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Sanjeev Kumar Singla appointed as PMs private secretaryIFS officer Sanjeev Kumar Singla has been appointed as Private Secretary (PS) toPrime MinisterNarendra Modi, succeeding Vikram Misri, who is going to Spain as Ambassador. MrSingla, a 1997 batchofficer, is returning home to serve in the PMO, after a posting in Indian Embassy iRegulation Act, 1949 defines a banking company as a company which transacts

the business of banking in India. Banking is defined as accepting, for the purpose of lendingor investment, of deposits of money from the public, repayable on demand or otherwise andwithdrawable by cheque, draft, order or otherwise.Section 49A of the Act prohibits any institution other than a banking company toacceptdeposits from the public withdrawable by cheque.RBI is the apex regulater for banks.Banks can be broadly categorized as Commercial Banks or Co-operative Banks.Commercial Banks include:Public Sector Banks (SBI, SBI Associates and Nationalised Banks)Private Sector Banks (Old, New and Foreign)Regional Rural BanksCo-operative Banks include:Urban co-operative banksRural / Agricultural co-operative banks.Banks which meet specific criteria are included in the second schedule of the RBI Act, 1934.These are called scheduled banks. They may be commercial banks or co-operative banks.Scheduled banks are considered to be safer, and are entitled to special facilities like re-financefrom RBI. Inclusion in the schedule also comes with its responsibilities of reporting to RBI and

maintaining a percentage of its demand and time liabilities as Cash Reserve Ratio (CRR) withRBI.y 14.The President also accfrom July 2 following the resignation of Ashwani Kumar on June 27.The Hindu journalist wins Prem Bhatia AwardSmita Gupta, Associate Editor with The Hindu, has been selected for the prestigious Prem Bhatia Awardfor political reporting. The Prem Bhatia Awards, instituted in the memory of oneof the most eminentjournalists of his era, have gone this year to two exceptional journalistsfor their reporting on politics, and

environment and development issues, respectively. The award for excellence in environmental anddevelopment reporting has gone to Nitin Sethi, Associate Editor, Business Standard, for his reporting onkey environmental and development topics. The awards will be presented at the 19th Prem BhatiaMemorial Lecture at the India International Centre on August 11.International:US jury punishes Cigarette Company with $23 billion award to smoker's familyA Florida jury awarded a staggering $23 billion in punitive damages to the widowof a chain smoker whodied of lung cancer, socking it to RJ Reynolds, America's second largest cigarette maker and the tobacco

industry in general at a time of revulsion towards cigarette smokers. The latestcase centers on CynthiaRobinson, of Pensacola, who sued RJ Reynolds in 2008 over the death of her husba

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nd, MichaelJohnson, claiming the company conspired to conceal the health dangers and addictive nature of itsproducts. Johnson, a hotel shuttle-bus driver who died of lung cancer in 1996 at36, smoked between oneand three packets a day for more than 20 years, starting at age thirteen.Business & Economy:

FTIL sells 15 per cent stake in MCXFinancial Technologies (India) Ltd. (FTIL) has said that it entered into a sharepurchase agreement (SPA)to sell a 15 per cent stake in Multi Commodity Exchange (MCX) to Kotak MahindraBank Ltd. (KMBL) fora total consideration of Rs. 459 crore. The commodity markets regulator ForwardMarkets Commission(FMC) had ordered FTIL to divest its stake in FTIL from around 26 per cent to below 2 per cent.India among biggest UK foreign investorsIndia has retained its position as a leading foreign investor into Britain, according to latest UK Trade and

Industry (UKTI) figures released. India ranks seventh in the top overseas sources of investment with 74projects during 2013-14 - a year with the highest number of projects since records began in the 1980s.UKTI said the UK remains the most attractive destination in Europe for foreign business investment,winning almost 1,800 new projects in the past year. The US led the rush to invest in Britain with 501projects in the UK, followed by Japan (116), France (110), Germany (102), Canada(89) and China (88).Below India in the tally are Italy (70), Australia (69) and Ireland (55).