Sanj

the business of banking in India. Banking is defined as accepting, for the purpo
se of lending
or investment, of deposits of money from the public, repayable on demand or othe
rwise and
withdrawable by cheque, draft, order or otherwise.
Secultural co-operative banks.
Banks which meet specific criteria are included in the second schedule of the RB
I Act, 1934.
These are carcentage of its demand and time liabilities as Cash Reserve Ratio (C
RR) with
RBI.y 14. resignation of Ashwani Kumar on June 27.
The Hindu journalist wins Prem Bhatia Award
Smita Gupta, Associate Editor with The Hindu, has been selected for the prestigi
ous Prem Bhatia Award
for political reporting. The Prem Bhatia Awards, instituted in the memory of one
of the most eminent
journalists of his era, have gone this year to two exceptional journalists for the
ir reporting on politics, and
environment and development issues, respectively. The award for excellence in en
vironmental and
development reporting has gone to Nitin Sethi, Associate Editor, Business Standa
rd, for his reporting on
key environmental and development topics. The awards will be presented at the 19
th Prem Bhatia
Memorial Lecture at the India International Centre on August 11.
International:
US jury punishes Cigarette Company with $23 billion award to smoker's family
A Florida jury awarded a staggering $23 billion in punitive damages to the widow
of a chain smoker who
died of lung cancer, socking it to RJ Reynolds, America's second largest cigaret
te maker and the tobacco
industry in general at a time of revulsion towards cigarette smokers. The latest
case centers on Cynthia
Robinson, of Pensacola, who sued RJ Reynolds in 2008 over the death of her husba
nd, Michael
Johnson, claiming the company conspired to conceal the health dangers and addict
ive nature of its
products. Johnson, a hotel shuttle-bus driver who died of lung cancer in 1996 at
36, smoked between one
and three packets a day for more than 20 years, starting at age thirteen.
Business & Economy:
FTIL sells 15 per cent stake in MCX
Financial Technologies (India) Ltd. (FTIL) has said that it entered into a share
purchase agreement (SPA)
to sell a 15 per cent stake in Multi Commodity Exchange (MCX) to Kotak Mahindra
Bank Ltd. (KMBL) for
a total consideration of Rs. 459 crore. The commodity markets regulator Forward
Markets Commission
(FMC) had ordered FTIL to divest its stake in FTIL from around 26 per cent to be
low 2 per cent.
India among biggest UK foreign investors
India has retained its position as a leading foreign investor into Britain, acco
rding to latest UK Trade and
Industry (UKTI) figures released. India ranks seventh in the top overseas source
s of investment with 74
projects during 2013-14 - a year with the highest number of projects since recor
ds began in the 1980s.
UKTI said the UK remains the most attractive destination in Europe for foreign b
usiness investment,
winning almost 1,800 new projects in the past year. The US led the rush to inves
t in Britain with 501
projects in the UK, followed by Japan (116), France (110), Germany (102), Canada
(89) and China (88).
Below India in the tally are Italy (70), Australia (69) and Ireland (55).