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September 2011
UNESCO honour for Tagore
The United Nations
Educational, Scientific and
Cultural Organization
(UNESCO) on September
13 launched a programme honouring
Rabindranath Tagore, Chilean poet
Pablo Neruda and French poet Aime
Cesaire for their work that “carried high
the standard of humanist values”.
Coming from varied geographic,
social and political backgrounds, Tagore,
Neruda and Cesaire still showed a commitment
to speaking for the voiceless,
the UN body said.
“By challenging relations based on
domination and submission – whether
they concern colonialism, fascism or
racism – their message attains a universal
dimension,” it said.
Launched in the wake of the
International Year for the
Rapprochement of Cultures of 2010,
the programme aims to promote translations,
publications and creations connected
to the three writers, facilitating
the dissemination and adaptation of
their message.
“By challenging relations based on
domination and submission – whether
they concern colonialism, fascism or
racism – their message attains a universal
dimension,” it said.
Launched in the wake of the
International Year for the
Rapprochement of Cultures of 2010,
the programme aims to promote translations,
publications and creations connected
to the three writers, facilitating
the dissemination and adaptation of
their message.
“By challenging relations based on
domination and submission – whether
they concern colonialism, fascism or
racism – their message attains a universal
dimension,” it said.
Launched in the wake of the
International Year for the
Rapprochement of Cultures of 2010,
the programme aims to promote translations,
publications and creations connected
to the three writers, facilitating
the dissemination and adaptation of
their message.
Continued on Page 2
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President, Vice President and
Prime Minister greet nation on Eid
Pesident of India Smt Pratibha
Devisingh Patil, Prime
Minister Dr. Manmohan Singh
and Vice-President Hamid Ansari greeted
the nation on the occasion of Eid-ul-
Fitr on August 30.
Wishing all ‘Eid Mubarak’, the
President said the festival “brings joy
and happiness on the culmination
of the month of Holy
Ramzan, a period of fasting,
prayer and charity.
“May this festival strengthen
mutual goodwill and inspire each one
of us to follow the path of love,
friendship and harmony,” she said.
Eid was celebrated across the country
on August 31.
“May this festival strengthen
mutual goodwill and inspire each one
of us to follow the path of love,
friendship and harmony,” she said.
Eid was celebrated across the country
on August 31.
“May this festival strengthen
mutual goodwill and inspire each one
of us to follow the path of love,
friendship and harmony,” she said.
Eid was celebrated across the country
on August 31.
Continued on Page 2
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RBI draft norms for new commercial banks unveiled
Broking houses and realty
firms are proposed to be
made ineligible for new
licences to operate commercial
banks in the norms drafted by
Reserve Bank of India (RBI), India’s
central bank. It wants aspirants to be
Indian entities with a sound track
record of 10 years.
“The aggregate non-resident
shareholding in the new bank shall
not exceed 49 percent for the first
five years, after which it will be as
per the extant policy,” say the draft
norms issued recently by the RBI
for comments.
“Entities in the private sector
owned and controlled by residents
with diversified ownership, sound
credentials and integrity and having
successful track record of at least 10
years will be eligible to promote
banks,” it says. Entities that earn 10
percent or more from realty, construction
or broking activities, either
individually or taken together in the
past three years, will not be eligible
for such licences, RBI has proposed.
RBI, which has called for comments
from all interested parties
before October 31, also says that certain
additional requirements may be
stipulated in case of companies that
earn 40 percent or more from nonfinancial
business. Finance Minister
Pranab Mukherjee had announced
last year in his Union Budget speech
that it was the government’s intent
to open up the banking sector further.
The RBI, on its part, had also
launched a discussion paper on the
subject.
Among the companies hoping to
apply for banking licences include
the Tatas, the Aditya Birla Group,
Anil Ambani-led Reliance Group,
Bajaj Financial Services and Shriram
Finance. RBI said final guidelines
would be issued and the process for
licences would be started after
receiving feedback on the draft as
also after certain vital amendments
to Banking Regulation Act, 1949.
Other highlights of the draft
include a minimum capital of
`5 billion. This apart, a wholly
owned non-operative holding company
also has to be set up to oversee
both the banking and other financial
companies within the promoter
group.
Continued on Page 2
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