Tamil Nadu to ban use of plastic items from 2019

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

New Delhi, Jun 13: Veteran Urdu poet Anand Mohan Zutshi 'Gulzar' Dehlvi passed away on Friday afternoon, five days after he recovered from COVID-19.

He died at his Noida home, and was a month shy of turning 94.

"His corona test came negative on June 7 and we brought him home. Today he had lunch and at around 2.30pm he passed away," his son Anoop Zutshi told PTI.

"He was quite old, and the infection had left him very weak. So doctors are thinking it was possible a cardiac arrest," he added.

A freedom fighter and a premier 'inquilabi' poet, Dehlvi was admitted to a private hospital on June 1 after testing positive for coronavirus.

Born in old Delhi's Gali Kashmeerian in 1926, he was also the editor of 'Science ki Duniya', the first Urdu science magazine published by the Government of India in 1975.

Remembering her fond memories of Dehlvi, historian-writer Rana Safvi recalled seeing the poet at most 'mushairas' in Delhi.

"I cannot express how big a loss it is. We used to see him at every 'mushaira' in Delhi. It's a big loss to Delhi and the world of poetry," Safvi said.

She also took to Twitter to express her condolences.

"Sad to hear about Gulzar Dehlvi saheb's demise. He was the quintessential Dilli waala. May he rest in peace," she tweeted.

According to Delhi-based poet and lawyer Saif Mahmood, Dehlvi was "the presiding bard of Delhi", following in the footsteps of iconic poets like Mirza Ghalib, and Mir Taqi Mir.

His death is the "end of an era", he said.

"No one knew the nooks and crannies of Mir and Ghalib's Delhi like him. Gulzar saheb claimed that his father, Allama Pandit Tribhuvan Nath Zutshi 'Zaar Dehlvi', was a disciple of the renowned poet Daagh Dehlvi," he said, while reminiscing his meeting with Dehlvi three years back.

The poet had recited a still unpublished 'sher' (couplet) then, Mahmood said, which seems more relevant now in the aftermath of his demise.

"Mere baad aane waalon, meri baat yaad rakhna/ mere naqsh-e-pa se behtar, koi raasta nahin hai". (Those who come after, remember what I say/ there’s no better way than to follow my footprints).

"He was a true exemplar of not just the Urdu language but also of the Urdu culture. In fact he was a living and breathing form of Urdu tehzeeb," Mahmood said.

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.