The Reserve Bank has asked banks to lay down a policy defining responsibilites and fixed tenure of the chief risk officer as it seeks to bring uniformity in risk management system of lenders.

As part of effective risk management, banks are required to have a system of separation of credit risk management function from the credit sanction process.

"However, it is observed that the banks follow diverse practices in this regard," an RBI notification said.

To bring uniformity in approach followed by banks, as also, to align the risk management system with the best practices, the RBI asked banks to lay down a board-approved policy clearly defining the role and responsibilities of the CRO.

Further, "appointment of the CRO shall be for a fixed tenure with the approval of the board of Directors of the banks".

The CRO could be transferred/removed before completion of the tenure only with the approval of the board and such premature transfer/removal have to be reported to the RBI.

Listed banks will have to report to the stock exchanges also.

Also, there "shall not be any 'dual hatting", meaning the CRO should not be given the responsibility of Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief of the internal audit function or any other function.

The CRO should have direct reporting lines to the MD and CEO/Risk Management Committee (RMC). The officer should not have any reporting relationship with the business verticals of the bank and should not be given any business targets, the RBI said.

"The CRO in his role as an adviser shall be an invitee to the credit sanction/approval committee without any voting rights in the proceedings of the committee," the notification added.

Prime Minister Narendra Modi on Friday held bilateral talks with Cyprus President Nicos Anastasiades and appreciated Cyprus's support for India's bid for the UN Security Council.

"I deeply appreciate Cyprus's support for India's bid for the UN Security Council," Modi said after holding bilateral talks with Anastasiades.

"We held detailed discussions on bilateral as well as regional and international issues of mutual interest," Modi said, adding, "We agreed there is urgent need for countries to act against those states that generate support, shelter factories of violence in our regions."

India and Cyprus inked four pacts, including one for air services after talks between the prime minister and Cyprus president.

Anastasiades, who is currently on a five-day visit to India, was given a ceremonial welcome at the forecourt of Rashtrapati Bhavan earlier in the day.

He also paid homage to Mahatma Gandhi whom he described as an 'inspiration' for Cyprus’ freedom struggle.

Finance Minister Arun Jaitley on Friday slammed the debate on “obsolete” ideas like paper ballot versus electronic voting machines and cash as opposed to digital payment, saying they are diversionary tactics.

Speaking at CII's annual meeting here, he said there is a need to take the debates on use of Unique Identity Number and electronic voting machines (EVMs) head on as the world has moved forward.

“We need to worry about the shrillness and the diversion in the nature of debate,” he said, referring to the call by opposition parties against use of EVMs for casting votes in elections.

The opposition attack got shriller after the results of assembly elections in five states, including Uttar Pradesh.

“In (my) budget speech I quoted (Mahatma) Gandhiji that a right cause never fails. And therefore there is going to be a debate on obsolete ideas that cash is better than digitisation, paper is better than EVMs, arbitrary selection of individuals is better than a unique identity,” he said.

These debates “are all diversions of going back to obsolete ideas”, he said.

Giving citizens a 12-digit unique identification number or Aadhaar, which can be verified biometrically, is one of the greatest reforms in India, he said.

“We must have broad shoulders to encounter this debate but we must eventually realise that as the world moves forward, it is the unique identity which will be one of the greatest reforms in India,” he said.

He said EVM with all its additionalities being preferred over paper ballot would mean “much better proposition and a digitised economy will be much better than a cash economy”.

“And therefore those who argue going back to the obsolete ideas, eventually is not a cause which is likely to ever succeed,” Jaitley added.

At a time of protectionist trends in the developed world, India can become the leading proponent of globalisation only if the country improves on its manufacturing, Finance Minister Arun Jaitley said on Friday.

"On whether we can lead the process of globalisation, if for three years in a row we can be among the fastest growing economies in the world…on services we are among the leaders," Jaitley said, while addressing the annual session of the Confederation of Indian Industry (CII).

"But the question is, can we improve our manufacturing?" he asked.

As a measure of the de-industrialisation of India in course for quite some time, the contribution of manufacturing has shrunk to around 15-16 per cent of GDP. Through various measures, the government is trying to increase this share to around 25 per cent.

The Finance Minister said that India has been a big beneficiary of globalisation in the way of foreign investment, especially at a time when private domestic investment has been sluggish.

As per official data, foreign direct investment (FDI) inflows into India in 2016, jumped 18 per cent to a record $46.4 billion, at a time when global FDI inflows fell.

Moreover, investments by foreign institutional investors (FIIs) into Indian equities and bonds in March hit highest in about 15 years. Overseas investors bought $8.84 billion worth of Indian shares and bonds during March, in the biggest monthly inflow since 2002.

In this connection, Jaitley also mentioned that the government would soon wind up the inter-ministerial Foreign Investment Promotion Board (FIPB) that approves investment proposals.

"We are in the final stages of doing away with the FIPB…90 per cent of FDI is anyway now allowed through the 'automatic route'," the minister added.

Communications technology solutions provider Huawei and Intel on April 27 signed a memorandum of understanding (MoU) to cooperate in high-performance computing (HPC) to provide competitive and innovative HPC products.

The two companies will develop HPC solutions based on Huawei servers and Cloud platforms which are powered by Intel Xeon processor, Intel Xeon Phi processors and omni-path architecture (OPA). 

"The kickstart of both parties' deep collaboration in HPC sets a new milestone in our collaboration history. Together we will enrich the HPC industry with more innovations and empower our customers with more compelling HPC solutions," said Qiu Long, President, IT Server Product Line, Huawei, in a statement. 

Huawei will also build HPC innovation centres in Shenzhen and Chengdu, China, as well as in Munich, Germany. 

The UK economy grew by just 0.3 per cent at the start of this year, the slowest growth rate since the first three months of 2016, according to official figures released on Friday.

The Office for National Statistics (ONS) said that the slower pace in the January-March period was mainly due to the service sector, which also grew by 0.3 per cent against 0.8 per cent at the end of 2016, the BBC reported.

In the last quarter of 2016, gross domestic product increased by 0.7 per cent.

Friday's figure is a first estimate and could be revised in the coming months.

Economists had been expecting GDP growth to slow as consumers tightened their belts in the face of rising inflation, but they had pencilled in a higher figure of 0.4 per cent.

The ONS said: "There were falls in several important consumer-focused industries, such as retail sales and accommodation; this was due in part to prices increasing more than spending."

For the first time ever in the history of TED, Bollywood superstar Shah Rukh Khan spoke at TED Talk in Canada.

“I’ve been made to understand there are lots of you here who have never seen my work, and I feel really sad for you,” said Shah Rukh in his speech. 

 “Humanity is a lot like me, it’s an ageing movie star, grappling with all the newness around it, wondering whether it got it right in the first place and still trying to find a way to keep on shining regardless,”SRK added. Referring to the night when he lost his father at the age of 14.

The actor became the first Bollywood actor to deliver TED talks to a large audience base.

Along with SRK, tennis player Serena Williams and Elon Musk also delivered the speech on stage as motivational speakers this year.

Shah Rukh will make a comeback on Indian television with the show TED Talks India: Nayi Soch; and is shooting for his upcoming film, titled 'The Ring' opposite Anushka Sharma.
 

After scoring success with the US, Australia and Iran, India is now eyeing the untapped Japanese and South Korean markets for exporting mangoes, a top official has said.

"Basically, mangoes from Thailand are mostly consumed in the (Far Eastern) region, including China. We have found that they do not like fibrous mango. So, we have decided to promote low-fibre mango varieties to these countries," D.K. Singh, Chairman of the Agricultural and Processed Food Products Export Development Authority (APEDA), told IANS.

Singh said that Japan is expected to import a good amount of mangoes this year and if South Korea welcomes Indian varieties, it will open up the market in the Far East as well as Southeast Asian countries.

For this, APEDA plans to hold promotional events in the region.

"The Indian Embassy has requested the South Korean government to permit about 10 exporters to promote our varieties. We expect that success in Japan and South Korea chapters will help us in tapping the market," Singh said.

According to APEDA data, Japan had imported 48 tonnes of Indian mangoes between April 2016 and January 2017 while it was just 0.26 tonnes for South Korea.

Two consignments — one from Mumbai and the other from Tirupati — have headed to Japan while an official from South Korea has reached Mumbai to visit a mango processing facility.

"Japanese officials visited irradiation facilities in Mumbai and Tirupati and subsequently gave a green signal to exports. Now, two consignments of mangoes are on the way to Japan. A South Korean official is in Mumbai for an examination (of the facilities available)," APEDA Deputy General Manager Sudhanshu told IANS.

He also added that Australia has recently approved the irradiation facility in Mumbai. Thus, Australians would be able to enjoy the fruit long after the local season ended.

The Australian Mango Industry Association's Robert Gray was quoted by Xinhua news agency as saying that Indian mangoes would be imported when the native season was over, ensuring a constant supply for those who enjoy the golden fruit.

Experts in the field have predicted good harvest this year provided adverse factors such as heavy rains and hailstorm do not play spoilsport.

As for the US, it has already imported 150 tonnes this year and this is expected to continue.

Iran has shown interest in Indian mangos, especially North Indian varieties.

According to APEDA officials, a group of investigators is expected to visit Malihabad in Uttar Pradesh to test local varieties in the next few days.

"The Iranian investigators will visit the irradiation facilities in Mumbai and Bangalore before they go to Uttar Pradesh to test Malihabad's mango varieties," Singh said, adding this will help in promoting North Indian varieties like dasheri, chausa and langda, which otherwise do not fetch a fair return due to their late arrival in the market.

Government on Friday told the Supreme Court it was ready to talk to recognised political parties in Jammu and Kashmir to resolve the crisis there but not with the separatists.

Attorney General Mukul Rohatgi made it clear that the government would come to the negotiating table only if the recognised parties participate in the dialogue and not the separatist elements.

He made the submissions before a bench, comprising Chief Justice J S Khehar and Justices D Y Chandrachud and S K Kaul, while rubbishing the claim of the Jammu and Kashmir High Court Bar Association that the Centre was not coming forward for discussion and dialogue to resolve the crisis.

Rohatgi said recently the Prime Minister and the Chief Minister of the state held a meeting to discuss the situation.

The bench asked the Association to come with suggestions to resolve the crisis, including stone-pelting and violent agitation on the streets of the Kashmir Valley.

The apex court made it clear to the bar body that it would have to come out with suggestions after talking to all stakeholders and cannot shy away by saying that they do not represent everybody in Kashmir.

It said there was need for a positive start and the bar body could play an important role by coming out with a gameplan and a roadmap for restoring normalcy in the Valley.

The bench also made it clear to the Centre that the court would involve itself in the matter only if there was a view that it can play a role and there was no jurisdictional issue.

“If you feel the court has no role and if you feel we have no jurisdiction, we will close the file at this moment,” the bench told the AG who, at the fag end of the hearing, objected to some of the suggestions made by the bar body including that the separatists were being ignored.

The bench also said both the parties have to take a joint step but the first step has to come from the lawyers' body which has approached the apex court.

It also said it was aware that the situation in Kashmir Valley was not very palatable, while posting the matter for further hearing on May 9.

The apex court was hearing hearing an appeal filed by Jammu and Kashmir High Court Bar Association against the High Court order seeking stay on the use of pellet guns as a large number of people had been killed or injured due to their use.

During the last hearing on April 10, the Centre had told the Supreme Court it was exploring a crowd control option that is akin to rubber bullets but not as lethal as pellet guns that are being used currently as a last resort to quell violence in the Valley.

The Jammu and Kashmir High Court had on September 22 rejected the plea seeking a ban on use of pellet guns on the ground that the Centre had already constituted a Committee of Experts through its memorandum of July 26, 2016 for exploring alternatives to pellet guns.

The 2019 Copa America in Brazil will be expanded to 16 teams, according to the head of South American football governing body CONMEBOL.

The world's oldest continental tournament usually only features CONMEBOL's 10 member nations and two invited teams from North America, Central America and the Caribbean, reports Xinhua news agency.

But CONMEBOL President Alejandro Dominguez said the organisation has agreed to expand the format, without revealing where the additional teams will come from.

"The board has agreed that it will take place in Brazil and the ideal number of teams will be 16," Dominguez said after CONMEBOL's annual conference.

Media reports in Brazil in March had speculated that the 2019 tournament could feature Spain, Portugal, France, Italy and Japan.

In the backdrop of allegations that the state government was singling out a particular community for creating nuisance on Goa beaches, Tourism Minister Manohar Ajgaonkar has said that all those operating illegally in the coastal destination, would face action.

The state government will crack down on all those involved in illegal activities on the shoreline. Everyone who is creating nuisance for tourists would be taken to task," Ajgaonkar told reporters here on Thursday on the sidelines of an annual wine festival.

The government will take action against everyone involved in illegal activity. Even if we find Nigerians trafficking drugs, we will deport them back to their country," he added.

The minister's recent remarks against Lamanis– a nomadic tribe from neighbouring Karnataka which has made Goa their home for ages–had raised eyebrows.

Ajgaonkar, had earlier this month, said that Lamanis were creating nuisance along beach stretches in Goa.

He had alleged that Lamanis were illegally vending on the beaches and troubling tourists especially foreigners while roaming around in groups.

The minister had also warned his department officials of suspension, if they fail to clear the state s beaches of the nomadic tribe by forming special squads.

Ajgaonkar today said the state government agencies have already initiated action on those illegally operating in Goa.

"Those working with valid permission will be given protection and those who are here illegally would be acted upon," he said.

Congress President Sonia Gandhi's son-in-law Robert Vadra made an "illegal profit" of over Rs.50 crore from a 2008 land deal without investing a penny, according to a panel that probed suspect Haryana land deals.

Seven more bodies were fished out from the Hooghly river on Friday, taking the toll in Wednesday's jetty collapse in Bhadreswar in Hooghly district to 13, police said.

Superintendent of Police Sukesh Jain said that personnel of the National Disaster Response Force (NDRF) found the seven bloated bodies, including that of a woman, floating on the river on Friday morning.

The NDRF personnel, who have been carrying out searches in 20 speed boats found the bodies from near Jagaddal, Shyamnagar, Chandan Nagar and Gaurhati ghat along both sides of the river.

Of the 13 victims, seven have been identified, Jain said.

Six bodies were recovered till on Thursday.

Five persons were still missing.

These people had gone missing after a portion of a bamboo jetty at Telenipara gave way under the impact of a high tide on Wednesday.

The accident occurred when the passengers were waiting at the jetty for boarding a boat to cross the river and reach Shyamnagar in North 24 Parganas district.

Meanwhile, the four arrested lease-holders of Telenipara jetty in Bhadreswar were remanded to seven days' police custody.

The four were booked for culpable homicide not amounting to murder following their arrest on Thursday.

World football governing body FIFA has fined the football associations of Brazil, Argentina and Mexico for homophobic chants by fans.

The Brazilian Football Confederation (CBF) suffered the heaviest fine — $35,000 — due to their status as a repeat offender, reports Xinhua news agency. 

CBF was also penalised for homophobic chants from fans in World Cup qualifiers against Colombia and Bolivia in the past 18 months.

The Argentinian Football Association was fined $20,117 while the Mexican Football Federation was hit with a $10,061 penalty.

FIFA said the fines were "for incidents involving discriminatory and unsporting conduct by fans, including homophobic chants", during recent World Cup qualifiers.

Albania's football association was fined $100,624 for fan behaviour during the World Cup qualifying defeat to Italy last month.

FIFA said breaches of the code of conduct included "the use of pyrotechnics which led to the suspension of the match for several minutes".

The Italian football federation was penalised $15,092 for incidents during the match in Palermo.

Other associations to be fined for the use of fireworks by fans were Iran, Bosnia and Herzegovina, Poland and Montenegro, FIFA said.

The Congress was dealt a major blow in Manipur on Friday as four more MLAs joined the ruling Bharatiya Janata Party (BJP). Earlier, two Congress MLAs had joined the BJP.

The four who joined the BJP on Friday are Y Surchandra, Ngamthang Haokip, O Lukhoi and S Bira and they were felicitated by Chief Minister N Biren Singh and state unit president K Bhabanada.

T. Shyamkumar was the first Congress MLA to join the BJP after assembly elections. He was sworn in as a cabinet minister on March 15. 

Another MLA, Ginsuanhau Zou, followed him. 

In the March election, the ruling Congress bagged 28 seats in the 60-member house to finish as the single largest group. 

But the BJP, which secured 21 seats, joined hands with other parties to form a government.

State Congress President T.N. Haokip said: "Things have changed after the election. Friends have become foes. There is nothing called principle or ideology. Those who crossed floor are not afraid of disqualification."

Meanwhile, Speaker Y. Khemchand is examining two petitions seeking disqualification of Shyamkumar and Zou. 

(With inputs from agencies)

Senior IPS officer R R Bhatnagar on Friday took charge as the new Director General (DG) of the CRPF, days after the force lost 25 of its men in a deadly Naxal ambush in Chhattisgarh.

Bhatnagar, 57, reached the Central Reserve Police Force (CRPF) headquarters at Lodhi road here and took charge after he was accorded the ceremonial guard of honour.

The government had issued orders for appointing Bhatnagar, a 1983-batch IPS officer of the Uttar Pradesh cadre, as the new full-time DG of the force on April 26.

The post had been lying vacant for close to two months after incumbent DG K Durga Prasad retired on February 28.

Acting DG Sudeep Lakhtakia on Friday handed over the baton to Bhatnagar, who came back to India last night after attending a conference in Jakarta.

Bhatnagar was till now serving as the DG of the Narcotics Control Bureau (NCB).

He will have a 32-month long stint as the head of the about 3-lakh personnel strong force as his retirement is scheduled in December, 2019.

Soon after taking charge, he asked his officers to give him a briefing on the recent incidents in Chhattisgarh that claimed the lives of 37 troops, including the one on March 11 where twelve men were killed in a Naxal ambush in Sukma in the Bheji area.

The CRPF is the country's largest paramilitary force and is deployed as the lead force for conducting anti-Naxal operations and to render a variety of roles in the internal security domain.

In a major blow to the Trinamool Congress (TMC) , the Enforcement Directorate (ED) on Friday registered a money laundering case against party leaders in the Narada 'sting' case.

The agency has registered the case under the provisions of the Prevention of Money Laundering Act (PMLA) based on a first information report by the Central Bureau of Investigation (CBI).

The CBI FIR was registered against 13 TMC leaders including MPs and ministers who were allegedly caught on camera taking bribes.

It will probe the 'proceeds of crime' generated in this case and soon summonses would be issued to the accused for questioning, they said.A case of alleged criminal conspiracy and corruption against Rajya Sabha MP Mukul Roy, Lok Sabha MPs Sultan Ahmed, Saugata Roy, Kakoli Ghosh Dastidar and Aparupa Poddar, among others had been filed by the CBI.

The case has been registered on the completion of a preliminary enquiry that was first conducted by the CBI.

The preliminary enquirywas registered on the directions of a division bench of the Calcutta High Court, comprising acting Chief Justice Nishita Mhatre and Justice T. Chakraborti.

The Narada sting tapes, which were released to news organisations before the 2016 assembly elections in West Bengal, showed people resembling senior TMC leaders receiving money allegedly after promising favours.

Alleging political vendetta, Mamata Banerjee-led TMC has said that the CBI is acting at the behest of the Modi government to target its leaders.

(With inputs from agencies)