mining history and vast deposits, Chile supplies about one-third of the world’s copper. This article explores Chile’s significant role in copper production, its major mines, economic impact, and future prospects, highlighting the country’s essential contribution to the global copper industry.

Worldwide Copper Production

The total worldwide copper mine production was estimated at 22 million metric tonnes. Chile, as the largest producer, contributed significantly with 5.62 million metric tonnes, accounting for 23% of the global output. With vast reserves and major mines like Escondida, Chile continues to lead the copper industry despite recent production declines and forecasts a promising growth trajectory.

Largest Copper Producing Country in the World

Chile is the world’s largest copper producer, contributing 5.62 million metric tonnes, which is 23% of the global output. Home to major mines like Escondida, Chile holds around 200 million metric tonnes in reserves. Despite a slight production decline in 2021, the country remains a key player in the copper industry with a promising growth outlook.

Major Copper Mines in Chile

Chile is home to some of the largest and most productive copper mines in the world:

  • Escondida: The largest copper mine globally, located in the Atacama Desert.
  • Collahuasi: Another major mine contributing significantly to Chile’s copper output.
  • Chuquicamata: One of the oldest and largest open-pit mines in the world.

Economic Impact

The copper industry is a cornerstone of Chile’s economy:

  • Employment: It provides jobs for hundreds of thousands of Chileans.
  • Revenue: Copper exports account for a significant portion of Chile’s national revenue.
  • Development: The income from copper has financed infrastructure, education, and health projects across the country.

Future Prospects

Chile’s copper industry is poised for future growth, driven by:

  • Technological Advancements: Innovations in mining technology improve efficiency and reduce environmental impact.
  • Global Demand: The increasing demand for copper in renewable energy and electric vehicles boosts Chile’s copper market.
  • Exploration and Expansion: Ongoing exploration efforts and the development of new mines ensure continued production.

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Which Indian City is Known as the “Boston of India”?

India is a land of diversity, known for its unique culture, traditions, and languages. It has 28 states and 8 Union Territories, with over 4000 cities, each having its own geographic area and unique identity. One such city that stands out is Ahmedabad, often referred to as the “Boston of India.”

Which Indian City is Known as the “Boston of India”?

Ahmedabad, a major city in the state of Gujarat, has earned the nickname “Boston of India” due to its thriving economy, effective administration, and rapid development. The city is particularly known for its textile industry, reminiscent of Manchester in Great Britain, which is why it is also called the “Manchester of India.” Like Boston in the USA, Ahmedabad boasts a rich cultural heritage.

An Overview of Ahmedabad

Ahmedabad is the largest city in Gujarat, located on the banks of the Sabarmati River. Before Gandhinagar became the capital of Gujarat, Ahmedabad held that title. The city was initially known as Ashaval and was later renamed after Sultan Ahmed Shah. The Sabarmati River divides the city into two parts: Eastern and Western Ahmedabad.

Economic and Cultural Significance

The city’s economy is significantly bolstered by its textile industry, which plays a major role in its development. Ahmedabad’s textile mills are among the largest in India, producing a variety of cotton fabrics. This industrial prowess, combined with its cultural richness, likens it to Boston, a city known for its educational institutions, economy, and cultural influence.

Historical Background

Ahmedabad has a rich history, with Sultan Ahmed Shah founding the city in 1411. The city’s strategic location along trade routes helped it grow into a major economic center. Over the centuries, it has witnessed significant historical events, including the freedom struggle led by Mahatma Gandhi, who established the Sabarmati Ashram here.

Modern Ahmedabad

Today, Ahmedabad is a bustling metropolis, blending historical charm with modern advancements. The city is home to several prestigious educational institutions, thriving industries, and cultural landmarks. Its vibrant lifestyle, coupled with a rich historical background, makes Ahmedabad a unique blend of the old and the new.

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Districts and Their Headquarters in Uttar Pradesh

Uttar Pradesh is a state in India known for its rich cultural heritage and large population. It is the fourth-largest state in India, covering 240,928 square kilometers. Each district in Uttar Pradesh has a headquarters that manages the administrative functions of the district. Usually, the headquarters share the same name as the district, but there are exceptions. This article will explore those districts whose headquarters have different names.

Total Districts in Uttar Pradesh

Uttar Pradesh is divided into 75 districts, which are grouped into 18 divisions. These divisions are further categorized into four administrative zones. The state also has 75 district councils, over 58,000 village councils, 200 municipal councils, 17 municipal corporations, 351 tehsils, 826 community development blocks, 915 towns, and over 100,000 villages.

Largest and Smallest Districts

  • Largest District: Lakhimpur Kheri, with an area of 7,680 square kilometers.
  • Smallest District: Hapur, with an area of 660 square kilometers.

Districts by Geographical Location

  • Easternmost District: Ballia
  • Northernmost District: Saharanpur
  • Southernmost District: Sonbhadra
  • Westernmost District: Shamli

Districts of Uttar Pradesh and Their Headquarters

Here is a list of districts in Uttar Pradesh whose headquarters have different names:

District Headquarters
Amethi Gauriganj
Sant Kabir Nagar Khalilabad
Kaushambi Manjhanpur
Ambedkar Nagar Akbarpur
Kushinagar Padrauna
Kanpur Dehat Akbarpur Mati
Siddharth Nagar Naugarh
Sonbhadra Robertsganj
Jalaun Orai
Farrukhabad Fatehgarh
Sambhal Bahjoi

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Veteran Actor Smriti Biswas Dies Aged 100

Veteran actor Smriti Biswas died on July 3 at the age of 100. The actor, best known for her work in Bengali, Hindi, and Marathi films, breathed her last at her house in Nashik due to age-related illness. Social media too is flooded with condolence posts for Smriti Biswas with many sharing pictures of the actor from her various films.

About Smriti Biswas

Biswas was born into a Christian family as Smritirekha Biswas, and worked in many Hindi, Marathi, and Bengali movies. She debuted in the film world as a child artist with Bengali movie Sandhya in 1930.

Starting Career

Biswas made her acting debut with the 1930 Bengali film Sandhya and appeared last in the 1960 movie Model Girl. The actor left showbiz after she married filmmaker SD Narang. After his death in 1986, the actor moved to Nashik. The actor is survived by her sons Satyajeet and Rajeev.

Her Contribution in Cinema

She worked in the films of Guru Dutt, V Shantaram, Mrinal Sen, Bimal Roy, BR Chopra, and Raj Kapoor. She also acted with Dev Anand, Kishore Kumar, Uttam Kumar, Balraj Sahni, and other notable artists in various films. Biswas retired from acting after marrying film director S.D Narang in 1960.

  • She last appeared in the Hindi film Modern Girl (1961), directed by R. Bhattacharya. After her husband’s death, she lived a life of poverty in Nashik. Biswas had two sons, Rajeev and Satyajeet.
  • She was part of movies like Nek Dil, Aparajita, Hamsafar, Hamdard, Chitgaon, and Baap Re Baap, among others.

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BPCL Partners with Indian Olympic Association as Principal Sponsor

Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and Fortune Global 500 Company, has proudly announced its role as the official Principal Partner of the Indian Olympic Association (IOA) for four years, spanning from the Paris Olympics in 2024 to the Los Angeles Olympics in 2028.

Supporting Indian Athletes’ Grit and Determination

BPCL’s partnership aims to honor and support the relentless spirit of Indian athletes, many of whom hail from underprivileged backgrounds across the country. This collaboration underscores BPCL’s commitment to nurturing sporting talent and fostering national unity through initiatives designed to inspire and uplift the Indian contingent heading to Paris and beyond.

Campaigns to Inspire and Galvanize Support

BPCL will launch a series of campaigns dedicated to bolstering support for Indian athletes participating in the Olympic Games. These initiatives seek to celebrate the athletes’ pursuit of excellence on the global stage and to cultivate new sporting icons for India.

Commitment to Sports Development and National Pride

The partnership reflects a shared vision between BPCL and the IOA to cultivate role models in sports and promote a sense of national pride. It highlights BPCL’s ongoing efforts to invest in sports development across the nation and to encourage the next generation of athletes aiming to shine at future Olympic Games.

Vision for Sustainability and Community Engagement

Beyond sports sponsorship, BPCL continues to integrate sustainable practices into its operations, aiming to become a Net Zero Energy Company by 2040. The company also engages in various community initiatives, focusing on education, skill development, and environmental conservation, aligning its corporate vision with broader societal goals.

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