AirAsia flight QZ8501 debris found

The AirAsia flight from Surbaya to Singapore went down on Sunday and has been the focus of an international search effort


Indonesian rescue choppers looking for signs of the AirAsia flight QZ8501 spotted its wreckage and bodies of victims during search operations today, news agency Reuters reported.


The flight had lost contact early on Sunday when it had asked Air Traffic Control permission to fly higher due to bad weather. Unlike the Malaysian Airlines MH370 that went missing earlier this year, the wreckage was finally spotted after two days od intensive search and rescue operations with many countries from the Asia Pacific region involved.


The debris from the plane was spotted off the island of Borneo by the Java Sea.

Latest reports suggested that about 40 bodies had been pulled out of the sea so far. As images of the dead and the debris were broadcast on television, Tony Fernandes tweeted his committment to extend all of AirAsia's support in whichever way possible.


About 30 ships and 21 aircraft from Indonesia, Australia, Malaysia, Singapore, South Korea and the United States had been involved in the search of up to 10,000 square nautical miles, the Reuters report said.


Bambang Soelistyo, Indonesia’s National Search and Rescue Agency chief said, "God blessed us today, At 12:50 the air force Hercules found an object described as a shadow at the bottom of the sea in the form of a plane."


RBI says NPAs may hit 6.3% if economic recovery falters

RBI released its half yearly Financial Stability Report and said that banks' battle with NPAs depended on an expected trunaround in the economic scenario during the coming year up to March 2016


The Gross Non Performing Assets (GNPA) of all Scheduled Commercial Banks rose to 4.5% as of September 2014. The GNPAs were at 4.1% as of March 2014. The RBI pointed out that the asset quality had not imporved over the last six months but the liquidity scenario had improved.


GNPA ratio of all SCBs may decline to 4.0 per cent by March 2016 from 4.5 per cent as at end September 2014. However, if macroeconomic conditions deteriorate, the GNPA ratio may increase further and under a severe stress scenario could rise to around 6.3 per cent by March 2016,” the RBI said.


The RBI noted that the global recovery had weakened, “Without a change in the pattern of growth and stability that still leans heavily on easy money, vulnerabilities remain, especially with inflation ruling below policy targets in many jurisdictions and the threat of deflation continuing in others,” the report said.


In terms of the stability of banks, the report said, “As per the Banking Stability Indicator (BSI), risks to the banking sector have not changed much since the publication of the previous FSR. The BSI showed a continuous increase in vulnerability in the banking sector over the past few years.”


On the wider point of defaulters and dealing with defaulters, the RBI said, “With the increased regulatory focus on segregating the cases of wilful defaults and ensuring the equity participation of promoter(s) in the losses leading to defaults, there is a need for greater transparency in the process of carrying out a net economic value impact assessment of large Corporate Debt Restructuring (CDR) cases.”


IAS officer Pradeep Kasni transferred 62nd time in 30 years

Following a report on nexus between developers and revenue officials, Gurgaon Divisional Commissioner Pradeep Kasni transferred within a month of taking over the post.


Pradeep Kasni, Gurgaon Division Commissioner was transferred for the 62nd time in his 30 year service, on Monday. The IAS officer had only a month ago been given his posting as Divisional Commissioner of Gurgaon.


No official reason was given for the transfer and the press statement notifying the transfer said that his new posting orders would be ready soon. Kasni was quoted by reports as saying that he was shocked by the transfer.


This transfer comes in the wake of his report on irregularities in the Millenium City development. His report, submitted to the Chief Secretary of the Haryana government PK Gupta, had said that certain revenue officials had illegally transferred land in Harsaru village to private companies. The report also said that the land mutations were in contravention of orders of the Punjab and Haryana High Court.


The Times of India quoted Kasni's report as saying, “this again is not a mere case of administrative or professional misdemeanour but of a deeper and more malignant conspiratorial gang-up in the office of the collector in favour of the land mafias and to thwart the public interest for private gains and maybe, to subserve one's own narrow selfish interests for which these officials hanker after and manipulate their postings in such 'lucrative posts'.”


The ToI report also said that Kasni had initiated an FIR against Rajiv Sharma who was the tehsildar who sanctioned the mutations of land use.


After the report was prepared, Kasni reportedly took away all judicial and quasi-judicial powers and functions from three government officials including the Gurgaon District Revenue Officer.


His duties as Gurgaon Divisional Commissioner have been taken over by the Rohtak Division Commissioner Rajeen Ranjan for now and Kasni has been moved to Palwal.


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