Current Affairs - 10th Feb 2014

License for white label ATMs

The Reserve Bank of India has issued the certificate of authorisation to four non-bank entities for opening and operating white label ATMs (WLAs) in India. The companies which have got the permission are Tata Communications Payment Solutions; Prizm Payment Services, Mumbai; Muthoot Finance , Kochi and Vakrangee Limited, Mumbai.

In June 2012, the RBI issued guidelines permitting non-bank entities to set up and operate WLAs in the country after taking the RBI’s authorisation under the Payment and Settlement Systems Act, 2007.

Before this, only banks were permitted to set up and operate ATMs in India. Till now,17 companies had sought the RBI nod for WLAs. WLAs serve customers from all banks and will be connected with the entire ATM network in the country.

New chairman of ICC, N.Srinivasan

The chairman of BCCI N.Srinivasan was elected as the new head of International Cricket Council(ICC). The decision was taken under a series of revolutionary changes and reforms made in the structure of ICC at its governing body’s meeting in Singapore, which effectively placed India (BCCI), England (ECB) and Australia (CA) in charge of the game.

Trial for plastic notes

Plastic notes in the denomination of Rs. 10 will be introduced on a trial basis in cities in the second half of 2014, which are–Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.

New chairman of ICSI, R Sridharan

R Sridharan was selected as the new President of the Institute of Company Secretaries of India (ICSI). Sridharan, a Chennai-based practicing company secretary, replaced S.N.Ananthasubramnian as ICSI President.

This is the first time in several years that an incumbent ICSI Vice-President has not become the President of ICSI. It is tradition for the Vice-President to become the President of the ICSI)

Merger of Thomas Cook co. with Sterling holiday resorts

Sterling holiday resorts (India) merged into vacation ownership company Thomas Cook (India) Ltd in a Rs 870-crore merger deal.

Post-merger, Sterling will be a 100% subsidiary of TCIL. It will continue, however, to retain its name, and be run independently by its Managing Director, Ramesh Ramanathan, and his team.

The transaction is expected to close by the fourth quarter of 2014, and the open offer price will be announced later. The merger with TCIL is expected to strengthen Sterling market position as there are multiple natural synergies which both companies will mutually benefit from.