1. Obama reappoints Indian-American to a key administration post
US President Barack Obama has announced to reappoint Indian-American Sachin Dev Pavithran to a key independent government agency devoted to accessibility for people with disabilities.
Pavithran was first appointed to Architectural and Transportation Barriers Compliance Board in 2012 and has served as Chair since 2015. He is Program Director of Utah Assistive Technology Program at Utah State University's Center for Persons with Disabilities, a position he has held since 2011.
2. SBI launches mVisa
Country's biggest lender State Bank of India announced the launch of mVisa, a mobile-based payment solution.
The service will help customers make paymentsthrough their smartphones by simply scanning the unique merchantQR (Quick Response) code at merchant outlets.
SBI customers (Debit Card holders and Internet Bankingcustomers, having transaction rights) can now make easypayments to the merchants by simply scanning QR code image.
This eliminates the need to swipe the physical card ata point-of-sale (PoS) machine.
3. ICICI Bank signs MoU with BRICS Grouping-promoted New Development Bank
Private sector lender ICICI Bank became the first financial institution in the country to tie up with the BRICS Grouping-promoted New Development Bank (NDB) for a partnership in bond issuances, co-financing, treasury management and human resources.
ICICI Bank and NDB will also leverage a mutually beneficial partnership in other areas such as treasury risk management, account and cash management services and human resource development.
4. Finolex founder Chhabria passes away
Pralhad P Chhabria, founder and chairman of Finolex Group, died. He was 86.
Born in Karachi, Chhabria migrated to the country during the Partition and set up Finolex Cables in 1954.
The company has gone on to become a Rs 10,000-crore entity. Finolex Group is the largest manufacturer of electrical cables and the second largest PVC resin manufacturer in the country.
In 1981, Chhabria set up Finolex Industries, and introduced many innovative solutions such as jelly-filled telecom cables and drip irrigation systems.
Group company Finolex Plasson, an Indo-Israel joint venture, was the first joint venture by a domestic firm with an Israeli entity.
Well known for his philanthropy, he established the Mukul Madhav Foundation and Hope Foundation and Research Centre, which are active in medical assistance, education and social welfare.
Chhabria also established the Mukul MadhavVidyalaya, Finolex Academy of Management and Technology in Ratnagiri and many engineering institutions across the state, apart from setting up the Maharashtra International Institute of Information Technology at Pune.
5. Kumar Rajesh Chandra appointed aviation security wing chief
Senior IPS officer Kumar Rajesh Chandra was today appointed as chief of Bureau of Civil Aviation Security (BCAS), the aviation security wing of the government; over three years after the post fell vacant.
The Appointments Committee of the Cabinet has approved the name of Chandra, a 1985 batch IPS officer of Bihar cadre, for appointment to the post of Director General (formerly known as Commissioner of Security (Civil Aviation) in the Bureau of Civil Aviation Security, an order issued by Department of Personnel and Training said.
He has been appointed in place of IPS officer G S Malhi, who had completed his tenure as BCAS chief in November 2012. The crucial post was lying vacant since then.
Chandra is currently working as Additional Director General (Modernisation), Bihar Police.
6. MCB Capital Markets launches India Sovereign Bond ETF
World's first Exchange Traded Fund focused on India's sovereign bonds was launched by the MCB Capital Markets and will be listed in Mauritius, providing global investors access to the Indian government securities.
MCB India Sovereign Bond ETF, a global open-ended scheme, will invest in the most liquid sovereign bonds with a typical maturity between 8 and 13 years.
The initial offer period of the fund will close on May 27 and the ETF will start trading on stock exchange of Mauritius on June 6.
The fund will facilitate investment into the Indian sovereign bond market, which has traditionally been difficult for foreign investors to access because of minimum investment thresholds, ceilings on foreign holdings and other regulatory processes.
It will also provide investors with regular short-term returns through the payment of half yearly dividends in US dollars and the potential for capital appreciation.
7. ISSF Junior World Cup: India finish fourth with 10 medals
India ended their campaign at the International Shooting Sport Federation (ISSF) Junior World Cup with a creditable fourth place finish, while Italy finished at the top spot in the medal's table.
A total of 585 junior athletes from 48 countries participated in the event and only 24 countries made it to the medals table.
The Indian juniors had an overall tally of three Gold, four Silver and three Bronze medals while Italy added seven Gold, four Silver and one Bronze medal to their kitty.
Russia came second with five Gold, six Silver and nine Bronze ahead of Germany, who finished third with five Gold, three Silver and three Bronze medals.
8. SpaceX rocket launches satellite, then lands on ship at sea
An unmanned SpaceX Falcon 9 rocket blasted off from Florida to put a communications satellite into orbit, then made a swift return landing on an ocean platform.
It was the second successful landing at sea for entrepreneur Elon Musk’s Space Exploration Technologies, or SpaceX, which intends to offer cut-rate launch services by re-using its rockets.
SpaceX successfully landed a rocket on a floating landing pad in April after four failed attempts. Another Falcon rocket had touched down on a ground-based landing pad at Cape Canaveral in December.
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