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How boards of directors of PSU and private banks can be made more responsible

How boards of directors of PSU and private banks can be made more responsible

Finance
By M DamodaranYears ago, during an impassioned discussion on banking, especially lending practices, a friend, in a moment of excitement, coined a new word — creditability. The rest of us laughed. Recent developments seem to indicate that he was spot on. Creditability, a combination of creditworthiness and credibility, implying thereby the ability to repay and the willingness to repay, seems to have been a missing ingredient in the decision-making process in several banks. The focus of this piece is, however, not the credibility of the borrower but the credibility of bank boards. Corporate governance theory rests on the foundation that the Board of Directors is the custodian of the interests of all stakeholders. Simply stated, its role, and also its responsibility, is to keep management hon
Changes in jet stream since 1960 responsible for uptick in extreme weather

Changes in jet stream since 1960 responsible for uptick in extreme weather

Science
Jan. 12 (UPI) -- Scientists have identified a link between jet stream variability during the last half-century and increases in extreme weather in Europe, including storms, flooding, drought, heatwaves and wildfires.Using tree rings from the British Isles and Mediterranean, scientists at the University of Arizona sussed out late-summer weather patterns across Western Europe going back nearly three centuries, to 1725."We find that the position of the North Atlantic Jet in summer has been a strong driver of climate extremes in Europe for the last 300 years," Valerie Trouet, a scientist at Arizona's Laboratory of Tree-Ring Research, said in a news release.The work of Trouet and her colleagues helped provide context for modern observations of the jet stream's seasonal patterns. Their data -- p...
U.N. experts: Assad regime responsible for Syria chemical attack

U.N. experts: Assad regime responsible for Syria chemical attack

World
Oct. 26 (UPI) -- Syria's government was responsible for the chemical attack that killed more than 80 people in the town of Khan Sheikhoun, U.N. experts reported Thursday.The report compiled by the Organization for the Prohibition of Chemical Weapons and the United Nations' Joint Investigative Mechanism found that Syrian President Bashar al-Assad and his regime were responsible for the deadly sarin attack."The panel is confident that the Syrian Arab Republic is responsible for the release of sarin at Khan Sheikhun on 4 April 2017," the report stated.Syria repeatedly denied it was involved in the attack that prompted U.S. President Donald Trump to launch 59 Tomahawk cruise missiles at a Syrian airbase.Nikki Haley, the U.S. ambassador to the United Nations, said the report "confirms what we h...
Seismic surveys responsible for high zooplankton mortality rates

Seismic surveys responsible for high zooplankton mortality rates

Science
June 23 (UPI) -- Seismic surveys carried out by the oil and gas industry are causing high mortality rates among zooplankton, according to new research out of Australia.Seismic air guns are frequently used on marine petroleum expeditions. New research found the air blasts dramatically increase mortality rates among target zooplankton species. Testing also showed the air gun's negative impact extends well beyond previous range estimates.Testing revealed air gun pulses yielded between an 18 and 60 percent increase in zooplankton mortality rates. The seismic blasts also killed al zooplankton larva. These effects extended across nearly 4,000 feet. It was previously believed the negative impact of seismic air guns was limited to roughly 30 feet.The findings -- detailed in a study published Thurs...
RBI makes Banks responsible for misselling third party products

RBI makes Banks responsible for misselling third party products

Finance
MUMBAI: Banks for the first time have been made accountable for misselling third-party products like insurance policies or mutual fund schemes. Customers can also file complaints against banks for problems with mobile and digital banking services. The RBI on Friday said that it has widened the scope of its Banking Ombudsman Scheme 2006 to include deficiencies arising out of sale of third-party investment products by lenders. Under the amended scheme, a customer would also be able to lodge a complaint against banks for non-adherence to the RBI instructions with regard to mobile or electronic banking services. Following the amendment, the pecuniary jurisdiction of the ombudsman to pass an award has been doubled from Rs 10 lakh to Rs 20 lakh. The ombudsman has been empowered to award comp...