A contractor undertakes to bulid a wall in 50 days .he employs 50 people for the same . however after 25 days he finds that the work is only 40% complete.how much increase in efficiency is required from the work force to complete the work in time...?
ANSWERS 50%
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Guy!! one query.......
After the submission of the test, in the 'Test Summary' if there are 10 questions showing as 'marked for review; then............ these will include 'the attempted one marked for review' or the 'un-attempted one mark as review' or both the attempted one and un-attempted one which has been marked as review.
The performance of Indian contingent at the 2015 Special World Summer Games has been outstanding. A total of 173 medals, including 47 Gold, 54 Silver and 72 Bronze have been won by our athletes. In comparison India had won 156 medals (56 Gold, 48 Silver and 52 Bronze) in the last edition of the games held at Athens, Greece. The 2015 Special Olympic World Summer Games were held in Los Angeles, USA from 25th July to 02nd August, 2015. The games featured competitions in 25 disciplines. US first lady Michelle Obama joined the opening ceremony held on 25th July, 2015.
Dear Readers,
Current affairs is an important component of several competitive exams such as the UPSC Civil Services Examination, SSC-CGL, Bank PO & PSU entrance tests, etc. Therefore, understanding the terms/concepts/events that make news is critical for aspirants. We at PaGaLGuY bring you series of articles explaining some of these important concepts/events.
This is a two-part series on the revised Indian Financial Code.
The Financial Sector Legislative Reforms Commission (FSLRC) was set up in March 2011 to rewrite financial sector laws and bring them in harmony with current requirements. The focus was to revise the Indian Financial Code (IFC). The commission, headed by Justice B N Srikrishna, submitted its report to the government in March 2013.
What is the draft IFC?
It is a non-sectoral legislation, based on conceptual analysis of financial regulation in the country till date. The draft brings together laws governing several sectors of the financial system.
It aims to strengthen accountability and governance in the financial sector by restructuring existing regulatory agencies and creating new ones. The Code also regulates the constitution, objectives, powers and interdependency of the agencies.
Why the need for a new legislation?
Those who are in favour of the revised IFC argue that:
1. Inconsistencies: The current financial regulatory structure is rife with with gaps, overlaps and inconsistencies.
2. Old and irrelevant laws: Many of the financial sector laws are decades old, when the financial scene was completely different. The act that led to the RBI's formation is 80 years old and thus irrelevant in many aspects.
3. Absence of regulational clarity: Due to an excess in the number of financial regulators, jurisdictions overlap. As some sectors have fallen between the cracks, there is a complete absence of regulations.
Financial agencies and their boards
The following financial agencies would be established as per the revised Code to exercise powers as well as discharge functions. The management of the affairs and business of the financial agencies will be the responsibility of their respective boards.
(a) Financial Authority (Financial Authority Board)
(b) Reserve Bank of India (Reserve Bank Board)
(c) Financial Redress Agency (Redress Agency Board)
(d) Resolution Corporation (Corporation Board)
(e) Financial Stability and Development Council (Council Board)
(f) Public Debt Management Agency (Debt Agency Board)
Financial regulatory architecture
In regulators, the FSLRC emphasises on the need for independence as well as accountability. The financial regulatory architecture as proposed by the FSLRC comprises the following 7 agencies:
1. Reserve Bank of India (RBI): The central bank in its existing structure will continue, however, with a few modifications. Its proposed functions would include: Monetary policy, regulation and supervision of banks and regulation and supervision of payment systems.
2. Unified Financial Agency (UFA): Existing agencies like the Securities & Exchange Board of India (SEBI), Forward Markets Commission (FMC), Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) will be merged to form the Unified Financial Agency. It would undertake regulation of financial firms like mutual funds, insurance companies and others, which are not banks or payment providers.
3. Financial Sector Appellate Tribunal (FSAT): The current Securities Appellate Tribunal (SAT) will be included in FSAT. It would hear appeals against the RBI, the UFA and Financial Redressal Agency.
4. Resolution Corporation: Deposit Insurance and Credit Guarantee Corporation (DICGC) will be subsumed into the Resolution Corporation that will carry out resolution mechanism across the financial system.
5. Financial Stability and Development Council (FSDC): The existing FSDC will become a statutory agency that will have modified functions in the field of systemic risk and development.
6. Financial Redressal Agency (FRA): It is a new entity that will be created to act on consumer complaints against any financial firm.
7. Public Debt Management Agency (PDMA): It is also a new agency envisioned as an independent debt management office.
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Highlights of the draft IFC
The revised IFC, like any financial legal regulation, aims to curb market failures. The draft addresses 9 components:
Consumer protection: As it is more than mere issuance of warnings, the draft IFC ordains regulators to ensure holistic protection and establishes 9 basic rights for the consumer. While fair play would be mandated (prevention), grievance redressal (cure) would be achieved by the Financial Redress Agency, one of the proposed agencies. FSLRC deems that competition would give more power to the consumer and envisages a mechanism for better cooperation between regulators and the Competition Commission.
Micro-prudential regulation: Put simply, it is the task of constraining the behaviour of financial firms to reduce probability of failure. Regulators have 5 powers to achieve this goal: regulation of entry, regulation of risk-taking, regulation of loss absorption, regulation of governance and management, and supervision.
Resolution: In situations wherein micro-prudential regulation does not prevent failure, resolution mechanisms come into play. The draft Code envisages a 'resolution corporation' to deal with various financial firms like banks, insurance companies, etc. and intervene when the firm is nearing bankruptcy. The corporation will also collect a fee from the firms depending on the probability and consequences of failure.
Capital controls: While FSLRC has no view on the sequencing and timing of capital account convertibility, its focus is on establishing sound principles of public administration and law for capital controls. The FSLRC envisions the Finance Ministry making 'rules' to control inbound capital flows and the RBI making 'regulations' for outbound capital flows. All capital controls will be implemented by the RBI.
Systemic risk: It is about a collapse in functioning of the financial system that adversely affects the economy. The FSLRC thus envisages creation of Financial Stability and Development Council that would focus on minimising systemic risk by fostering stability and resilience in the financial system.
Development and redistribution: While initiatives for development of market infrastructure and processes would be the responsibility of regulators, redistribution and financial inclusion efforts would be the government's duty. All such initiatives should be subject to evaluation every 3 years.
Monetary Policy: The FSLRC's framework vests RBI with the independence while demanding accountability, in creation of the monetary policy. The Finance Ministry will set a quantifiable target that can be monitored while the RBI will have several powers to achieve the target. The RBI can utilise the powers based on decisions of the executive Monetary Policy Committee (MPC).
Public Debt Management Agency: The draft IFC proposes this agency (that unifies debt management functions of the RBI and Finance Ministry) for debt management that includes cash and contingent liabilities of the government.
Contracts, trading and market abuse: The FSLRC framework envisages a set of laws, rules and statutes for contracts and property rights, securities and financial markets. The framework also has provisions to curtail market abuse, which includes insider trading, abuse of information, dissemination of false/misleading information, conducting manipulative transactions, among others.
Controversial proposals of the draft IFC
Some of the Code's provisions have led to several debates in the country as they seem to be government's attempt to usurp the central bank's powers.
1. It proposes that the Monetary Policy Committee (MPC) would have 4 government representatives and only three from the RBI, including the 'RBI Chairperson'. The draft IFC mentions 'RBI Chairperson' and not 'RBI Governor'.
2. Further, the RBI governor will not have veto power to override interest rate decisions of the MPC.
3. Suggestions on the monetary policy framework was first given by the Urjit Patel Committee instituted by current RBI Governor, Raghuram Rajan. The Patel committee recommended more internal members on the MPC, with the two external members also being decided by RBI. However, the revised draft of the IFC has triggered conflict by suggesting more external members who are nominated by the government.
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@epicnamebro2012 Syriana !! have you seen it? dafuq was that movie? sounded all true, and then getting out to be drama thriller !!
Selected in NEW INDIA AO(second list) ...:) and BANK OF BARODA PO first list 😃
For those who have exam on 8th August onwards!
Union Cabinet approved the New Consumer Protection Bill, 2015 replacing the 29 years old Consumer Protection Bill, 1986 to stop unfair trade practices and provide safety to consumer goods and services in the country. This bill is prepared based on the model followed in U.S and European countries.
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guys ! how to fill RTI to
Hey puys & pirls, Selected as an AO in NIACL from waiting list..!!!
IDBI Executive interview call letters 😃
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Application Form Printout link activated 😃
2 questions regarding SSC-CGL, please help
1. SSC CGL Tier 1 and 2 similar to SBI-IBPS Prelims and Mains ? As in, only Tier 2 score and interview score matter and Tier 1 is just qualifying round or all 3 phases [ Tier 1,2 and Intrw] matter in final score?
2. Since its marking on paper,dont u think we lose out atleast 10 or more minutes compared to online exams,as marking a circle completely 200 times will take atleast 10 minutes? So lesser number of questions attempted.
EDIT : Dont u think this SSC-CGL process,from start of Tier 1 to getting appointment letter would take a full year ? As in ,IF we clear, we ll get our date of joining in say Sept-Oct 2016 or earlier/later ? I feel its too slow.
A, B, C, D, E and F live on different floors in the same building having six floors numbered one to
six (the ground floor is numbered l, the floor above it, number 2 and so on and the topmost floor is
numbered 6). A lives on an even numbered floor. There are two floors between the floors on which D and F live. F lives on a floor above D's floor. D does not live on floor number 2. B does not live on an odd numbered floor. C does not live on any of the floors below F's floor. E does not live on a floor immediately above or immediately below the floor on which B lives.
Topic :Syllogism ....
Does a restatement in conclusion follows or not ?????? i mean like if there is a statement and in the conclusion same is written then will it follow or not ? and if not then why not ??
4 men and 6 women get rs 1600 by doing a piece of work in 5 days. 3men and 7 women get get rs 1740 by doing the same work in 6 days. In how many days 7 men and 6 women can complete the work getting rs3760???