RBI slaps Rs 3 crore penalty on Axis Bank, 2 crore on Indian Overseas Bank

Agencies
March 6, 2018

Mumbai, Mar 6: The Reserve Bank on Monday said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations.

RBI said it had carried out a statutory inspection of private sector player Axis Bank with reference to its financial position as on March 31, 2016.

The inspection, inter alia, revealed "violations of various regulations issued by RBI in the assessment of non-performing assets (NPA)",the central bank said in a statement.

"The RBI has imposed, on February 27, 2018, a monetary penalty of Rs 30 million on Axis Bank Limited for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms," it said.

Regarding the state-owned Indian Overseas Bank, the regulator said in a separate release that a "fraud was detected" in one of the branches of the bank.

"The examination of the documents, including the bank s internal inspection report, revealed, inter alia, non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms", RBI said, while imposing the Rs 2 crore penalty on IOB.

RBI said the action on the two banks is based on deficiencies in regulatory compliance and ‘is not intended' to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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News Network
February 21,2020

London, Feb 21: Scientists have discovered a new species of land snail, and have named it Craspedotropis Greta Thunberg in honour of the Swedish activist Greta Thunberg for her efforts to raise awareness about climate change.

According to the study, published in the Biodiversity Data Journal, the newly discovered species belongs to the so-called caenogastropods -- a group of land snails known to be sensitive to drought, temperature extremes, and forest degradation.

The scientists, including evolutionary ecologist Menno Schilthuizen from Naturalis Biodiversity Center in the Netherlands, said the snails were found very close to the research field station at Kuala Belalong Field Studies Centre in Brunei.

They added that the snails were discovered at the foot of a steep hill-slope, next to a river bank, foraging at night on the green leaves of understorey plants.

The effort aided by amateur scientist J.P. Lim, who found the first individual of the snail said, "Naming this snail after Greta Thunberg is our way of acknowledging that her generation will be responsible for fixing problems that they did not create."

"And it's a promise that people from all generations will join her to help," Lim said.

The researchers said they approached Thunberg who said that she would be "delighted" to have this species named after her.

The study work including, fieldwork, morphological study, and classification of identified specimen was carried out in a field centre with basic equipment and no internet access, the scientists said.

According to the study, the work was done by untrained ‘citizen scientists’ guided by experts, on a 10-day taxon expedition.

"While we are aware that this way of working has its limitations in terms of the quality of the output (for example, we were unable to perform dissections or to do extensive literature searches), the benefits include rapid species discovery and on-site processing of materials," the researchers wrote in the study.

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Agencies
July 2,2020

Leiden, Jul 2: Astronomers have discovered a luminous galaxy caught in the act of reionizing its surrounding gas only 800 million years after the Big Bang.

The research, led by Romain Meyer, PhD student at UCL in London, UK, has been presented at the virtual annual meeting of the European Astronomical Society (EAS).

Studying the first galaxies that formed 13 billion years ago is essential to understanding our cosmic origins. One of the current hot topics in extragalactic astronomy is 'cosmic reionization,' the process in which the intergalactic gas was ionized (atoms stripped of their electrons).

Cosmic reionization is similar to an unsolved murder: We have clear evidence for it, but who did it, how and when? We now have strong evidence that hydrogen reionization was completed about 13 billion years ago, in the first billion years of the universe, with bubbles of ionized gas slowly growing and overlapping.

The objects capable of creating such ionized hydrogen bubbles have however remained mysterious until now: the discovery of a luminous galaxy in which 60-100 percent of ionizing photons escape, is likely responsible for ionizing its local bubble. This suggests the case is closer to being solved.

The two main suspects for cosmic reionization are usually 1) a population of numerous faint galaxies leaking ~10 percent of their energetic photons, and 2) an 'oligarchy' of luminous galaxies with a much larger percentage (>50 percent) of photons escaping each galaxy.

In either case, these first galaxies were very different from those today: galaxies in the local universe are very inefficient leakers, with only <2-3 percent of ionizing photons escaping their host. To understand which galaxies governed cosmic reionization, astronomers must measure the so-called escape fractions of galaxies in the reionization era.

The detection of light from excited hydrogen atoms (the so-called Lyman-alpha line) can be used to infer the fraction of escaping photons. On the one hand, such detections are rare because reionization-era galaxies are surrounded by neutral gas which absorbs that signature hydrogen emission.

On the other hand, if this hydrogen signal is detected it represents a 'smoking gun' for a large ionized bubble, meaning we have caught a galaxy reionizing its surroundings. The size of the bubble and the galaxy's luminosity determines whether it is solely responsible for creating this ionized bubble or if unseen accomplices are necessary.

The discovery of a luminous galaxy 800 million years after the Big Bang supports the scenario where an 'oligarchy' of bright leakers emits most of the ionizing photons.

"It is the first time we can point to an object responsible for creating an ionized bubble, without the need for a contribution from unseen galaxies.

Additional observations with the upcoming James Webb Space Telescope will enable us to study further what is likely one of the best suspects for the unsolved case of cosmic reionization," said Meyer.

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Agencies
January 4,2020

Washington D.C: One of the greatest spectacles of modern art is still thriving in the Australian outback as confirmed by satellite imagery of NASA. The Marree Man is a massive geoglyph depicting an aboriginal hunter, that spans over 2.6 miles in the Southern Australian region.

Discovered by a pilot in 1998, its origin still remains a mystery even to this date.

The Marree Man was given a new lease of life in 2016 when a group of people from the neighboring town of Marree plowed its lines to avert its fading due to erosion.

After NASA shared the image of the art-work that was taken in June, the efforts of the good samaritans turned out to be a total success, reported CNN Travel.

The restoration team believes that the refurbished Marree Man would last longer than its original version.

According to NASA, "They [the team] created wind grooves, designed to trap water and encourage the growth of vegetation. They hope that eventually, the man will turn green."

In a previous article, CNN reported that an entrepreneur by the name of Dick Smith took upon himself to unravel the geoglyph's mystery in 2016. His team combed through all the available evidence but couldn't find anything conclusive.

In 2018 he even offered a 5,000 Australian dollar reward for anyone who knows the identity of its creator.

Nobody turned up with an answer but it was speculated that unknown artist lives in Alice Springs or even might be an American.

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