Banks to stage nationwide demonstrations on May 23

1.    Banks to stage nationwide demonstrations on May 23

i. Unhappy with the P J Nayak Committee panel report suggesting privatisation of public sector banks, five bank employees unions today decided to stage nationwide demonstrations on 23rd May. 

ii. "We oppose the Reserve Bank of India appointed Committee, with P J Nayak as its Chairman, which recommended privatisation of public sector banks and reduction of government'scapital to less than 50 per cent," said C H Venkatachalam, General Secretary of All India Bank Employees Association (AIBEA) representing employees of public and private sector banks. 
iii. "We will take out countrywide demonstrations on May 23," he added, demanding the rejection of the report. 
iv. The report has also recommended merger of public sector banks, ownership of government banks to be transferred to investment companies and public sector banks to be kept out of the RTI Act. 

iv. Besides, it suggested that the government issue regulatory instructions to banks, and they be covered by the Companies Act. 
v. "In short, the committee wants removal of government control and banks to be handed over to private hands. To express our strong protest and objection to the Nayak Committee recommendations and to demand rejection of the report. Mass demonstrations will be held throughout the country on May 23", he said in a statement. 
vi. Besides AIBEA, All India Bank Officers' Association, Bank Employees Federation of India, Indian National Bank Employees Federation, Indian National Bank Officers Congress would also participate in the demonstration on that day, he said. 

2.    All Planning Commission members submit their resignations

i. All members of the Planning Commission have submitted their resignations to the Prime Minister's Office paving the way for reconstitution of the institution.

ii. Besides Deputy Chairman Montek Singh Ahluwalia, the other full time members of the Commission are B K Chaturvedi, Saumitra Chaudhuri, Syeda Hameed, Narendra Jadhav, Abhijit Sen, Mihir Shah, K Kasturirangan and Arun Maira. 
iii. As per the practice all members of the Commission submit their resignations to the Prime Minister who is the head of the institution after the general elections. 

iv. The term of members of the Planning Commission is co-terminus with the government. 

v. The new government will decide on the reconstitution of the Commission. This Commission has drafted the 12th Five Year Plan (2012-17) which envisages an annual average economic growth of 8 percent during the policy period. 

3.    Brazil honoured 100 years of Indian cinema by releasing two postage stamps

i. To pay tribute to the 100 years of Indian cinema, Brazil on 5 May 2014 released two postage stamps designed by an Indian graphic designer. The stamp was released in Brasilia to mark the Indian Cinema Film Festival which is dedicated to contemporary Indian cinemas. 

ii. The postage stamps have been designed by Kochi-based graphic designer Satya Raj and were released by India’s Ambassador to Brazil, Ashok Tomar along with Anand Jyothi and Carina Bini Palackapilly, the curators and directors of the festival.