Th e S up r e m e C o u r t o n Mo n d ay st aye d the further proceedings p e n d i n g b e f o r e t h e High Courts across the c o u n t r y o n p e t i t i o n s challenging the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (IT Rules, 2021) and the Cable TV Networks (Amendment) Rules 2021. A bench of Justices AM Khanwilkar and Abhay S Oka also issued a notice in the transfer petitions filed by the Central government seeking the transfer of the petitions from various High Courts to the apex court. The bench however said that it is not interfering w i t h t h e i n t e r i m orders passed by the High Courts at this juncture and that it is issuing notice on the stay applications. The bench now posted the matters for hearing on May 19. Solicitor General Tushar Mehta appearing for the Centre told the bench that the government has already filed a petition to transfer all such matters to the top court and sought a stay on High Courts proceedings

The Supreme Court on Tuesday directed the Pune-based Film and Television Institute of India (FTII) to allow candidates suffering from colour blindness to pursue all courses on filmmaking and editing. A bench comprising Justices Sanjay Kishan Kaul and M.M. Sundresh said: “It is much easier to change laws, but it takes a long time to change the mindset…” The bench emphasised that the institute should adopt a more inclusive and progressive approach in the matter, and insisted that no discrimination can be made on the basis of colour blindness to get admission in the institute. The bench remarked, “The respondent FTII was expected to encourage liberal thought process…” Justice Kaul said: “There are some vested interests always…change is difficult and a push is required to change.” The bench said that it is not for FTII to determine candidates’ future occupational prospects, and pointed out that the job of an editor is to creatively work with story, dialogue, music and performances. The apex court order came on an appeal filed by Patna resident Ashutosh Kumar against the Bombay High Court order, which declined to entertain his plea seeking admission in three-year postgraduate diploma course in film editing at FTII. 

The Reserve Bank of India (RBI) on Monday said it has cancelled the license of Kanpur-based People’s Co-operative Bank Limited as the bank does not have adequate capital and earning prospects.

“Today, the Reserve Bank of India (RBI), vide order dated March 17, 2022, has cancelled the license of People’s Co-operative Bank Limited, Kanpur, Uttar Pradesh. Consequently, the bank ceases to carry on banking business, with effect from the close of business on March 21, 2022. The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank,” RBI said in a statement.
The RBI said the “bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.”

Consequent to the cancellation of its license, People’s Co-operative Bank Limited, Kanpur, Uttar Pradesh is prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect, the RBI added. (ANI)

National Mineral Development Corporation (NMDC), the country’s largest iron ore producer, said on Saturday it has signed an MoU with the Indian Institute of Technology (IIT) Kharagpur for drone-based mineral exploration.

As per the deal, NMDC and IIT Kharagpur would develop spectral products, methods, and algorithms for exploration using the Drone (UAV) for mining. The collaboration between NMDC and IIT Kharagpur would further lead to the development of software spectral tools for mineral excavation and capacity-building programmes on mining technology.
“NMDC would be the first CPSE in India to conduct Drone-based Geophysical Surveys and Hyperspectral Studies for Mineral Exploration in the country. NMDC’s tie-up with IIT-Kharagpur will open a new chapter and set a benchmark in the field of mineral exploration for the nation,” NMDC’s Chairman and Managing Director Sumit Deb said in a statement.

NMDC, a central public sector undertaking (CPSE) under the Ministry of Steel, has been exploring minerals for six decades for a wide range of minerals such as Copper, Rock phosphate, Limestone, magnesite, Diamond, Tungsten, and Beach sands amongst others.

According to a statement released by the Ministry of Steel, NMDC is conducting exploration for various minerals in Madhya Pradesh and also in the Beloda-Belmundi block in Chhattisgarh for diamonds.

“NMDC is also the first CPSE to use Space Geophysics in Central Indian Diamond Province and the first to use online monitoring of exploration of data on the BHUVAN platform. NMDC is increasingly relying on technological innovation and digitalisation of its database related to exploration and mining,” the ministry said. (ANI)

HDFC Bank on Saturday said the Reserve Bank of India (RBI) has lifted all the restrictions imposed on the lender regarding its business-generating activities under a programme called Digital 2.0.
“We wish to inform you that the RBI vide its letter dated March 11, 2022 has lifted the restrictions on the business generating activities planned under the Bank’s Digital 2.0 program. The members of the Board of Directors have taken note of said RBI letter,” HDFC Bank said in a regulatory filing to the stock exchanges.

In December 2020, the Reserve Bank of India had directed HDFC Bank to temporarily halt all digital launches as well as new sourcing of credit card customers.

The central bank had asked HDFC Bank to halt Digital 2.0 program after customers faced a number of incidents of outages in internet banking, mobile banking and other digital operations. (ANI)

The Reserve Bank of India (RBI) on Friday said it has banned Paytm Payments Bank from onboarding new customers with immediate effect.
“Reserve Bank of India has today, in the exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers,” the RBI said in a statement. The RBI has also directed Paytm Payments Bank to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

“The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors,” the statement said.
“This action is based on certain material supervisory concerns observed in the bank,” the central bank added. (ANI)