Govt invites applications for post of Sebi chairman in place of Ajay Tyagi, BFSI News, ET BFSI

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NEW DELHI: The finance ministry has invited applications to appoint the next chairman of the Securities and Exchange Board of India (Sebi) to succeed Ajay Tyagi, whose five-year term comes to an end in February.

Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as Sebi chairman on March 1, 2017, for a period of three years. Subsequently, he was given a six-month extension and later in August 2020, tenure was extended by 18 months.

In a public notice dated October 28, the ministry has invited applications from eligible candidates for the post of Sebi chairman for a maximum period of five years or till 65 years, whichever is earlier.

Applications of eligible candidates in prescribed proforma along with certified copies of required documents may be forwarded, through a proper channel (wherever applicable) on or before December 6, 2021 a public notice issued by the Finance Ministry’s Economic Affairs Department said.

“Incomplete applications and applications received after the last date shall not be considered,” it said.

In the past, the government has given extension to U K Sinha for three years, making him the second longest-serving chief of Sebi after D R Mehta.

In the case of Tyagi, the government issued appointment notification twice. According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in Department of Economic Affairs, was appointed chairman of Sebi for a period not exceeding five years or till the age of 65 years or until further order, whichever is earlier.

Subsequently, another notification curtailed his appointment to an initial period of three years.

As per the procedure for the appointment of regulators, the candidates will be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.

The shortlisted candidates are interviewed by the panel comprising Economic Affairs Secretary and three external members having domain knowledge.

Based on interaction, FSRASC recommends name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval.



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NPCI curates financial literacy book for CBSE students, BFSI News, ET BFSI

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The National Payments Corporation of India (NPCI) and the Central Board of Secondary Education (CBSE) have collaborated to develop a financial literacy curriculum for Class VI students. The Financial Literacy Textbook is being released as part of a new elective ‘financial literacy’ course that will allow students to grasp basic financial concepts at an early stage of their education.

The textbook covers a wide range of topics related to financial awareness, including teamwork and basic financial principles, as well as Banking, Security, and Digital Payments such as UPI, Cards, Wallets, and more. It covers the history of banking, the change from coins to paper money, the different types of banks, and the primary operations and services that banks provide. The textbook also elucidates the significant role of RBI and GOI in providing an impetus to the Digital Payments movement.

This book covers everything a child might need to know later in life, from basic ideas like cash, banking, savings, and investments .

This book covers everything a child might need to know later in life, from basic ideas like cash, banking, savings, and investments to advanced concepts like IMPS, UPI, USSD, NACH, PoS, mPoS, QR Codes, and ATMs. The book elaborates on the role of UIDAI and the importance of Aadhaar, as well as the Aadhaar Enabled Payment System (AePS), in the context of digital payment options.

NPCI has also been working for course content development with CBSE for Standard 7 and 8.

Praveena Rai, COO, NPCI said, “We are excited to collaborate with CBSE to launch financial literacy curriculum for the students. We are confident that the financial literacy textbook will help tender minds absorb basic & advanced financial concepts with ease and will establish mindful financial conduct and sound decisions for the generations to come.”

Shri Manoj Ahuja, IAS, Chairman, CBSE said “As the new education policy emphasizes the need of nurturing a digital mindset among the students this book is the first step towards addressing the same. It focuses on the overall digital payment system which is new; this small module on financial literacy is going to educate our students on finance from an early age.”



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RBI approves appointment of Atanu Chakraborty as part-time chairman of HDFC Bank, BFSI News, ET BFSI

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New Delhi, Apr 23 () Private sector lender HDFC Bank on Friday said the Reserve Bank has approved appointment of former Economic Affairs Secretary Atanu Chakraborty as the part-time chairman of the bank. “The Reserve Bank of India (RBI) vide its communication dated April 22, 2021, has approved the appointment of Atanu Chakraborty as the part time chairman of the bank… for a period of three years with effect from May 5, 2021 or the date of his taking charge, whichever is later,” HDFC Bank said in a regulatory filing.

HDFC Bank said a meeting of the board of directors of the bank will be convened in due course inter‐alia to consider the appointment of Atanu Chakraborty as the part-time chairman and additional independent director of the bank.

Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020. Prior to that, he was Secretary of Department of Investment and Public Asset Management (DIPAM). Both departments come under the finance ministry.

Once he is appointed as chairperson, HDFC Bank will be the second private sector lender to have a former bureaucrat at the post. ICICI Bank is chaired by former Petroleum Secretary and Additional Secretary in the finance ministry G C Chaturvedi. SVK ANS ANS



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