Banking, Financial and Economic Awareness of 11 December 2019

1. V Viswanathan appointed as additional director on Dhanlaxmi Bank's Board

• V Viswanathan has been appointed as the additional director on Dhanlaxmi Bank's Board.
• His appointment as the additional director became effective from December 09, 2019.
• Till 2017, he was Chief General Manager of State Bank of Hyderabad.
• He will remain the additional director until the next Annual General Meeting
• G Venkatanarayanan was appointed as the additional director from October 31, 2019. Till 2017, he was General Manager of State Bank of India.
• T Latha was Dhanlaxmi Bank's MD & CEO and Director till October 31, 2019.
• Dhanlaxmi Bank:
  • It is a private sector bank.
  • Headquarters: Thrissur, Kerala
  • Chairman: Mr. Sajeev Krishnan

2. TRAI revises MNP process

• Telecom Regulatory Authority of India (TRAI) has issued norms for the revised Mobile Number Portability (MNP) process.
• The new norms for the revised MNP process will be effective from December 16, 2019.
• Under new MNP process, a subscriber will be eligible for porting-out and generation of Unique Porting Code (UPC) only 
  • when he ensures clearance of his outstanding dues in case of  post-paid mobile subscription
  • after 90 days of the activation of his mobile number in the current operator's network
  • when he completes all contractual obligations of the exit clause in the subscriber agreement
• The validity period of UPC will be 4 days in all Licensed Service Areas (LSAs).
• In Jammu & Kashmir, Assam and North East circles, the validity period of UPC will be 30 days.
• While portability requests within a service area are to be completed in three working days, portability requests from one circle to the other will be completed in five working days.

3. Yes Bank to think about USD 500 million investment offer

• The board of Yes Bank is ready to consider USD 500 million offer belonging to Citax Holdings and Citax Investment Group.
• The bank is discussing USD 1.2 billion binding offer belonging to Erwin Singh Braich/SPGP Holdings.
• Due to capital constraints, the bank is looking for investors to raise capital to USD 2 billion.
• Earlier, RBI had ordered Rana Kapoor, CEO and MD of Yes Bank, to step down after January 2019. Ravneet Gill became its CEO and MD after Rana Kapoor.

4. Non-personal data provision of Personal Data Protection Bill avoids S Gopalakrishnan committee

• The government has included a provision for non-personal data in Personal Data Protection Bill. It allows the Central government to order organizations for providing it non-personal data or anonymized data for targeted delivery of services and evidence-based policymaking.
• In September 2019, Government has formed a committee of experts under the chairmanship of Infosys co-founder Kris Gopalakrishnan to study the issues around non-personal data and give suggestions on the regulation of non-personal data.