Not many people realise that there are better options than bank fixed deposits. Here are some...
R Gandhi, the executive director of RBI, has been promoted as deputy governor
The finance ministry approved the appointment of R Gandhi as the new deputy governor of Reserve Bank of India (RBI). According to a government notification, Gandhi has been appointed for three years from 3 April 2014.
R Gandhi replaced Anand Sinha, who served as deputy governor from February last year and retired in January 2014. R Gandhi will look into, Department of Banking Operations and Development, Department of Non-Banking Supervision, Urban Banks Department, Department of Expenditure and Budgetary Control, Department of Information Technology, Legal Department, Premises Department and Risk Monitoring Department, RBI said in a release.
R Gandhi was Executive Director of the Reserve Bank before being elevated to the post of Deputy Governor. He joined RBI in 1980 and has 33 years of expertise and experience in varied fields. He has been associated with various committees, working groups and task forces at the central bank.
Since 1953, the Tata group has been trying to get back into aviation. Now it is ready with not one but two partners, Singapore Airlines and Air Asia to take the skies again. The re-entry of Tatas also brings some sense of relief and responsibility in the airline business
The Tatas love to be in the air; they made waves when Tata Sons started Tata Airlines way back in 1932. It was renamed as Air India International in 1946, became Air India for short and by 1953 got nationalised. Subsequent attempts by the Tata group to be in airline business, when they roped in Singapore Airlines, twice, also did not get them anywhere. But, whoever has heard of Tata Sons giving up on their legitimate quest for success?
Now Tata-SIA Airlines is a reality, in as much as the Civil Aviation Ministry has cleared, just the other day, for them to go ahead with the project. Earlier, as is required by law, the Home Ministry had to issue the security clearance for the directors, which gave its approval of Prasad Menon (Chairman), Mukund Rajan (Tata sons brand custodian and chief ethics officer) and SIA's Executive Vice President, Mark Swee Wah.
Official order for issuance of No Objection Certificate is expected to be sent soon to Tata-SIA Airlines, on receipt of which the next course of action is to submit their application to the Director General of Civil Aviation (DGCA) for obtaining the airline licence.
Here again, as Airline Regulator, DGCA will carry out their own inspection in regard to the technical capabilities of the airline applicant (like staff, engineering set up, type and quality of aircraft etc) to start the airline. Once this is complete, the airline is registered by them as "a scheduled airline" in the country to commence passenger operations, and issue the Air Operators' Permit (AOP).
It would appear that hectic preparations are underway for them to commence operations, presumably in June this year, if not earlier. In the meantime, the domestic airline, Air Asia, in which Tatas are associated are also in the final lap to get the clearance to take the sky, in spite of the petitions and objections that other domestic airlines had made through their Federation. Air Asia will be a regional low-fare operator in the southern region, covering two- and three-tier cities and towns, and planning not to go to Mumbai and Delhi, the expensive airports.
Now that the clearance and scheduled operations of Tata-SIA Airline is only weeks away, it is amply clear that these two airlines will be able to greatly supplement and complement each other in extending service to the weary air traveller. This combination of a full service domestic airline in the form of Tata-SIA Airline, and a low fare "associate" in the form of Air Asia will be a boon to the passengers, who await their inaugural service, soon!
It is sad to note that despite the DGCA objections to Spice Jet on the issue of Re1 ticket, both IndiGo and Air India have some out with similar sales campaign, though with different conditions, all of whom are in the red. It is time these two Tata associated airlines take the sky so as to bring some sense of relief and responsibility to this airline business. Also, we strongly feel that the rule of 5/20 applicable to the airline for international travel will also find its way to be scrapped, sooner than later.
In the real sense, it will be the survival of the fittest!
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)