· Indian banks profitability weaker than BRICS peers, to improve next fiscal: Moodys

Moody’s Investors Servicein its report stated that the profitability of Indian banks is “distinctively weak” compared to the other BRICS nations.
In India, the system-wide asset quality is weak due to stressed public sector banks, which dominate the sector.
Indian banks have a tangible common equity ratio of 8.7 percent at the end of 2017.
It is unprofitable and has a negative ROA due to high credit costs at dominant state-owned banks.

NATIONAL

· Establishment of Appellate Tribunal under Prohibition of Benami Property Act, 1988

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the appointment of Adjudicating Authority and establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act(PBPT), 1988.

Appointment of an Adjudicating Authority, along with the three additional Benches and to establish the Appellate Tribunal under the PBPT Act;

To provide the officers and employees to Adjudicating Authority, Benches of the Adjudicating Authority and Appellate Tribunal by diverting the existing posts at the same level/rank from the Income Tax Deptt./Central Board of Direct Taxes (CBDT);

· Cabinet approves setting up of Indian Institute of Skills in PPP modes

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the for setting up of Indian Institute of Skills(IISs) at different locations across the country in Public Private Partnership (PPP), which will be explored for promotion of IIS at select locations based on demand and available infrastructure.

The setting up of IISs shall augment the global competitiveness of key sectors of Indian economy by providing high quality skill training, applied research education and a direct and meaningful connection with industry.

It will provide opportunity to aspiring youth across the country to have access to highly skilled training, and enhance the scope of accountability through its linkage with industry and global competitiveness across sectors.

By leveraging advantages of private sector enterprise and public capital in terms of Government land, it would create new institutes of expertise, knowledge and competitiveness.

· PM awarded the 2018 Seoul Peace Prize

The Seoul Peace Prize Committee has decided to confer the 2018 Seoul Peace Prize on Prime Minister Shri Narendra Modi, in recognition of his dedication to improving international cooperation, raising global economic growth, accelerating the Human Development of the people of India by fostering economic growth in the world’s fastest growing large economy and furthering the development of democracy through anti-corruption and social integration efforts.

While awarding the 2018 Seoul Peace Prize, the Award Committee recognized Prime Minister Modi’s contributions to the growth of the Indian and global economies, crediting ‘Modinomics’ for reducing social and economic disparity between the rich and the poor.

The Committee also credited Prime Minister for his contribution towards regional and global peace through a proactive foreign policy with countries around the world under the ‘Modi Doctrine’ and the ‘Act East Policy.’

Prime Minister Modi is the fourteenth recipient of this award.

· Centre launched two schemes, IMPRESS and SPARC

The Centre, the Ministry of Human Resource Development, launched two schemes, Impactful Policy Research in Social Sciences (IMPRESS)and Scheme for Promotion of Academic and Research Collaboration (SPARC). The aim is to promote higher education research in India.
IMPRESS deals with social science research projectsand coordinated by the Indian Council of Social Science Research (ICSSR)
SPARC involves the foreign collaborationmainly in science research, coordinated by IIT Kharagpur.

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