SAIL appointed new CMD

Saraswati Prasad has been appointed as the new CMD of the Steel Authority of India. Saraswati Prasad has also taken over the additional charge of the post of managing director and chairman of SAIL on July 1, 2018. The appointment was made after the retirement of former CMD P.K. Singh.

1st meeting of Cauvery Water Management Board

The first meeting of the Cauvery Water Management Board will be held in New Delhi to resolve the dispute among southern states. The meeting of the 9-member board will be chaired by the Central Water Commission Chairman S Masood Hussain. The meeting will discuss the issues including water storage in Cauvery basin reservoirs with the judgement of the Supreme Court in this regard.

ICICI Bank gets new part-time chairman

ICICI Bank has appointed former bureaucrat Girish Chandra Chaturvedi as its non-executive part-time chairman. Chaturvedi is a 1977-batch IAS officer, who retired as the Oil Secretary in January 2013. The term of M K Sharma, the current chairman of ICICI Bank, ends on June 30.

S. Ramesh appointed as Chairman of CBIC

S Ramesh has been appointed as Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes. Ramesh, an officer of the Indian Revenue Service had mandated with the responsibility of implementing the Goods and Services Tax (GST). The CBIC, which works under the Finance Ministry, is headed by a Chairman and can has 6 members.

Sunil Mittal becomes honorary chairman of ICC

Sunil Bharti Mittal, Founder & Chairman of Bharti Enterprises, will step down as the Chairman of International Chamber of Commerce. He will now function as the Honorary Chairman of ICC commencing July 1, 2018. He will be succeeded by Paul Polman, CEO of Unilever, as ICC Chairman. Mittal was only the 3rd Indian to have been appointed the chairman of the ICC since it was constituted in 1919.

Northeast India’s first small bank opened

Northeast India’s first small bank, North East Small Finance bank (NESFB) started its services. Rashtriya Gramin Vikas Nidhi (North East) Microfinance Limited received the Small Finance Bank License from the Reserve Bank of India (RBI) on March 31, 2017. Tata Trust chairman Ratan Tata and Assam’s finance minister Himanta Biswa Sarma launched the first 28 branches of the bank.

Fed Reserve raises rates

15 : In raising its benchmark overnight lending rate a quarter of a percentage point to a range of 1.75% to 2%, the Fed Reserve of US marked a milestone in the U.S. central bank’s shift in monetary policy. After the rate-setting, Fed Chairman Jerome Powell said that the US economy is doing very well. The rate hike marks a shift in US policies used to battle the 2007-2009 financial crisis.

Saxena appointed acting UPSC chief

UPSC member Arvind Saxena has been appointed as the acting Chairman of the commission from June 20. Saxena, a 1978-batch Indian Postal Service officer, will take over the charge from incumbent Vinay Mittal who completes his term at the Union Public Service Commission (UPSC) on June 19. Saxena joined the UPSC in May, 2015 after he completed his stint in the Aviation Research Centre (ARC).

Press Council of India reconstituted

The government has reconstituted the Press Council of India for a three-year term. According to the Press Council Act, the council shall consist of a chairman and 28 other members. The Press Council of India is a statutory body with a mandate to act as a watchdog to oversee the conduct of the print media. It was reconstituted for 3 years in October 2014 and its term ended in October 2017.

MD Mallya appointed as independent director

ICICI Bank has appointed MD Mallya as an additional independent director on the board. Mallya in the past has served as the managing director & chairman of Bank of Baroda. Mallya’s tenure is for a period of 5 years, it is subjected to the approval of shareholders. Mallya was also engaged extensively with the government as Indian Banks’ Association chairman.